Contactless payment Market 2019: Analysis by Size, Segment and Evolution Rate by Type and Application Forecast to 2026

MarketStudyReport.com offers 2019 report on Global Contactless payment Market that evaluates industry growth trends through historical data and estimates prospects based on comprehensive research. The report extensively provides the market share, growth, trends and forecasts for the period 2019-2026  .

Global Contactless payment Market is valued approximately at USD 9.3 billion in 2019 and is anticipated to grow with a healthy growth rate of more than 11.70% over the forecast period 2020-2026.The Contactless Payment is a protected method intended for the transaction of the payments done by credit cards, debit cards, smartphones, and others.

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The regional analysis of global Contactless payment market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. North America is the leading/significant region across the world in terms of market share owing to high penetration of smartphones and advancements appeared from the smart chip technology. Whereas, Asia-Pacific is also anticipated to exhibit highest growth rate / CAGR over the forecast period 2020-2026. Factors such as growing purchasing power along with increasing acceptance of this mode of payment would create lucrative growth prospects for the Contactless payment market across Asia-Pacific region.

Moreover, utilization of security features of emerging technologies, such as 5G and blockchain is expected to create significant growth opportunity in the market over the forecast period. However, high cost of deploying contactless payment technologies impedes the growth of the market over the forecast period of 2020-2026.

For instance, in January 2020, CPI Card Group unveiled dual interface metal cards that distinctively combine high-quality design and contactless capabilities. Similarly, in October 2019, Mobeewave and IDEMIA prolonged their business to install safe mobile PoS and fare authentication across Australia. Further, in August 2019, Sisal Group and Wirecard signed an arrangement in the field of contactless payment solutions.

The customers can instantaneously complete transactions with the tap of a card. This increases the speed of transactions, making contactless payments even more efficient.  The advancement in contactless payment technology, increasing frequency of purchases coupled with rising awareness of plastic money among the buyers, are the key factor propelling the growth of the market.

There are a number of advantages of utilizing contactless payments such as they are extremely convenient specifically in comparison to conventional payment methods (electronic transaction) as well as improves the overall efficacy in the payment method.

Unlike mobile payments which are done over the internet, contactless payments are carried out in close physical proximity avoiding illegal access during the transaction.

Major market player included in this report are:

  • ACS (Advanced Card Systems) Ltd.
  • Chip & Pin Solutions Ltd.
  • Mifare Pty Limited
  • Ingenico Inc.
  • Gemalto N.V.
  • Verifone Systems Inc.
  • Heartland Payment Systems Inc.
  • On Track Innovations Ltd.
  • Castles Technology Co. Ltd.
  • Bindo Labs Inc.

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:

By Component:

  • Hardware
  • Solutions
  • Services

By Vertical:

  • Retail
  • Healthcare
  • Hospitality
  • Energy and Utilities
  • Transportation and Logistics
  • Banking, Financial Services and Insurance
  • Others

By Technology:

  • NFC based
  • RFID based
  • Others

By Payment Mode:

  • Smartphones
  • Smartcards
  • Others

By Region:

  • North America
  • S.
  • Canada
  • Europe
  • UK
  • Germany
  • Asia Pacific
  • China
  • India
  • Japan
  • Latin America
  • Brazil
  • Mexico
  • Rest of the World

Furthermore, years considered for the study are as follows:

  • Historical year – 2016, 2017, 2018
  • Base year – 2019
  • Forecast period – 2020 to 2026

Target Audience of the Global Contactless payment Market in Market Study:

  • Key Consulting Companies & Advisors
  • Large, medium-sized, and small enterprises
  • Venture capitalists
  • Value-Added Resellers (VARs)
  • Third-party knowledge providers
  • Investment bankers
  • Investors

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Table of Content:

Chapter 1.       Executive Summary

1.1.      Market Snapshot

1.2.      Global & Segmental Market Estimates & Forecasts, 2018-2026 (USD Billion)

1.2.1.   Contactless payment Market, by Region, 2018-2026 (USD Billion)

1.2.2.   Contactless payment Market, by Component, 2018-2026 (USD Billion)

1.2.3.   Contactless payment Market, by Vertical, 2018-2026 (USD Billion)

1.2.4.   Contactless payment Market, by Technology, 2018-2026 (USD Billion)

1.2.5.   Contactless payment Market, by Payment mode, 2018-2026 (USD Billion)

1.3.      Key Trends

1.4.      Estimation Methodology

1.5.      Research Assumption

Chapter 2.       Global Contactless payment Market Definition and Scope

2.1.      Objective of the Study

2.2.      Market Definition & Scope

2.2.1.   Scope of the Study

2.2.2.   Industry Evolution

2.3.      Years Considered for the Study

2.4.      Currency Conversion Rates

Chapter 3.       Global Contactless payment Market Dynamics

3.1.      Contactless payment Market Impact Analysis (2018-2026)

3.1.1.   Market Drivers

3.1.2.   Market Challenges

3.1.3.   Market Opportunities

Chapter 4.       Global Contactless payment Market: Industry Analysis

4.1.      Porter’s 5 Force Model

 

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Contactless Payment Market Latest Trends and to Observe Exponential Growth by 2020-2026 | America Express, Gemalto, Heartland Payment Systems, Mastercard Worldwide, Microsoft, Paypal, Visa

Market Research Intellect has recently added an extensive report to its repository titled Contactless Payment market. The latest market study provides a lucid understanding of the Contactless Payment sector and the report scrutinizes the data by using primary and secondary research techniques. Moreover, it also sheds light on various dynamic aspects of businesses such as client requirements, demanding products or services, shares, and raw material. Additionally, the data has been examined by means of effective analysis technique such as, SWOT and Porter’s Five analysis. This in return also gives a descriptive overview of strengths, weaknesses, threats, and opportunities.

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The Contactless Payment industry is highly competitive, due to a large degree of fragmentation in the market. Despite the fragmentation, the market is largely tied by the regulatory requirements for establishment and operation.

The major manufacturers covered in this report: “America Express, Gemalto, Giesecke & Devrient, Heartland Payment Systems, Ingenico Group, Inside Secure, Mastercard Worldwide, Microsoft, Oberthur Technologies, On Track Innovations, Opus Software Solutions, Paypal, Proxama, Renesas Electronic, Thales, Verifone Systems, Visa, Wirecard”

Market Segmentation:

The Contactless Payment Market has been segregated into various crucial divisions including applications, types, and regions. Each market segment is intensively studied in the report contemplating its market acceptance, worthiness, demand, and growth prospects. The segmentation analysis will help the client to customize their marketing approach to have a better command of each segment and to identify the most prospective customer base.

In terms of region, this research report covers almost all the major regions across the globe such as North America, Europe, South America, the Middle East, and Africa and the Asia Pacific. Europe and North America regions are anticipated to show an upward growth in the years to come. While Contactless Payment Market in Asia Pacific regions is likely to show remarkable growth during the forecasted period. Cutting edge technology and innovations are the most important traits of the North America region and that’s the reason most of the time the US dominates the global markets. Contactless Payment Market in South, America region is also expected to grow in the near future.

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Key Questions Answered in Report:

  • What is major factor which lead this market to next level?
  • What will the market Demand and what will be Growth?
  • What are the latest opportunities to Contactless Payment Market in future?
  • What are the strengths of the key players?
  • What are the key of Contactless Payment Market?

Contactless Payment Market Report provides future growth drivers and competitive landscape. This will be beneficial for buyers of the market report to gain a clear view of the important growth and subsequent market strategy. The granular information in the market will help monitor future profitability and make important decisions for growth.

Our Study Report Offers:

  • Market share analysis for the regional and country-level segments.
  •  Contactless Payment Market share analysis of the best business players.
  • Strategic proposal for the new entrants.
  • Market forecasts for the next five years of all the mentioned segments, sub-segments and conjointly the regional markets.
  • Market Opportunities, Trends, Constraints, Threats, Challenges, Drivers, Investment and suggestions.
  • Strategic steerage in key business segments supported the market estimations.
  • Competitive landscaping mapping the key common trends.
  • Company identification with careful methods, financials, and up so far developments.
  • provide chain trends mapping the foremost recent technological advancements.

The report’s conclusion reveals the overall scope of the Global Contactless Payment Market in terms of feasibility of investments in the various segments of the market, along with a descriptive passage that outlines the feasibility of new projects that might succeed in the market in the near future.

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Global Contactless Payment Market worth US$ 98.1 Billion By 2029

The report Global Contactless Payment Market, by Type (Hardware (Smart-cards, Point of Sale Terminals, and Smart-Card Readers) and Software (Smartcard Reader Drivers, POS Software, Application Programming Interface, Software Development Kit (SDK), and Mobile Applications)), by Mode of Payment (Contactless Card (NFC/RFID), Wearable Device, and Contactless Mobile Payment), by End-Use Industry (Banking, Financial Services and Insurance (BFSI), Retail, Public Sector, Transportation and Logistics, Hospitality, and Media and Entertainment), and Region – Global Forecast to 2029″ Global contactless payment market is projected to grow from US$ 10.1 billion in 2019 to US$ 98.1 billion by 2029. The global contactless payment market is expected to register CAGR of 24% over the forecast period. This is attributed to increasing frequency of purchasing among individuals, coupled with need to make secure, safe, and easy payments.

Advancement in contactless payment technology is expected to create lucrative growth opportunities for new as well as existing players to gain competitive edge.

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Key Highlights:

  • In May 2011, Advanced Card Systems Limited launched ACOS3 COMBI and ACOS3 microprocessor card (contactless).

Key Market Insights from the report:          

The global contactless payment market accounted for US$ 10.1 billion in 2019 and is projected to register a moderate CAGR of 24% over the forecast period. The market report has been segmented on the basis of type, mode of payment, end-use industry, and region.

  • By type, the smart-cards segment accounted for major revenue share in 2019. This is due to increasing incidence of forgery and duplication of identity owing to technological advancements in turns creating demand for smart cards.
  • By mode of payment, the global contactless payment market is segmented into contactless card (NFC/RFID), wearable device, and contactless mobile payment.
  • By end-use industry, the hospitality segment accounted for major revenue share in 2019. This is owing to contactless payment is convenience of doctors and patients and for making bother free payments.
  • By region, North America contactless payment market accounted for major revenue share of the global contactless payment market and is further anticipated to maintain its dominance over the forecast period, owing to increasing information and communications technology integration across different verticals in the countries of the North America. The market in Europe contactless payment market is expected to account for second-highest revenue share in 2019.

Browse 60 market data tables* and 35  figures* through 140 slides and in-depth TOC on Global Contactless Payment Market”, by Type (Hardware (Smart-cards, Point of Sale Terminals, and Smart-Card Readers) and Software (Smartcard Reader Drivers, POS Software, Application Programming Interface, Software Development Kit (SDK), and Mobile Applications)), by Mode of Payment (Contactless Card (NFC/RFID), Wearable Device, and Contactless Mobile Payment), by End-Use Industry (Banking, Financial Services and Insurance (BFSI), Retail, Public Sector, Transportation and Logistics, Hospitality, and Media and Entertainment), and by Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa)- forecast till 2029

To know the upcoming trends and insights prevalent in this market, click the link below:

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The prominent player operating in the global contactless payment market includes Advanced Card Systems Limited, Chip & PIN Solutions Ltd, Placard Pty Ltd, Ingenico Inc., Gemalto N.V., VeriFone Systems, Inc., Heartland Payment Systems, Inc., On Track Innovations Ltd., Castles Technology Co., Ltd., and Bindo Labs, Inc.

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