Global Real-Time Payments Market: Unleashing Swift Growth Opportunities

LANDON, GREATER LANDON, UK, December 12, 2023 /EINPresswire.com/ -- The global real-time payments market, meticulously segmented by component, type, enterprise size, deployment, and end-users, is experiencing an impressive surge. From $21.44 billion in 2022, the market is projected to reach $28.61 billion in 2023, showcasing a remarkable compound annual growth rate (CAGR) of 33.4%. The momentum is expected to continue, with the market size forecasted to reach $91.54 billion by 2027, growing at a CAGR of 33.7%.

Driving Forces: Smartphone Penetration Paving the Way

The pervasive adoption of smartphones is set to propel the real-time payments market to new heights. Smartphones, combining computing capabilities with high-tech features, have become ubiquitous, enabling seamless real-time payment transactions. India, for example, boasts the highest monthly mobile data usage globally (12 GB per person), adding 25 million new smartphone users every three months as of October 2021, according to The Economic Times. The increasing prevalence of smartphones is a key driver behind the growth of real-time payments.

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Key Players: Orchestrating the Real-Time Symphony

Major players orchestrating the dynamics of the real-time payments market include ACI Worldwide, FIS Corporation, Fiserv Inc., Mastercard Inc., Visa Inc., Temenos AG, Wirecard AG, Capgemini SE, Finastra Limited, Montran Corporation Ltd., Ripple, PelicanFast, IntegraPay, Worldpay Inc., and Volante Technologies Inc. These key players leverage their expertise and innovation to shape the evolving landscape of real-time payments.

Technological Advancements: A Harmonious Trend

Technological advancements take center stage as a prominent trend in the real-time payments market. Leading companies in the sector, such as IBM, are at the forefront of developing cutting-edge technologies to fortify their market positions. In April 2022, IBM introduced a new generation mainframe featuring artificial intelligence technology. The IBM z16 processor, with its capacity for deep learning-based fraud detection for all transactions, exemplifies the industry's commitment to technological innovation.

Regional Dynamics: Asia-Pacific Leads the Melody

In 2022, Asia-Pacific emerged as the largest region in the real-time payments market, showcasing its technological prowess and rapidly advancing financial landscape. Looking ahead, North America is poised to be the fastest-growing region, driven by robust technological infrastructure and a growing demand for real-time payment solutions. The comprehensive market analysis encompasses regions such as Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, providing detailed insights into regional dynamics, market trends, and growth opportunities.

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Real-Time Payments Global Market Report 2023 from TBRC covers the following information:

1. Market size date for the forecast period: Historical and Future
2. Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
3. Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Trends, opportunities, strategies and so much more.

The Real-Time Payments Global Market Report 2023 by The Business Research Company is the most comprehensive report that provides insights on real-time payments market size, real-time payments market drivers and trends, real-time payments market major players, competitors' revenues, market positioning, and market growth across geographies. The real-time payments market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.

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