How Does Pandemic Fuel Payment Processing Solutions Industry Growth?

The payment processing solutions have garnered $90.4 billion in 2021, and it is projected to advance at the rate of 22.7% from 2021 to 2030, to generate $569.2 billion in 2030. It is led by surging e-commerce sales and growing internet penetration with surging usage of the smartphone.

In addition, the growing adoption of alternative payment solutions, including e-wallets, cards, and mobile applications, by small, large-scale, and medium-sized enterprises.

The eWallet industry is projected to experience the highest CAGR, rising at a rate of 23% from 2021 to 2030. It is led by the worldwide rising usage of smartphones, and laptops, which fuels the number of e-wallet transactions.

The eWallet category is projected to experience the fastest growth, increasing at a rate of 23% from 2021 to 2030. It is ascribed to the worldwide rising penetration of smartphones and laptops, fuelled by e-wallet adoption.

Presently, there are 6 billion smartphone users, which accounts for 80% of the world's population. The rising number of e-commerce platforms with worldwide growing investments proliferates the industry.

In addition, the credit card category is projected to experience the next fastest growth in the coming years, led by the growing preference for cash alternatives, and affordable credit cards.

More than 70% of U.S. citizens carry a credit card, and around 35% own over 3 credit cards.

The cloud-based category captured a larger revenue share, accounting for 60% in 2021. It is led by the advantages of cloud-based payment solutions, compare to on-premises payment solutions, including complete security, better scaling, high speed, and full-time integration.

Moreover, cloud-based payments come with low risk and low cost and support financial institutions to stay on the competitive edge.

The pandemic has fuelled the demand for cloud-based payment solutions, led by the surging adoption of contactless payments for goods and services. Furthermore, cloud-based payment solutions are ubiquitous.

The BFSI category is projected to capture the largest industry share, of approx. 25% in 2030. It is led by the wide popularity of payment processing solutions in the banking and finance sector. It thus mitigates the requirement for paperwork, and hence makes the process easy and fast.

Moreover, these solutions provide ease in performing routine transactions, including transfer and payments, payroll processing, and liquidity management

Furthermore, the increasing adoption of advanced payment processing solutions in fintech firms and banks boosts industry growth.

Presently, numerous payment processing solution providers and banks have collaborated to quicken the adoption of request-to-pay services. It further fuels the industry's growth. For example, Temenos AG, a cloud banking platform, collaborated with Mastercard Incorporated which offers assistance to banks in expediting the adoption of request-to-pay services.

APAC holds the largest revenue share, amounting to $40 billion, and it is projected to experience the fastest growth from 2021 to 2030. It is led by the growing adoption of smartphones, the rising adoption of eWallets, and cards in the region, and internet penetration.

Therefore, the rising adoption of payment processing solutions in the BFSI sector fuels industry growth.

Read More: https://www.psmarketresearch.com/market-analysis/payment-processing-solutions-market

How Is Integration of ADAS Boosting Automotive Ethernet Market Growth?

The surging use of advanced driver-assistance systems (ADAS) and smart infotainment systems in automobiles and plunging cost of the ethernet technology are expected to drive the automotive ethernet market at a CAGR of 19.4% during the forecast period (2021–2030). Moreover, the soaring investments in the connected car field will aid the market revenue in rising from ~$2 billion in 2020 to ~$10 billion by 2030. In recent years, the increasing adoption of autonomous vehicles and connected features in conventional vehicles has become a prominent market trend.

The rising integration of safety and security systems is one of the key growth drivers for the market. Human errors, such as failure to pay attention, inappropriate speed, and inadequate distance from the vehicle in front, are responsible for most road accidents. To mitigate road accident cases, governments of various countries have issued numerous regulations regarding the integration of safety systems in automobiles. As a result of these regulations, automakers are installing connected safety and security solutions in their offerings, thereby creating a high requirement for internet connectivity.

Another growth driver for the automotive ethernet market is the burgeoning focus on greater passenger conveniences in automobiles. The adoption of advanced solutions, such as connected devices, communication features, and artificial intelligence (AI) technology, is resulting in the development of innovative solutions aimed at enhancing customer satisfaction and improving the driving experience. Moreover, the increasing complexities of the electronic systems of vehicles, owing to the rapid technological advancements, will create a demand for a higher bandwidth. Thus, the escalating need for sensors, interfaces, and controllers will drive the demand for automotive ethernet solutions in the future.

At present, players operating in the automotive ethernet market are improving their existing products and making hefty investments for the development of novel technologies, to gain a competitive edge. For instance, in January 2020, NXP Semiconductors N.V. introduced NXP SJA1110, a multi-gigabit ethernet switch, to help automakers in delivering high-speed networks for connected vehicles, with built-in safety features. This switch offers integrated 100BASE-T1 PHYs, multi-gigabit interfaces, and hardware-assisted security.

The component segment of the automotive ethernet market is categorized into services, hardware, and software. Under this segment, the services category is expected to register the fastest growth throughout the forecast period due to the challenges faced during the integration of ethernet in automobiles. The services category is further classified into training and support, implementation, and consulting. To simplify the complexities arising during the deployment of ethernet, automotive original equipment manufacturers (OEMs) are availing of consulting services.

Globally, the Asia-Pacific (APAC) automotive ethernet market is expected to display the fastest growth during the forecast period due to the rising technological developments, surging number of favorable regulations, and prospering economy of regional countries. Besides, the surging number of automobile manufacturing units in APAC will facilitate the market growth. Moreover, the burgeoning demand for automobiles in India and China, owing to the growing population and its mounting disposable income, will augment the demand for automotive ethernet solutions in the region in the forecast years.

Thus, the booming demand for ADAS and connected features will fuel the market growth in the years to come.

Read More: https://www.psmarketresearch.com/market-analysis/automotive-ethernet-market