Payment Gateway Market Size, Share, Growth Analysis, By Type (Hosted, Non-Hosted), By Enterprise Size (Large Enterprises, Small & Medium Enterprises), By End-User (BFSI, Media & Entertainment, Retail & Ecommerce), By Region - Industry Forecast 2024-2031

Payment Gateway Market size was valued at USD 20.8 billion in 2022 and is poised to grow from USD 26.79 billion in 2023 to USD 133.21 billion by 2031, growing at a CAGR of 22.2% in the forecast period (2024-2031). 

The market expansion can be ascribed to the rising global demand for mobile-based payments. Other important aspects that are projected to help to the growth of the payment gateway market include increasing e-commerce sales and increasing internet penetration internationally. Additionally, it is anticipated that the market would develop in the coming years due to the shift in merchant and client preferences toward digital channels for permitting online money transfers.

Payment gateways that offer secure internet transactions and aid in preventing credit or debit card scams and other fraudulent activities are becoming more and more in demand from businesses. Reliable payment gateways encrypt sensitive data to guarantee that it is delivered securely from the consumer to the issuing bank, including bank account information and debit or credit numbers. Additionally, they spare customers from having to cope with the inconveniences of shopping in actual stores and standing in long lines. Online transactions may be efficiently completed by customers, giving them a smooth purchasing experience.

US Payment Gateway Market is poised to grow at a sustainable CAGR for the next forecast year.