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LONDON, Feb. 01, 2024 (GLOBE NEWSWIRE) — As per The Business Research Company’s real-time payments global market report 2024, the global landscape of financial transactions is undergoing a profound transformation, and at the forefront is the real-time payments market. The real-time payments market is poised for unparalleled growth, with projections soaring from $27.76 billion in 2023 to $36.75 billion in 2024, boasting a remarkable Compound Annual Growth Rate (CAGR) of 32.4%. This upward trajectory is anticipated to continue, with the real-time payments market reaching an astonishing $119.21 billion by 2028, propelled by a CAGR of 34.2%.
Key Insights:
- Projected Growth: The real-time payments market is set for exponential growth, scaling to $119.21 billion by 2028. This surge is driven by factors such as the rising penetration of e-commerce, which demands quick and efficient payment methods.
- Rising Penetration of E-commerce: The increasing prevalence of e-commerce transactions is a primary catalyst for the growth of real-time payments. Real-time payments, with their instant processing capability, enhance the overall customer experience, making them a preferred choice for online shoppers and merchants alike.
- Blockchain Integration: Companies in the real-time payments market are embracing blockchain-based platforms for seamless and automated payments through smart contracts. This innovation enables instantaneous and direct transfers between parties, eliminating the settlement delays associated with conventional payment methods.
Learn More In-Depth On The Real-Time Payments Market
https://www.thebusinessresearchcompany.com/report/real-time-payments-global-market-report
Stakeholder Utilization:
- E-commerce Businesses: Leverage real-time payments to streamline and enhance customer experiences, ensuring quick and efficient transactions that are essential for the rapidly growing e-commerce sector.
- Financial Institutions: Embrace blockchain technology and real-time payment solutions to offer clients efficient, secure, and immediate transfer capabilities, thereby staying ahead in the competitive financial landscape.
- Small and Medium-Sized Enterprises (SMEs): Benefit from the immediate availability of funds facilitated by real-time payments, improving cash flow management—a crucial aspect of business operations.
Market Segmentation:
The real-time payments market covered in this report is segmented –
1) By Component: Solutions, Services
2) By Type: Person-to-Person (P2P), Person-to-Business (P2B), Business-to-Person (B2P), Others (Business-to-Government (B2G), Government-to-Business (G2B), Business-to-Business (B2B), Person-to-Government (P2G), and Government-to-Person (G2P))
3) By Enterprise Size: Small and Medium-Sized Enterprises (SMEs), Large Enterprises
4) By Deployment: On-Premise, Cloud
5) By End Users: Retail and E-commerce, Government and Utilities, Healthcare, Telecom and IT, Travel and Hospitality, BFSI, Other End-Users
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Regional Insights:
- Asia-Pacific: Emerged as the largest region in the real-time payments market in 2023, accounting for 38.3% of the total market share.
- North America: Followed as the second-largest region, highlighting the global significance of real-time payments in diverse economies.
The Real-Time Payments Global Market Report 2024 serves as an indispensable guide for stakeholders navigating the dynamic realm of financial transactions. As the real-time payments market accelerates towards unprecedented heights, the report equips industry players, investors, and policymakers with essential insights to make informed decisions and contribute to the evolution of real-time payment solutions.
Real-Time Payments Global Market Report 2024 by The Business Research Company provides insights on the real-time payments market size, real-time payments market segments, real-time payments market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 7,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
Check Out Similar Market Intelligence Reports By The Business Research Company:
Payments Global Market Report 2024
https://www.thebusinessresearchcompany.com/report/payments-global-market-report
M-Commerce Payment Global Market Report 2024
https://www.thebusinessresearchcompany.com/report/m-commerce-payment-global-market-report
Digital Payments Global Market Report 2024
https://www.thebusinessresearchcompany.com/report/digital-payments-global-market-report
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