Contactless Payments Market is Projected to Reach at $27.23 Billion by 2023: Ingenico Group, Verifone Systems, Inc., Inside Secure, on Track Innovations, Oberthur Technologies SA, Proxama, PLC., Wirecard AG, Giesecke & Devrient GmbH.
The contactless payments market garnered $8.75 billion in 2017, and is expected to reach at $27.23 billion by 2025, growing at a CAGR of 20.8% from 2017 to 2025.
The report offers a detailed analysis of changing market dynamics, top winning strategies, major player positioning, drivers & opportunities, key segments, and company profiles.
Surge in smartphone penetration, integration of contactless cards with the existing cards, and benefits related to contactless payments such as flexibility and convenience drive the growth in the market. However, security issues related to technology and difficulties regarding replacement of POS terminals hinder the market growth. On the other hand, rise in adoption from emerging nations and integration of IoT and contactless payment technology create new opportunities in the industry.
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Mobile handsets accounted for nearly one-third of the total market share in 2017 and will maintain its dominance during the forecast period. However, smart cards would register the fastest CAGR of 22.1% from 2018 to 2025. The research also analyzes point of sale terminals, NFC chips, and other device types.
The BFSI sector held the largest market share in 2017, contributing more than one-fifths of the total market share. This is due to rise in e-commerce and mobile banking services along with advent of online banking, mobile banking apps, and contactless payment technologies. However, the government sector would register the fastest CAGR of 22.5% from 2018 to 2025.
The payment terminal solution accounted for more than one-fifths of the total market share in 2017 and will dominate in terms of revenue throughout the forecast period. However, hosted point of sale solution is expected to register the highest CAGR of 24.0% from 2018 to 2025.
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Professional services held the major share in the market in terms of revenue in 2017, contributing more than three-fifths of the total share. Managed services would grow at the fastest CAGR of 22.1% from 2018 to 2025.
Europe contributed to nearly two-fifths of the total market share in 2017 and is expected to maintain its dominance by 2025. Asia-Pacific is expected to register the highest CAGR of 21.6% from 2018 to 2025.
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Key market players analyzed in the research include Ingenico Group, Verifone Systems, Inc., Inside Secure, on Track Innovations, Oberthur Technologies SA, Proxama, PLC., Wirecard AG, Giesecke & Devrient GmbH, Gemalto N.V., and Heartland Payment Systems, Inc.
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