Payment Orchestration Market, Size, Share, Growth, and Global Industry Analysis by Type (B2C, B2B, and C2C) By Application (BFSI, E-Commerce, Travel and Hospitality Industry, EdTech, Gaming and Entertainment, Healthcare Industry, and Others), Regional Insights, and Forecast From 2024 To 2031

Updated On: 01 April 2024

PAYMENT ORCHESTRATION MARKET REPORT OVERVIEW

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The global payment orchestration market size was USD 1214.93 million in 2021 and is projected to touch USD 12310.5 million by 2031, at a CAGR of 26.06% during the forecast period.

Payment Orchestration is a quite new term, one that comprehends ideas that most wholesalers may already be acquainted with. The term refers to all of the software systems and services that computerize the organization and administration of business operations intricate in approving, handling, and boosting payments.

The market progression can be credited to the upsurge in the demand for payment orchestration platforms amongst merchants. These platforms help wholesalers attain elevated payment movements at a comparatively low cost. Moreover, they also help wholesalers to impeccably adjust to market variations such as the appearance of new payment tools and speedy moves in consumer payment inclinations.

COVID-19 Impact: Halt of Operations to Impede Market Growth

The global COVID-19 pandemic has been unprecedented and staggering, with payment orchestration experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden spike in CAGR is attributable to the payment orchestration market growth and demand returning to pre-pandemic levels once the pandemic is over.

The pandemic is going to speed up merchants' huge relocation to online systems, particularly online platforms. COVID-19 is disturbing key subtleties and alterations that are now ongoing and providing prospects for a rising number of environmental contributors. Telecom corporations will also see an upsurge in transactions as payments and recharge change to digital networks. Moreover, the increase in the demand for broadband internet services will also fuel the growth in transactions. Several essential banks have delivered suspension on expenses on loans and credit card dues.

LATEST TRENDS

"Increasing Adoption of Digital Payment to Push Market Demand"

The growing use of digital payment systems among wholesalers is generating new prospects for payment orchestration market growth. This is due to a Payment Orchestration Platform (POP) assists retailers in increasing payment receipt charges while also improving customer experience. POP providers are collaborating with a growing number of marketing firms. For example, APEXX Global, a payment orchestration platform provider, declared its collaboration with ASOS, an online fashion store, in November 2020. ASOS was able to accomplish coordinated approval, optimization, and treatment of its dealings due to this alliance.

PAYMENT ORCHESTRATION MARKET SEGMENTATION

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• By Type Analysis

By type, the market is segmented into B2C, B2B, and C2C.

• By Application Analysis

Based on applications, the market is classified into BFSI, E-Commerce, Travel and Hospitality Industry, EdTech, Gaming and Entertainment, Healthcare Industry, and Others.

DRIVING FACTORS

"Launch of Digital Payment Platforms to Stimulate Demand"

The speedy launch of digital procedures throughout developing nations, the maximizing of the ROI of each transaction, and legitimate access to every tool for product promotion are some of the major reasons driving the payment orchestration market expansion. The need for these commerce-enabling services has grown, prompting platforms to improve their payment processes. Multi-gateway approaches and payment orchestration are being used more than ever before. Moreover, digital payment options are becoming increasingly popular among retail businesses. The practice is catching rapidly over the world, with many retailers in emerging nations adopting the solution for the convenience and security of their customers. This has aided in the improvement of their competitive positioning and consumer loyalty. Retailers can also minimize cash handling costs and concerns associated with carrying cash on-premises by offering digital options.

"Increasing Adoption of Smartphones and Internet Connectivity Sector to Stimulate Growth "

The convergence of mobile networks, changes in regulations, and the introduction of affordable mobile data packages are all factors that have contributed to the global adoption of smartphones and internet connectivity. These variables are influencing not only smartphone usage but also the spread of linked devices such as tablets. BNPL (Buy Now, Pay Later) is becoming increasingly popular among businesses around the world. The service allows customers to purchase now and pay later. This is beneficial for persons who do not have enough cash on hand or who are otherwise unable to pay for their preferred things up front. This option also benefits the customer by allowing them to wait until they receive their paycheck before paying for their product.

RESTRAINING FACTORS

"Government Guidelines and Lack of Standard Payment Procedure to Hamper Market Growth"

As more companies procure goods and services abroad, cross-border trade has been expanding Year-on-Year (YoY). However, digital payment vendors are unable to take advantage of this opportunity due to a lack of a global payment system that is simple to use, a lack of global standards, and varying government restrictions in different nations. Several countries have developed high- and low-value payment systems based on proprietary communication and security standards over the last few decades.

PAYMENT ORCHESTRATION MARKET REGIONAL INSIGHTS

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"North America to Dominate Market Owing to R&D Activities "

North America holds the largest part of the global payment orchestration market share because the U.S. and Canada place full prominence on research and development and innovation. The region has a long history of being a global leader in payment technologies, retail and financial services. The region's well-established payment system has always been a source of stability and convenience. The market has benefited from the increased adoption of mobile devices such as smartphones and tablets, and the requirement for easy access to financial solutions.

Asia Pacific is anticipated to have a sizable market share. Due to the region's booming retail industry, payment processing solution providers are focusing more on this region to deliver innovative solutions. China, India, Indonesia, and Malaysia are some of the region's fastest-growing economies, with a huge number of daily mobile transactions. This has compelled the national governments to place a greater emphasis on consumer-friendly payment alternatives.

KEY INDUSTRY PLAYERS

"Key Players to Boost Demand Leading to Market Growth"

Security orchestration is a highly competitive sector with a number of prominent companies. Few big firms currently dominate the market in terms of market share. Furthermore, most organizations are expanding their SOAR market presence due to the rise of the cloud network segment, allowing them to reach customers across the following markets.

List of Market Players Profiled

• Cell Point Digital (India)
• ZOOZ (PAYU) (Israel)
• IXOPAY (Austria)
• Payoneer (U.S.)
• Aye4fin GmbH (Germany)
• Bridge (U.K.)
• Amadeus IT Group (Spain)
• Worldline (France)
• APEXX Fintech (U.K.)
• Rebilly (U.S.)
• Spreedly (U.S.)
• ModoPayments (U.S.)

INDUSTRY DEVELOPMENT

• February 2022: Network International teamed with Amazon Payment Services to provide online payment solutions to UAE merchants. Network International is a well-known internet commerce company in the Middle East and Africa.

REPORT COVERAGE

The report examines elements affecting the market from both the demand and supply sides and further estimates market dynamic forces during the forecast period. The report provides drivers, restraints, opportunities, and future trends. The report also provides exhaustive PEST analysis for regions after evaluating governmental, financial, shared, and technical factors affecting the market in these regions.