The
global e-commerce payment market size is
expected to grow by USD 113.68 billion during 2020-2024. The report also
provides the market impact and new opportunities created due to the COVID-19
pandemic. We expect the impact to be significant in the first quarter but
gradually lessen in subsequent quarters – with a limited impact on the
full-year economic growth.
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COVID-19 Impacts
Online transactions are gaining importance among consumers as they are
easy, quick, and convenient. The financial and E-commerce sectors are the main
adopters of online transactions. Consumers are also using smartphones to make
online transactions. In addition, the global outbreak of coronavirus, which has
compelled several countries to impose lockdowns and travel restrictions, is
driving the increased use of e-commerce platforms. In addition, rapid changes
in IT infrastructure have led to the rise of advanced modes of data theft.
Thus, there is an increase in need for sophisticated e-commerce payment
platforms. This is expected to drive the growth of the e-commerce payment
market during the forecast period.
As per Technavio, the rise in the usage of wireless networks will have a
positive impact on the market and contribute to its growth significantly over
the forecast period. This research report also analyzes other significant
trends and market drivers that will influence market growth over 2020-2024.
E-commerce Payment Market: Rise in the Usage of Wireless Networks
In the current market scenario, increasing internet and wireless
broadband penetration are one of the primary drivers for the growth of the
E-commerce market as it is driving the social and the mobility phenomenon
across the market. As technologies such as 4G and wireless broadband are
becoming cheaper day by day, the distribution of wireless internet is also
increasing significantly across the industries. The increased distribution of
wireless technologies is positively affecting the E-commerce payment market on
two levels. Firstly, this infrastructure provides a functional and efficient
platform for the vendors to showcase the product in a secure network for all
the concerned buyers. Secondly, the entire digital ecosystem of both consumer
and enterprise technologies demands the implementation of network access
control capabilities to better shield the entire system from malicious
software, network vulnerabilities, breaches, and security threats.
E-commerce Payment Market: Segmentation Analysis
This market research report segments the e-commerce
paymeThe global e-commerce payment market size is
expected to grow by USD 113.68 billion during 2020-2024. The report also
provides the market impact and new opportunities created due to the COVID-19
pandemic. We expect the impact to be significant in the first quarter but
gradually lessen in subsequent quarters – with a limited impact on the
full-year economic growth. The global e-commerce payment market size is
expected to grow by USD 113.68 billion during 2020-2024. The report also
provides the market impact and new opportunities created due to the COVID-19
pandemic. We expect the impact to be significant in the first quarter but
gradually lessen in subsequent quarters – with a limited impact on the
full-year economic growth.nt market by type
(e-wallets, cards, online banking, and direct debits) and geography (APAC,
North America, Europe, South America, and MEA).
The APAC region led the e-commerce payment market share in 2019,
followed by North America, Europe, South America, and MEA respectively. During
the forecast period, the APAC region is expected to register the highest
incremental growth due to factors such as the increasing urbanization and
increasing penetration of internet services.
Technavio’s sample reports are free of charge and contain multiple
sections of the report, such as the market size and forecast, drivers,
challenges, trends, and more. Request a free sample report
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