Online Payment API Market to Reach $306.5 Million, Globally, by 2032 at 5.2% CAGR: Allied Market Research
The global online payment API market is experiencing growth due to several factors such as increase in demand for online payment services, rise in e-commerce industry, and surge in adoption of mobile payment options.
/EIN News/ -- Wilmington, Delaware, Aug. 05, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Online Payment API Market by Product (Pro/Self-hosted Payment API, Local Bank Integrates, Platform Based Payment API Solution, and Others), Application (Micro & Small Enterprise, Large Enterprises, and Mid-Sized Enterprise), Payment Method (Credit/Debit Card and Digital Wallets), and Integration Type (API, SDK, Plugins, and Others): Global Opportunity Analysis and Industry Forecast, 2024-2032". According to the report, the online payment API market was valued at $200.0 million in 2023, and is estimated to reach $306.5 million by 2032, growing at a CAGR of 5.2% from 2024 to 2032.
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Prime Determinants of Growth:
Moreover, customers benefit from the ease and security of online payments, while retailers are able rto receive payments without incurring high startup fees. As a large bse of individuals and businesses switch to digital payments, the demand for online payment services is projected to rise.
Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2024–2032 |
| Base Year | 2023 |
| Market Size in 2023 | $200.0 million |
| Market Size in 2032 | $306.5 million |
| CAGR | 5.2% |
| No. of Pages in Report | 488 |
| Segments Covered | Product, Application, Payment method, Integration type |
| Drivers |
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| Opportunities |
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| Restraint |
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Segments Highlights:
Pro/Self-hosted Payment API segment is expected to dominate the market during the forecast period
Pro/self-hosted payment APIs assist developers in building and integrating safe payment gateways into their websites and applications. It allows retailers to receive payments from clients both offline and online. In addition, it offers sophisticated payment gateways along with features such as multi-currency compatibility, fraud protection, and client data storage. Merchants are able to synchronize their financial activities with their local banks by using the API solution Local Bank Integrates. It offers a quick & easy method of connecting online business to banks, enabling companies to collect payments safely from customers. The solution further facilitates effective accounting procedures, workflow optimization, and bank activity automation.
Large Enterprises segment is expected to dominate the market during the forecast period
Large enterprises typically have diverse payment requirements due to their broad customer base, global reach, and varied business models. Hence, they seek payment API solutions that are customizable as per their specific needs, including support for multiple currencies, payment methods, and integration with existing systems.
The credit/ debit card segment is expected to dominate the market during the forecast period
Credit card and debit card payments collectively represent a significant portion of global transaction volumes. Consumers prefer the convenience & security offered by card payments, leading to a steady increase in the adoption of card-based transactions across various industries and geographies. The infrastructure supporting credit card and debit card payments encompasses a vast network of issuing banks, acquiring banks, card networks (such as Visa, Mastercard, American Express), payment processors, and merchants. This interconnected ecosystem enables seamless authorization, clearing, and settlement of card transactions.
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The API segment is expected to dominate the market during the forecast period
APIs provided by payment gateways allow merchants to integrate credit card and debit card payment processing functionality into their websites, mobile apps, or point-of-sale (POS) systems. These APIs facilitate secure transmission of transaction data to payment processors and acquiring banks for authorization & settlement. APIs for tokenization enable the replacement of sensitive cardholder data, such as credit card numbers, with unique tokens. This enhances security by reducing the risk of exposing card data during transactions and storage.
Key Players:
- PayPal
- Stripe
- Amazon Payments
- Authorize.net
- WorldPay
- Adyen
- CCBill
- 2Checkout
- FirstData
- SecurePay
The report provides a detailed analysis of these key players in the online payment in API sector. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, and agreements to increase their market share in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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Key Benefits for Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the market analysis to identify the prevailing market opportunities.
- The report offers information related to key drivers, restraints, online payment API market size, and opportunities.
- The Porter's five forces analysis highlights the potency of buyers & suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the online payment API market segmentation assists in determining the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market during the online payment API market forecast.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes an analysis of the regional & global online payment API market trends, key players, market segments, application areas, market growth strategies, and online payment API market forecast.
Online Payment Api Market Report Highlights:
By Product
- Pro/Self-Hosted Payment API
- Local Bank Integrates
- Platform Based Payment API Solution
- Others
By Application
- Micro and Small Enterprise
- Large Enterprises
- Mid-Sized Enterprise
By Payment Method
- Credit/Debit Card
- Digital Wallets
By Integration Type
- API
- SDK
- Plugins
- Others
By Region
- North America (U.S., Canada, Mexico)
- Europe (France, Germany, Italy, Spain, UK, Russia, Rest of Europe)
- Asia-Pacific (China, Japan, India, South Korea, Australia, Thailand, Malaysia, Indonesia, Rest of Asia-Pacific)
- LAMEA (Brazil, South Africa, Saudi Arabia, UAE, Argentina, Rest of LAMEA)
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports Insights" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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