Report Ocean has released a research study titled “Payment Orchestration Platform Market 2023 Forecast to 2031 Analysis by Market Trends.” This study offers precise economic forecasts, global assessments, and country-level insights. It provides a comprehensive view of the competitive market and includes an in-depth supply chain analysis to identify significant industry changes. The study explores the current market status, anticipated future growth, technological advancements, investment opportunities, market economics, and financial data. It thoroughly examines the market and offers insights based on a SWOT analysis of the industry.
Payment Orchestration Platform Market is valued approximately USD 927 million in 2021 and is anticipated to grow with a healthy growth rate of more than 24.5 % over the forecast period 2022-2028. Payment orchestration solutions empower businesses to leverage local relationships by allowing them to manage complicated payment methods, simplifying and easing the process. This entails allowing clients to pay in a variety of currencies and payment methods regardless of their location. POP streamlines back-end procedures, protects merchants from missed payments, and lowers operating expenses.
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During the projection period, the industry will be driven by the increasing prevalence of e-commerce platforms, as e-commerce vendors implement Payment Orchestration Platforms (POPs) to assure customer security and payment integrity. Furthermore, the growing use of cellphones and the internet adds considerably to the market’s growth. The increased use of smartphones for online transactions via digital payment systems is projected to drive industry development. Platforms for payment orchestration are supporting suppliers in expediting Buy Now Pay Later (BNPL) payments. For example, a JP Morgan Chase survey published in November 2021 discovered that approximately 25% of small and medium-sized enterprises in the United States had introduced new payment methods to attract clients. As a result, the growing use of payment orchestration platforms to build a digital payment ecosystem plays an important role in industry development. Cyber threats and fraudulent activities, on the other hand, hinder market expansion over the projection period of 2022-2028.
Major market player included in this report are:
CellPoint Digital
IXOLIT Group
Payoneer Inc.
APEXX Fintech Ltd.
Rebilly
Spreedly
Modo Payments
Akurateco
BNT Soft
aye4fin GmbH
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Certainly, here are eight key trends in the Payment Orchestration Platform market:
- Unified Payment Management: The adoption of payment orchestration platforms for unified management of various payment methods, gateways, and acquirers, streamlining payment processes.
- Global Expansion: As businesses expand internationally, payment orchestration platforms are used to support global payment acceptance, localization, and compliance with regional regulations.
- Cross-Border E-Commerce: The growth of cross-border e-commerce is driving the need for payment orchestration to manage diverse payment methods, currencies, and taxation systems.
- Mobile and Contactless Payments: The rise in mobile and contactless payments is pushing for integration with payment orchestration platforms to cater to changing consumer preferences.
- Subscription and Recurring Payments: Payment orchestration is increasingly used to manage subscription and recurring payment models, ensuring the seamless billing and payment collection.
- Security and Fraud Prevention: Enhanced security features, including tokenization, fraud detection, and 3D Secure, are integrated into payment orchestration platforms to protect against payment fraud.
- Open Banking Integration: Payment orchestration platforms are adapting to open banking regulations, enabling the secure sharing of financial data and facilitating bank-to-bank payments.
- Customization and User Experience: The ability to customize payment flows and improve user experiences is becoming a key trend, allowing businesses to optimize the checkout process and increase conversion rates.
The detailed segments and sub-segment of the market are explained below:
By Type:
B2B
B2C
C2C
By Functionalities
Cross Border Transactions
Risk Management
Advanced Analytics & Reporting
By End-use
BFSI
E-commerce
Healthcare
Travel & Hospitality
Others
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By Region:
North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
Rest of the World
Table of Contents:
- Executive Summary
- Introduction
- Methodology
- Market Overview
- Market Analysis
- Market Size and Forecast
- Market Trends
- Market Dynamics
- Market Segmentation
- Competitive Landscape
- Competitive Scenario
- Key Players
- Regional Analysis
- Regional Market Overview
- Market Size and Forecast by Region
- Product/Service Analysis
- Product/Service Overview
- Market Size and Forecast by Product/Service
- End-User Analysis
- End-User Overview
- Market Size and Forecast by End-User
- Industry Structure
- Key Findings and Recommendations
- Conclusion
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