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Growing rate of technological advancements across the world has significantly contributed to the growth of global Payment as a Service market. Be it digital reality, comprising of AR (Augmented Reality), VR (Virtual Reality) and Mixed Reality or ever booming IOT (Internet OF Things) coupled with the introduction of 5G-the fifth generation of mobile networks, the IT and Telecom industry is continuously evolving. More than 20 Billion devices are estimated to be connected to internet in the next two years. Where hundreds of devices are connected to the internet every second, the total cellular IOT connections are predicted to cross 3.4 Billion by the end of 2023. The overall digital transformation in numerous R&D and testing, IT, Telecom and Internet services is anticipated to boost the growth of Payment as a Service market in the next 6-7 years. According to UNCTAD’s database, the total ICT goods exports (in terms of percentage) comprising of computers and consumer electronic equipment among other IT goods was highest in Hong Kong, amounting to 51.7% in 2017. The other countries to hold highest ICT goods exports in the same year were Philippines with 35.7%, Singapore at 32%, Malaysia with 31%, China amounting to 27.07%, Korea, Rep. with 24.74%, and St. Kitts and Nevis holding 26.5%. The global information and communication technology goods exports rose from 11.20% in 2016 to 11.51% in 2017. Moreover, the deployment of 5G is estimated to create significant business prospects among telecom service providers. Where 5G network around the world is predicted to be deployed from 2020, the early launch of 5G is estimated to be witnessed in United States, South Korea, Japan and China. With continuous growth of LTE subscriptions which is estimated to cross 5.4 billion, the enhanced mobile broadband subscriptions through 5G connection are estimated to cross 1 Billion by the end of 2023.
Our extensive study on the global Payment as a Service market comprises of overall market scope in terms of annual revenue, growth drivers, recent trends and opportunities combined with detailed market segmentation and regression and correlation analysis displaying relationship between independent and dependent variables, which are collectively boosting the growth of the market. Apart from that, our report highlights risk analysis covering supply and demand risk impacting the growth of the market coupled with strategies to approach potential customers. The global Payment as a Service market is estimated to record notable absolute $ opportunity value in 2026 as compared to the value achieved in 2019.
Our regional analysis indicate U.S. to hold largest telecom market, whereas, Asia Pacific is estimated to garner highest share in telecom sector. On the back of increasing investments by ICT and Telecom industries in research and development activities pertaining to digital transformation, the Payment as a Service market is predicted to witness significant rise in upcoming years. Ever-increasing advancement in telecommunication sector, is driving notable business opportunities which are further driving the competition among telecom service providers. According to CRTC (Canadian Radio-Television and Telecommunications Commission), the total revenue generated by telecom industry in Canada observed a growth rate of 3.2% from 2016-2017 and reached USD 38.79 Billion in 2017 owing to rapidly increasing amount of data usage through both fixed internet and mobile services in the country. Out of these two, the fixed internet services observed a growth rate of 7.0% between 2016 and 2017 and attained a total revenue of USD 8.87 Billion, whereas, mobile segment with a growth rate of 5.4% for the same period, garnered USD 19.9 Billion in 2017.
As per the statistics provided by World Development Indicators (WDI), China held the highest rank by holding 19.38% of the world’s GDP based on Purchasing Power Parity (PPP) in 2018, whereas, the United States held the second highest rank with an increase from 18707188235000 international dollars in 2016 to 20494099845390 international dollars in 2018. The world’s total GDP (PPP) was estimated to be around 130,834,632 million international dollars in 2018.
A separate section in the report highlights regional scenario in market which includes North America (further segregated into U.S. and Canada).
The report further includes a section on European region which is further segmented on a country/regional level including Germany, U.K., France, Italy, Spain, BENELUX, Netherlands, NORDIC, Poland, Hungary, Russia, Turkey, and Rest of Europe.
In the Asia Pacific Payment as a Service market, the report studies China, India, South Korea, Indonesia, Malaysia, Japan, Australia, New Zealand and Rest of Asia Pacific. In the Latin America section, an in-depth analysis on Mexico, Brazil, Argentina and Rest of Latin America is covered. Middle East and Africa region have been further identified for the Payment as a Service market demand and segregated into Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa and Rest of Middle East and Africa.
A complete section on competitive landscape provides an understanding of the companies in current strategic report based upon various parameters which includes overview of the company, business strategy, major product offerings, key performance indicators, risk analysis, recent development, regional presence and SWOT analysis. There is a separate section which has been provided on the market share of key players in this market, as well as the competitive positioning of the players.
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