The global e-commerce payment market size is expected to grow by USD 113.68 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.
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Technavio has announced its latest market research report titled Global E-commerce Payment Market 2020-2024 (Graphic: Business Wire)
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Online transactions are gaining importance among consumers as they are easy, quick, and convenient. The financial and E-commerce sectors are the main adopters of online transactions. Consumers are also using smartphones to make online transactions. In addition, the global outbreak of coronavirus, which has compelled several countries to impose lockdowns and travel restrictions, is driving the increased use of e-commerce platforms. In addition, rapid changes in IT infrastructure have led to the rise of advanced modes of data theft. Thus, there is an increase in need for sophisticated e-commerce payment platforms. This is expected to drive the growth of the e-commerce payment market during the forecast period.
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As per Technavio, the rise in the usage of wireless networks will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
E-commerce Payment Market: Rise in the Usage of Wireless Networks
In the current market scenario, increasing internet and wireless broadband penetration are one of the primary drivers for the growth of the E-commerce market as it is driving the social and the mobility phenomenon across the market. As technologies such as 4G and wireless broadband are becoming cheaper day by day, the distribution of wireless internet is also increasing significantly across the industries. The increased distribution of wireless technologies is positively affecting the E-commerce payment market on two levels. Firstly, this infrastructure provides a functional and efficient platform for the vendors to showcase the product in a secure network for all the concerned buyers. Secondly, the entire digital ecosystem of both consumer and enterprise technologies demands the implementation of network access control capabilities to better shield the entire system from malicious software, network vulnerabilities, breaches, and security threats.
"Other factors such as the rise in mobile biometrics for payment, and growing adoption of multi-factor authentication will have a significant impact on the growth of the e-commerce payment market value during the forecast period," says a senior analyst at Technavio.
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E-commerce Payment Market: Segmentation Analysis
This market research report segments the e-commerce payment market by type (e-wallets, cards, online banking, and direct debits) and geography (APAC, North America, Europe, South America, and MEA).
The APAC region led the e-commerce payment market share in 2019, followed by North America, Europe, South America, and MEA respectively. During the forecast period, the APAC region is expected to register the highest incremental growth due to factors such as the increasing urbanization and increasing penetration of internet services.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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