Global Digital Payment Market: Current Analysis and Forecast (2020-2026)

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Emphasis on Type (Solutions, Services), Deployment (On-Premises, Cloud), Payment Mode (POS Payment, Digital Commerce), Payment Enterprises (Large, SME), End-User (BFSI, Healthcare, IT & Telecom, Media & Entertainment, Retail & E-Commerce, Transportation, Others) and Region/Country

Pages:

251

Table:

98

Figure:

161

Report ID:

UMTI20189

Geography:

Clear
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Report Description
Table of content
Research Methodology

Report Description

Over the past decade, the global digital revolution has yielded numerous advancements including wireless internet, smartphones, e-commerce, and wearable technology. These innovations have become commonplace throughout the developed world and are increasingly visible in emerging markets. Digital transformation is happening at a rapid pace, and sooner than organizations might think, many of the technologies that companies currently consider to be emerging, such as artificial intelligence and machine learning, would be pervasive. Digitalization is the cause of large-scale and sweeping transformations across multiple aspects of business, providing unparalleled opportunities for value creation and capture, while also representing a major source of risk. The rapid advances in digital technology are redefining the society.

According to the study conducted by IDC, two-thirds of the global 2000 companies’ CEO are anticipated to shift their focus from traditional, offline strategies to modern digital strategies to improve the customer experience with approximately 34% of the organizations believing to fully adopt digital transformation within a year. In 2018, the net global spending on the digital transformation was approximately US$ 1 trillion and is anticipated to increase to over US$ 2 trillion by 2022. Most of the digital transformations are driven by growth opportunities, followed by increased competitive pressure and new regulatory standards. Companies that get significant value on their digital investments invest 33% more than other companies in technology, processes, operating models, and the ways of working that will drive their digital supremacy. On average, higher-maturity organizations’ digital transformation efforts are twice as broad as those at lower-maturity organizations (maturity is defined as the level of benefit derived from digital transformation efforts). Digital transformation is a top-down initiative, often led with a vision from the C-suite. CIOs and CEOs are most often reported as owning or sponsoring digital transformation initiatives – 28% and 23%, respectively.

  Digitalization Triggers Change & Transforms Business

 

IBM Corporation, Cognizant, SAP SE, Dell, Microsoft Corporation, Adobe Systems Incorporated, Accenture PLC, Capgemini, Oracle Corporation and Google Inc are some of the prominent players operating in the global digital transformation market. Several M&A’s along with partnerships have been undertaken by these players to facilitate costumers with hi-tech and innovative products.

Insights Presented in the Report

“Amongst component, Solution segment holds the major share”

Based on component type, the market is fragmented into Solution, and Services. Solutions dominated the market with a share of 78.3% in 2019 and is expected to maintain its dominance during the forecast period owing to the automation of the processes that cuts down time, increases efficiency in operational processes and minimizing costs.

“Amongst solution type, cloud computing sub-segment dominated the market in 2019”

The solution segment is further subdivided into cloud computing, big data and analytics, mobility, disruptive technology and social media. Cloud computing dominated the market with a share of 38.4% in 2019 and is expected to maintain its dominance during the forecast period. However, Disruptive technology is anticipated to witness highest CAGR during the forecast period (2021-2026).

“Amongst service type, Solution segment is expected to dominate the market during the analyzed period”

Service segment is bifurcated into professional services and system integration subsegments. Professional services dominated the market with a share of 81.8% in 2019 and is expected to maintain its dominance during the forecast period. However, system integration is anticipated to witness highest CAGR during the analyzed period. Through an integrated infrastructure, the complexities of different business processes and applications are gone, instead replaced by a simple-to-use, unified environment. From allowing employees to spend less time on mundane data entry to sleeping safely at night due to better levels of security, a modernized IT environment provide endless rewards.

“Amongst deployment type, cloud dominated the market in 2019”

Based on the deployment type, the market is segmented into on-premises and cloud. In 2019, cloud accounted for 58.9% of market revenue share and dominated the market. As businesses begin to adapt their processes to a digital space, they require cost and work efficiency, elasticity agility and scalability. The cloud provides all these features. Businesses that implement cloud computing and digital transformation report enormous growth and improved efficiency. It enables them to stay relevant and thrive in a dynamic ecosystem. However, on-premises segment in anticipated to witness highest CAGR during the forecast period.

“Amongst end-user, large enterprises are expected to dominate the market during the analyzed period”

Based on the end-user, the market is fragmented into large enterprise and small and medium enterprises. In 2019, the large enterprise accounted for the maximum market share with 61.7% and is expected to be the leading segment of the digital transformation market during the forecast period. However, Small and Medium Enterprises Digital Transformation Market is expected to witness highest CAGR growth during the forecast period 2021-2026.

“Amongst industry verticals, Banking Financial Services & Insurance dominated the market in 2019”

Based on the industry vertical, the digital transformation market is fragmented banking, financial services & insurance (BFSI), healthcare, telecom & IT, automotive, education, retail & consumer goods, media & entertainment, manufacturing, government, and others. In the BFSI industry, digital transformation helps to make financial transactions speedy, secure, simple, and error-free. In 2019, BFSI accounted for 25.2% of market revenue share and dominated the market. However, healthcare segment in anticipated to witness highest CAGR during the forecast period.

“Asia-Pacific represents one of the largest markets of Digital Transformation market”

For a better understanding of the market dynamics of the digital transformation market, a detailed analysis was conducted for different regions across the globe including North America (US, Canada, Mexico, Rest of North America), Europe (Germany, UK, France, Italy, Spain, Russia, Rest of Europe), Asia-Pacific (China, Japan, India, Singapore, South Korea, Australia and Rest of Asia-Pacific), Latin America (Brazil, Argentina, Rest of Latin America) and MEA (United Arab Emirates, Kingdom of Saudi Arabia, Qatar, South Africa, Rest of MEA) has been conducted. Asia-Pacific dominated the market and generated revenue of US$ 427 billion in 2019 owing to the emergence of the region as mature and digitally ready boil down to culture. It seems that, finally, business culture across the world but particularly in the Asia Pacific region is about to pay dividends. With what seems a genuine obsession on meeting customer needs and by investing in technology, people and partnerships, Asia Pacific is poised to take its place as the digital leader.

Reasons to buy this report:

  • The study includes market sizing and forecasting analysis validated by authenticated key industry experts
  • The report presents a quick review of overall industry performance at one glance
  • The report covers in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
  • Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
  • The study comprehensively covers the market across different segments
  • Deep dive regional level analysis of the industry

Customization Options:

The Digital Transformation Market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.

  1.1Market Definitions
  1.2Objective of the Study
  1.3Limitation
  1.4Stake Holders
  1.5Currency Used in Report
  1.6Scope of the Digital Logistics Market Study

 

  2.1Research Methodology for the Digital Logistics Market
   2.1.1Main Objective of the Digital Logistics Market

 

  6.1Inventory Management
  6.2Warehouse Management System
  6.3Fleet Management
  6.4Others
  7.1Large Enterprises
  7.2Small-Medium Enterprises
  8.1Cloud 
  8.2On-Premises
  9.1Retail 
  9.2Automotive
  9.3Pharmaceuticals
  9.4Food & Beverages
  9.5Oil & Gas
  10.1Market Attractiveness Index, By Region
  10.2North America Digital Logistics Market 
   10.2.1United States
   10.2.2Canada
   10.2.3Rest of North America
  10.3Europe Digital Logistics Market
   10.3.1United Kingdom
   10.3.2Germany
   10.3.3France
   10.3.4Italy
   10.3.5Spain
   10.3.6Rest of Europe
  10.4Asia-Pacific Digital Logistics Market
   10.4.1China
   10.4.2Japan
   10.4.3India
   10.4.4Australia
   10.4.5Rest of Asia-Pacific
  10.5Rest of World Digital Logistics Market

 

  11.1Demand Side Analysis
  11.2Supply Side Analysis
   11.2.1Top Product Launches
   11.2.2Top Business Partnerships
   11.2.3Top Business Expansions, Investments and Divestitures
   11.2.4Top Merger and Acquisitions

 

  14.1Market Drivers
  14.2Market Challenges
  14.3Impact Analysis
  16.1Digital Logistics Market Share, By Company, 2020 (%)
  16.2Top Logistics Tech Startups Company
  17.1IBM 
  17.2Oracle 
  17.3SAP 
  17.4Intel 
  17.5Infosys 
  17.6HCL Technologies
  17.7Samsung SDS
  17.8Cloud Logistics
  17.9Digi Logistics
  17.10Tech Mahindra

Research Methodology

Research Methodology for the Global Digital Payment Analysis (2019-2026)

Analyzing the historical availability, estimation of the current demand and forecasting the future demand of Digital Payments due to the sudden breakdown of COVID-19 in the most affected countries around the world were the three major steps undertaken to create and analyze the availability and demand of digital payment arises due to COVID-19 outbreak. Exhaustive secondary research was conducted to collect the historical numbers and estimate the current demand. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted; with healthcare experts and other industry experts across the value chain of the medical device sector. Post assumption and validation of the numbers through primary interviews, we employed a bottom-up approach to forecast the complete demand size of Digital Payment that arises due to the COVID-19 outbreak. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the availability of several Digital Payment across the COVID-19 most affected region through various sources such as government statements, press releases, journals, news & articles, government publications, competitor publications, research surveys, third-party database and other credible publications.

Step 2: Region Segmentation:

After obtaining the historical market size of the overall market, a detailed secondary analysis was conducted to gather historical market insights and share for different segments for the global digital payment. The major segments included in the report are the type, deployment, payment mode, payment enterprise and end-user.

Step 3: Factor Analysis:

After acquiring the historical number of digital payments, we conducted a detailed factor analysis to estimate the current demand for the digital payment that arises due to the COVID-19 pandemic. Further, we conducted Factor analysis using dependent and independent variables such as the proliferation of smartphones and digital initiatives, government support and initiatives. Through analysis was conducted for demand and supply-side scenario considering top partnerships, merger and acquisition, business expansion, product launches and analyzing the list of start-ups in the Digital Payment industry across the globe.

Current Market Size Estimate & Forecast

Current Demand Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the markets, market shares of these players and the industry’s supply chain. All the required percentage shares split and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weightage was assigned to different factors including market drivers, restraints, trends and opportunities available for stakeholders in the industry. After analyzing these factors, relevant forecasting techniques i.e. Bottom-up/Top-down was applied to arrive at the market forecast to 2026 for different segments. The research methodology adopted to estimate the market size encompasses:

  • The industry’s market size, in terms of value and rate of adoption of digital payment globally
  • All percentage shares, splits, and breakdowns of market segments and sub-segments
  • Key players in major applications and markets as well as the market share of each player. Also, the growth strategies adopted by these players to compete in the ever-growing global digital payment market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including top medical professionals, research experts from major universities, health institutes, top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

 

Market Engineering

Data triangulation technique was employed to complete the overall demand estimation and to arrive at precise statistical numbers for each studied regions.

Main objective of the Global Digital Payment Demand Analysis-COVID-19 Impact

The current & future Digital Payment demand trends were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments from the qualitative and quantitative analysis performed in the study. Current and future demand trends were determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:

  • Analyze the current and demand forecast of Digital Payment due to the COVID-19 outbreak
  • Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors about the industry
  • Major regions studied in the report include North America (the U.S and Canada), Europe (Germany, France, Spain, Italy, and United Kingdom), Asia-Pacific (China, Japan, India and Australia) and the rest of the world
  • Define and analyze the competitive landscape of the Digital Payment market and the growth strategies adopted by the market players to sustain in the fast-growing market
  • Consumer viewpoint while opting for Digital Payment
  • Deep dive regional level analysis of the industry