The Latin America, Middle East and Africa Payment Gateway Market would witness market growth of 23.9% CAGR during the forecast period (2021-2027).
Technological developments, like the internet of things (IoT) and artificial intelligence, can automate the entire transaction process and execute a specified set of duties. Artificial intelligence, for instance, can be employed at payment gateways to acquire greater insights on feedback and statistics. As a result, the organization can acquire human insights and waiting time, as well as produce user insights to aid in the understanding of payment patterns and the introduction of new products. In addition, with the growing popularity of mobile payments and online around the world, a slew of new businesses are attempting to break into the market.
Additionally, mobile payments are used for a variety of operations, such as purchasing cinema tickets, ordering takeout food, and upgrading smartphone games, which is likely to drive the market's growth throughout the forecast period. In addition, the use of credit or debit cards to make these payments is expanding in both developed and developing countries. This is because card information can be retained on mobile phones and payments can be completed quickly.
The Middle East online payment gateway market is booming, due to the booming e-commerce industry, growing cashless transaction predominance, rising internet usage, and the availability of safe online payment methods for both consumers and businesses. Furthermore, due to developments in mobile payment technology and the acceptance of IoT, a boom in transaction process automation has been witnessed, allowing users to execute payments via various device modules. Digital payments are also gaining popularity over traditional cash transactions as consumers' trust in online buying grows, along with awareness of the convenience of online purchases. The market is highly fragmented, with each country launching its digitization and e-commerce strategy. Furthermore, the region's central banks are establishing national payment gateways (NPG) for online transactions to provide businesses and customers with safe and secure payment gateways.
The Brazil market dominated the LAMEA Payment Gateway Market by Country in 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $1,325.8 million by 2027. The Argentina market is anticipated to grow at a CAGR of 24.6% during (2021 - 2027). Additionally, The UAE market would experience a CAGR of 23.6% during (2021 - 2027).
Based on Type, the market is segmented into Hosted and Non-hosted. Based on End Use, the market is segmented into Retail & E-commerce, BFSI, Travel & Hospitality, Media & Entertainment and Others. Based on Enterprise Size, the market is segmented into Large Enterprises and Small & Medium Enterprises (SMEs). Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
Free Valuable Insights: The Global Payment Gateway Market is Predict to reach $73.9 Billion by 2027, at a CAGR of 22%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Visa, Inc., PayPal Holdings, Inc., BitPay, Inc., Stripe, Inc., JPMorgan Chase & Co., Amazon.com, Inc., Naspers Limited, VeriFone Holdings, Inc., Adyen N.V., and Worldline.
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