Contactless Payment: Global Market Research Report | Analysis Growth, Trend and Forecast
The Global Contactless Payment Market was valued at USD 6.81 billion in 2016 and is projected to reach USD 39.73 billion by 2025, growing at a CAGR of 21.65% from 2017 to 2025.
The Contactless Payment is the secure method for the transaction of the payments through debit cards, credit cards, key fobs, smartphones, and many others. The contactless payments are served under proximity areas. The embedded technology is used in the implementation of the integrated circuit chip and antenna to provide contactless payment mode. This action itself, without the input of a PIN, will be enough to be able to complete the transaction. There are several advantages of using such a system as contactless payment, this system is easy to use, extremely convenient, especially in comparison to traditional payment methods as well as increases the overall efficiency in the payment method.
A contactless payment system is an innovation in point-of-sale payments that does not require the traditional transactions used in either cash or conventional credit or debit card design. Using this method, users just have to place a card or another item in proximity to a piece of cashiering hardware in order to complete the transaction and no PIN number is required. Benefits of contactless payment system include“ convenient and easy to use, increased safety and security, provide operational efficiency, and can have technology integration option.
Global Contactless Payment Market Dynamics:
1. Market Drivers
1.1 Adoption of dual-interface chip technology
1.2 Increasing need for contactless payment technology in mobile handsets
1.3 Flexible integration with existing cards and increased average transaction value
1.4 Decreasing transaction time and increasing revenue opportunity
1.5 Improved service delivery and better customer insights
2. Market Restraints
2.1 Poor standardization and consumer awareness
2.2 Increasing deployment costs
2.3 Security concerns related to contactless technologies
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Global Contactless Payment Market Report Segmentation:
The Global Contactless Payment Market is segmented on the payment mode, component, application, and region.
1. By Payment Mode:
1.1 Contactless Smart Cards
1.2 Contactless Form Factors
1.3 Mobile Handsets
2. By Component:
2.1 Solution
2.1.1 Hosted POS Solution
2.1.2 Analytics Solution
2.1.3 Transaction Management Solution
2.1.4 Device Management Solution
2.1.5 Payment Terminal Solution
2.1.6 Contactless Mobile Payment Solution
2.1.7 Data Management Solution
2.1.8 Security and Fraud Management Solution
2.2 Service
2.2.1 Professional Services
2.2.2 Multi-channel Payment and Value-added Services
2.2.3 Managed Services
3. By Application:
3.1 Retail
3.2 Healthcare
3.3 Government
3.4 IT and Telecom
3.5 Banking, Financial Services, and Insurance BFSI
3.6 Transportation and Logistics
3.7 Others
4. By Region:
4.1 North America U.S., Canada, Mexico
4.2 Europe Germany, UK, France, Rest of Europe
4.3 Asia Pacific China, India, Japan, Rest of Asia Pacific
4.4 Latin America Brazil, Argentina, Rest of Latin America
4.5 Middle East & Africa
The major players in the market are as follows:
1. Giesecke & Devrient GmbH
2. Proxama, PLC
3. Verifone Systems, Inc.
4. on Track Innovations
5. Ingenico Group
6. Oberthur Technologies Sa
7. Wirecard AG
8. Inside Secure
9. Gemalto N.V.
10. Heartland Payment Systems, Inc.
These major players have adopted various organic as well as inorganic growth strategies such as mergers & acquisitions, new product launches, expansions, agreements, joint ventures, partnerships, and others to strengthen their position in this market.
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Research Methodology of Planet Market Reports
Research study on the Global Contactless Payment Market was performed in five phases which include Secondary research, Primary research, subject matter expert advice, quality check and final review.
The market data was analyzed and forecasted using market statistical and coherent models. Also market shares and key trends were taken into consideration while making the report. Apart from this, other data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Top to Bottom Analysis and Vendor Share Analysis.
To know more about the Research Methodology of Planet Market Reports and other aspects of the research study, kindly get in touch with our sales team
Key questions answered in the report:
- What will the market growth rate of Contactless Payment market in 2025?
- What are the key factors driving the global Contactless Payment market?
- Who are the key manufacturers in Contactless Payment market space?
- What are the market opportunities, market risk and market overview of the Contactless Payment market?
- What are sales, revenue, and price analysis of top manufacturers of Contactless Payment market?
- Who are the distributors, traders, and dealers of Contactless Payment market?
- What are the Contactless Payment market opportunities and threats faced by the vendors in the global Contactless Payment industry?
- What are sales, revenue, and price analysis by types and applications of Contactless Payment market?
- What are sales, revenue, and price analysis by regions of Contactless Payment industry?
Contactless Payment Market Report Summary: In the first section, the Global Contactless Payment Market report presents industry overview, definition, and scope. The second part briefs about the Global Contactless Payment industry bifurcation by Type, Application and Geographical regions. The top industry players, revenue analysis, and sales margin are explained. The production and consumption scenario is specified.
The SWOT analysis by players, the growth rate for each type, application, and the region is covered. A 5-year forecast Global Contactless Payment industry perspective will lead to profitable business plans and informed moves. Towards, the end data sources, research methodology, and findings are offered.
Geographic Analysis
- Further breakdown of the North American data-wrangling Market
- Further breakdown of the European Market
- Further breakdown of the APAC Market
- Further breakdown of the MEA Market
- Further breakdown of the Latin American Market
Please note that owing to the criticality of the Contactless Payment Market and rapidly changing market attributes, we are in the middle of updating the report. The final report may require 2 to 3 working days post-confirmation in order to cater to the most recent updates.
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