Digital Payment Market size to grow by USD 160.94 billion from 2022 to 2027

The Digital Payment Market size is estimated to grow by USD 160.94 billion, accelerating at a CAGR of 21.23%, during the forecast period. The digital payment market is fragmented owing to the presence of many global and regional companies.

The growth of the market is primarily driven by the advantages of digital payments. These payment methods have transformed the way individuals and businesses conduct transactions, offering a wide range of benefits that are reshaping financial interactions. Notably, convenience is a key advantage within the digital payments market.

The market is segmented by end-user (large enterprises and SMEs), component (solutions and services), and geography (APAC, North America, Europe, South America, and Middle East and Africa).

The large enterprises segment is expected to experience notable growth during the forecast period. The adoption of digital payments by these corporations is primarily fueled by their high transaction volume. Key players in this category include businesses in the banking, securities, finance, and insurance (BSFI) sectors, as well as those in information technology and manufacturing.

By Geography, the market is classified as APAC, North America, Europe, South America, and Middle East and Africa. APAC will have the largest share of the market.

During the forecast period, the Asia-Pacific (APAC) region is anticipated to account for a substantial 34% of the global market's expansion. This growth can be attributed to the rapid urbanization in the region and the increasing adoption of Internet services. Additionally, the growing popularity of digital payment methods like e-wallets and payment gateways is a key driver behind the regional market's expansion.