The Rise of Payment Gateway Market: A $48.4 billion Industry Dominated by Tech Giants - Stripe (Ireland) and Fiserv (US)| MarketsandMarkets™

Market Overview - The global Payment Gateway Market is projected to grow from USD 26.7 billion in 2024 to USD 48.4 billion by 2029, with a Compound Annual Growth Rate (CAGR) of 12.6% during the forecast period [1]. Market Drivers - The rise of subscription-based business models across various industries has increased the demand for recurring payment solutions, particularly those offering flexible subscription management tools [2][6]. - The rapid growth in e-commerce, mobile payment adoption, and globalization of business transactions are significant factors driving the market [5]. Market Segmentation - By type, the hosted payment gateway segment is expected to have the largest market size, providing a turnkey solution for merchants to accept online payments without the need for complex infrastructure [7]. - By vertical, the retail and eCommerce segment is anticipated to hold a dominant share, with payment gateways facilitating the integration of in-store and online transactions to enhance customer experience [8]. Regional Insights - Asia Pacific is expected to hold the largest market share during the forecast period, driven by a shift towards digital payments, government initiatives promoting cashless transactions, and the widespread adoption of smartphones and mobile wallets [9].