Global Contactless Payment Market-Industry Analysis and Forecast (2020-2027)

Posted by rahul on February 15th, 2021

Global Contactless Payment Market was US$ 9.68 Bn in 2019 and is expected to grow at CAGR 12.11% in forecast period.

Global Contactless Payment Market Overview:

The most attractive benefit offered by contactless payments is that customers can instantly complete transactions with the tap of a card. This increases the speed of transactions, making contactless payments even more efficient. In addition with the rising integration of contactless payment technologies in mobile handsets and smart phones, the demand for contactless payment solutions has grown tremendously across all the developed & developing countries. With the growing popularity of the contactless payment the European market registered as the largest in terms of market size with value share of US$ XX.XX Bn. Europe market is highly fragmented based on multi-currencies and multi-languages. Moreover, the number of people migrated from diverse range of countries is more in this region along with the economically and technologically advanced countries, such as the UK and Germany. The total contactless spending has grown in the countries like, UK, Poland, Spain, and Germany with the increasing circulation of contactless cards and terminals by card companies, such as Visa and Mastercard. In terms of market revenue share, North America is expected to hold the US$ XX.XX Bn share by the end of forecast year 2027 followed by, Europe.

Based on hardware, the Point of Sales (POS) segment grow with the largest CAGR at XX.XX% during the forecast period
POS is a point where customers make payments to retailers. The POS terminal is an electronic device used to process payment transactions at stores, pumps and several other places where transaction is supposed to be done. These terminals have seen exponential growth in the contactless payment market because of various benefits, such as ease of use, low deployment cost, and mobility. This segment is expected to grow at high CAGR of XX.XX% during forcast period as contactless payments have completely changed the way customers pay for goods; eventually, it has also reduced the time spent on queuing at POS terminals.

The report study has analyzed revenue impact of covid-19 pandemic on the sales revenue of market leaders, market followers and disrupters in the report and same is reflected in our analysis.

Based on vertical, the retail segment grow with the highest CAGR at XX.XX% during the forecast period

In recent times, the retail vertical has seen a major transformation, they are modernizing to provide improved services for customers and establish online stores to increase revenues. They are adopting innovative technologies, such as cloud computing, digital stores, big data analytics and social networks, to increase their visibility and presence in the market and earn more profits. Retailers proffering this system as they have realized the benefits of contactless payments, which include reduced transaction time, increased revenue, improved operational efficiency, and minimized operating costs. This preference by retailers is boosting the retailer segment as well as contributing in the market growth.

Objective of the Report:

The objective of the report is to present a comprehensive analysis of the Global Contactless Payment Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers and new entrants. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers. The report also helps in understanding Global Contactless Payment Market dynamics, structure by analyzing the market segments and projects the Global Contactless Payment Market size. Clear representation of competitive analysis of key players by Application, price, financial position, Product portfolio, growth strategies, and regional presence in the Global Contactless Payment Market make the report investor’s guide.

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Scope of the Global Contactless Payment Market Report:

Global Contactless Payment Market, By Component

• Hardware
   POS
   Cards
   Others (Wearables, readers, key fobs, and tags)
• Solutions
• Services
   Consulting
   Integration and Deployment
   Support and Maintenance
Global Contactless Payment Market, By Vertical

• Retail
• Hospitality
• Energy & Utilities
• Healthcare
• Transportation and Logistics
• Public Infrastructure
• Commercial
• BFSI
• Others(Government, telecommunications, and education)
Global Contactless Payment Market, By Region

• North America
• Europe
• Asia Pacific
• Middle East & Africa
• South America
Key players operating in the Global Contactless Payment Market

• Gemalto
• Infineon
• Ingenico
• Wirecard
• Verifone
• Giesecke+Devrient
• IDEMIA
• On Track Innovations
• Identiv
• CPI Card Group
• Bitel
• Setomatic Systems
• Valitor
• PAX Global Technology
• MYPINPAD
• Mobeewave
• Alcineo
• Castles
• SumUp
• PayCore

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