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:
- Energy and Utilities
- Transportation and Logistics
- Banking, Financial Services and Insurance
- NFC based
- RFID based
By Payment Mode:
- North America
- Asia Pacific
- Latin America
- 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
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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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