BAKU, Azerbaijan, January 24. The electronic payment systems market revenue is expected to reach $602.2 billion by 2033 at a compound annual growth rate (CAGR) of 20.1 percent per year, Trend reports.
According to Future Market Insights (FMI), the market's revenue in 2022 was $78.9 billion and was expected to reach $96.4 billion in 2023.
Sales of electronic payment systems are estimated to account for over 75% of the worldwide payments market. The market for electronic payment systems has grown dramatically as contactless payments and electronic payment gateways become more widely accepted.
The market for electronic payment systems is growing as e-commerce, internet shopping, digital commerce, and cashless transactions become more popular.
FMI points out that, in addition, the growth of online banking and online shopping has significantly spurred the use of ePayment systems worldwide. The e-payment system market has seen significant growth over the past few years due to the increasing adoption of advanced technologies.
"Depending on the kind of deployment, the cloud computing category is predicted to dominate the market until 2031 because of the growing popularity of cloud computing and analytics. The large enterprise category is likely to dominate the market through 2031, driven by the growing demand to digitize the payment environment. On a per-industry basis, the BFSI (banking, financial services, and insurance) category is predicted to hold the greatest proportion of the worldwide e-payment market. China will continue to dominate the East Asian market, with a CAGR of more than 18.9 percent until 2031. The U.S. market is projected to grow at a CAGR of 18.2 percent through 2031, owing to the early adoption of new technologies and the presence of prominent and promising payment technology providers in the country. The UK is expected to lead Europe, exhibiting a CAGR of 18.5 percent through 2031. The moderately consolidated electronic payment systems market is characterized by players increasingly focusing on developing new product offerings in addition to strategic efforts to expand geographic sales," the information reads.
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