Contactless Payment Market:
Growth opportunities in the market look promising over the next six years. This is mainly due to the growing instances of fraud, intensified customer complacency, and adaptability to the individuals.
Contactless Payment Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)
Key Drivers
The major drivers supplementing the growth of the global contactless payment market include the surge in the number of these payments across the world because of its enormous advantages, including the improvement in the purchase experience of customers, safety in the transactions, and minimize fraud losses along with the enhanced customer satisfaction and speeding up transactions. Also, the accelerating penetration of the internet and augmented implementation of mobile phones with the changing preference of several verticals, such as retail and transport, towards speedy transactions to make sure the customer’s satisfaction will allure enormous customers towards the market. In addition, the incorporation of security features of transpiring technology, including blockchain, 5G, and the escalating demand for wearable payment devices are some other factors strengthening the market size. However, inadequate consciousness and high initial costs will hamper the contactless payment market share.
Technology Segment Drivers
Based on the technology, near-field communication is projected to expand at a higher CAGR during the forecast period. This is primarily attributed to the increase in the implementation of this technology in contactless payments. Moreover, various features, which include convenience, versatility, security, and its capability to upgrade the user’s experience, are further propelling the market growth.
Component Segment Drivers
Based on the component, hardware is predicted to witness a faster CAGR over the forecast period. This is mainly due to the stimulation in the point of sales terminal among the customers because of their benefits like a low cost of deployment; improved effectiveness & accuracy, mobility, along with ease of use are driving the market growth.
Regional Drivers
Based on the regional coverage, Europe is expected to dominate the market during the forecast period owing to the aggravation in contactless expenditure across several countries, especially in the UK and Spain. In addition to this, the growth in the perforation of smartphones, the escalation in the adoption of near field communication technolog, and various regulatory measures like Euro Mastercard Visa will bolster the market growth.
Contactless Payment Market’s leading Manufacturers:
- Idemia
- Wirecard
- Verifone
- Geisecke+Devrient
- Valitor
- Infineon Technologies AG
- Setomatic Systems
- Mobeewave
- Gemalto NV
- Identiv Inc.
- On Track Innovations LTD.
- CPI Card Group
- Bitel
- Ingenico Group
- Pax Global Technology Limited
Contactless Payment Market Segmentation:
Segmentation by Technology
- Near Field Communication
- Radio Frequency Identification
- Host Card Emulation
Segmentation by Payment Mode
- Smartcards
- Smartphones
- Others
Segmentation by Component
- Hardware
- Point of Sale
- Cards
- Others
- Services
- Consulting
- Integration & Deployment
- Support & Maintenance
- Solutions
Segmentation by Vertical
- Healthcare
- Transportation & Logistics
- Retail
- Hospitality
- BFSI
- Energy & Utilities
- Other Verticals
Segmentation by Region:
- North America
- United States of America
- Canada
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
- Rest of the world (remaining countries of the LAMEA region)
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