III. Industry Analysis

• The global payment gateway market size stood at $22.09 billion in 2021 and is expected to expand at a CAGR of 22.1% from 2022 to 2030.²
• The billing solutions software market size was valued at $3,905.58 million in 2020 and is projected to reach $10,819.95 million by 2028, growing at a CAGR of 13.19% from 2021 to 2028.³
• The surge in the use of gaming, fitness, and entertainment apps such as YouTube, Netflix, and Adidas is creating a strong impact on mobile subscription plans. This, in turn, accounts for 90% of their digital minutes on a mobile device and demands payment gateway and billing solutions market growth.
• The market growth is also attributed to the increasing demand for reducing subscriber churn and improving customer retention.

• The revenue from the payment gateway market was valued at $17.2 billion in 2020, and it is expected to reach $42.9 billion by 2026, at a CAGR of 16.43%, over the forecast period (2021-2026).¹
• Technological advancements and the rapid rate of internet penetration globally have enabled financial service providers to offer novel digital services to customers. The rising popularity of mobile-based apps for making money transfers also propels internet banking demand.
• A payment gateway allows businesses to collect money through the customer's preferred bank without compromising sensitive data. Incorporating a payment gateway has become a vital aspect for enterprises operating in various sectors.
• Rising adoption of subscription business models increased the need for decreasing subscriber churn and boosting customer retention, increased requirement for compliance, and increased need for updating legacy systems are likely to fuel billing solutions market expansion.

1.https://www.mordorintelligence.com/industry-reports/payment-gateway-market
2.https://www.grandviewresearch.com/industry-analysis/payment-gateway-market
3.https://www.verifiedmarketresearch.com/product/subscription-billing-software-market/