Tag: digital payments

Payment As A Service Market Size Worth $25.7 Billion By 2027

The global payment as a service market size is expected to reach USD 25.7 billion by 2027, expanding at a CAGR of 16.9%, according to a new report by Grand View Research, Inc. Digital disruption in the money transfer ecosystem, combined with the rise in need for quick money transfer methods, has transformed the payment gateway model. As a result of digital money transfer methods, consumers now demand secure digital transaction processing systems to transfer money to their merchants and individuals. With the rising digital financial transactions, a need for secure cloud-based architecture has increased among platform providers. The cloud-based money transfer platforms allow industry participants to manage higher volumes of transactions at high speed and low cost.

Business Technology Internet and network concept . Young business man working on the tablet of the future select the virtual screen: Payroll

The retail and ecommerce segment held the largest market share in 2019. The growth of the segment is attributed to growing trend of online shopping among consumers across the globe. While doing online shopping, consumers always prefer safe and secure platform to pay for their purchases, thereby driving segment growth. In addition, retailers are also adopting advanced technologies including Artificial Intelligence (AI) and digital retail stores to improve their presence in the market. Increasing use of credit cards, e-wallets, debit cards, and online banking by consumers to do shopping has reduced operating cost, thereby driving segment growth.

The market is poised to grow with the change in regulatory initiatives. The changing regulatory frameworks and policies have encouraged alternative money transfer platform providers, fintech providers, and Managed Service Providers (MSPs) to enter the market. For instance, the implementation of the Payment Services Directive 2 (PSD2) standard by the European Commission in 2018 promoted new players in market to provide integrated money transfer platform while making transactions secure and faster. Further, stringency in regulations to provide 24*7 real-time customer support and Account Clearing House (ACH) money transfer environment is influencing the platform providers to outsource their activities to MSPs. These MSPs handle customer queries, provide support 24*7, and ensure platform providers to remain compliant with the regulatory environments.

Click the link below:
https://www.grandviewresearch.com/industry-analysis/payment-as-a-service-market

Further key findings from the report suggest:

  • Increasing demand for contactless transaction is the major driving factor of the market
  • The platform segment held the largest share of the market in 2019 owing to growing adoption of online shopping
  • Travel and hospitality sector is expected to witness the highest CAGR of 20.5% over the forecast period owing to the increasing online travel bookings by the consumers
  • North American held the largest share of the market in 2019. U.S. and Canada are the most prominent countries adopting the new technology platform for money transfer practices

Image Recognition Market Worth $109.4 Billion By 2027

The global image recognition market size is expected to reach USD 109.4 billion by 2027, according to a new report by Grand View Research, Inc. The market is anticipated to expand at a CAGR of 18.8% from 2020 to 2027. Image processing and recognition have evolved with numerous powerful applications, such as security and surveillance, and medical imaging that have created a great value from a business perspective. Functions of figure identification, such as facial or object recognition, visual geolocation, barcode reading, and automated driver assistance, among other industrial automation-related functions, have demonstrated the versatility of this technology. When combined with AI, this technology has begun to create valuable growth opportunities in several verticals, such as gaming, social networking, and e-commerce. For instance, Twitter and Facebook, two major platforms in the world of social networking, have benefited from the technology in terms of audience engagement as they have created a more connected experience by encouraging users to share images and tag their friends.

The advent of digital cameras, particularly cameras built into smartphones, has led to an exponential growth in the volume of digital content in the form of images and videos. A vast amount of visual and digital data is being captured and shared through several applications, websites, social networks, and other digital channels. Several businesses have leveraged this online content to deliver better and smarter services to their customers, with the use of digital image processing. For instance, in October 2019, SnapPay Inc., a U.S. based payment platform provider, has launched facial recognition payment technology in the North America region. By using this thechnology in its payment solution, the company has aimed at allowing its customers a new level of convenience for payments at retail outlets.

However, data cleaning and hardware processing power remain as the two significant challenges involved in building areliable technology. Also, considering the time, complexity, and cost associated with software development for image identification, many companies may not have the resources who can produce acceptable and accurate results. Therefore, several companies are taking strategic initiatives to expand their business with the help of image processing and recognizing techniques. For instance, in July 2019, Star Alliance, a global airline, announced a partnership with NEC Corporation to develop a biometric data-based identification platform for the pass-through areas at the airports, such as boarding gates and check-in kiosks. This AI-based platform and biometric passport would help the passengers to get through passport control without the need to show documents to the border officials.

Click the link below:
https://www.grandviewresearch.com/industry-analysis/image-recognition-market

Further key findings from the report suggest:

  • Automated image organization offered by cloud-based applications and telecom companies is one of the most popular uses of the technology that has improved user experience and drawn the customers’ attraction toward this technology
  • Several benefits, such as better security and automation of identification, are the factors encouraging the implementation of facial recognition at major public spaces or events
  • Advent of large-scale cloud-hosted AI and machine learning platforms offered by tech giants, has led to the development of image processing software with multiple functions such as facial and object recognition, and landmark detection
  • Growing integration of digital image processing and mobile computing platforms in various applications such as digital shopping and document verification are propelling the image recognition market growth
  • Key players in the market are Attrasoft, Inc.; Google; Catchroom; Hitachi, Ltd.; Honeywell International Inc; LTUTech; NEC Corporation; Qualcomm Technologies, Inc.; Slyce Acquisition Inc.; and Wikitude GmbH; among others.