The global Payment Orchestration Platform Market was valued at USD 1.1 Billion in 2022 and it is anticipated to grow up to USD 10.1 Billion by 2032, at a CAGR of 24.5% during the forecast period.
Global Payment Orchestration Platform Market report from Global Insight Services is the single authoritative source of intelligence on Payment Orchestration Platform Market. The report will provide you with analysis of impact of latest market disruptions such as Russia-Ukraine war and Covid-19 on the market. Report provides qualitative analysis of the market using various frameworks such as Porters’ and PESTLE analysis. Report includes in-depth segmentation and market size data by categories, product types, applications, and geographies. Report also includes comprehensive analysis of key issues, trends and drivers, restraints and challenges, competitive landscape, as well as recent events such as M&A activities in the market.
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Payment orchestration platforms provide a way for businesses to automate their payment processing. By using a payment orchestration platform, businesses can streamline their payment processing by automating tasks such as invoicing, payments, and reconciliations. This can save businesses time and money by reducing the need for manual processing of payments. In addition, payment orchestration platforms can provide businesses with visibility into their payment processing, helping to identify issues and optimize performance.
Market Trends and Drivers
The growing prevalence of e-commerce platforms is driving the industry during the forecast period as e-commerce vendors are adopting Payment Orchestration Platforms (POPs) to ensure consumer security and payment integrity. Moreover, the increasing penetration of smartphones and the internet contributes significantly to the market’s development. The growing utilization of smartphones for online transactions through digital payment platforms is expected to propel industry growth. Payment orchestration platforms are assisting vendors in fast-tracking Buy Now Pay Later (BNPL) payments. As a result, the increasing popularity of the BNPL platform among vendors worldwide is one of the key factors fueling the market expansion. POPs help consumers by offering convenience and flexibility to pay for merchant services. Merchants are equally keen about the adoption of BNPL as this point-of-sale credit helps them with higher customer conversion rates by lifting average ticket sales. Hence, payment orchestration providers allow businesses to deploy the BNPL platform without many technological developments. The smartphones and internet penetration worldwide are anticipated to create further growth opportunities for the industry. Moreover, many businesses across the globe are taking steps to improve their business models.
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Market Restraints and Challenges
The key restraints and challenges in payment orchestration platform market include the need for data security, the need for transparency, the need for interoperability, and the need for scalability. Data security is a major concern for businesses and individuals alike, and it is essential that payment orchestration platforms provide data security in order to maintain customer trust. Transparency is also essential in order to ensure that businesses and individuals can trust the platform and that they know where their money is going. Interoperability is another key concern, as businesses need to be able to use the platform with other systems in order to streamline their operations. Finally, scalability is essential in order to ensure that the platform can grow with the needs of the business.
Major Players in the Global Payment Orchestration Platform Market
The key players in the Payment Orchestration Platform Market CellPoint Digital, IXOLIT Group, Payoneer Inc., APEXX Fintech Ltd., Rebilly, Spreedly, Modo Payments, Akurateco, BNT Soft, and aye4fin GmbH. among others.
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