Contactless Payments Market 2020 : How top leading companies can make this smart strategy work
Europe contributed to nearly two-fifths of the total market share in 2017 and is expected to maintain its dominance by 2025. This is due to rise in adoption of contactless payments among restaurants, supermarkets, bars & pubs, and service stations in this region and various initiatives taken by market players to promote contactless payments. Asia-Pacific is expected to register the highest CAGR of 21.6% from 2017 to 2023, owing to surge in technological adoption and increase in number of contactless payment technology-enabled mobile handsets in countries including China, Japan, Australia, and India.
The global contactless payments market garnered $8.75 billion in 2017, and is expected to reach at $27.23 billion by 2023, growing at a CAGR of 20.8% from 2017 to 2023.
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Key market players analyzed in the research include Ingenico Group, Inside Secure, Verifone Systems, Inc., Oberthur Technologies SA, on Track Innovations, Wirecard AG, Proxama, PLC., Gemalto N.V., Giesecke & Devrient GmbH, and Heartland Payment Systems, Inc.
Professional services held the major share in the market in terms of revenue in 2017, contributing more than three-fifths of the total share, owing to increase in demand for contactless payments in various industry verticals that need various professional services such as consulting and others for flexible deployment and functioning. Managed services would grow at the fastest CAGR of 22.1% from 2017 to 2023, owing to preference of market players operating in the retail, BFSI, and hospitality sectors for integration of varied solutions in a single package, with which, customers can use a wide range of devices for transactions efficiently. In addition, the advent of value-added services and partnership strategies supplement the market growth.
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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. This is due to capability of payment terminals to accept payments from a wide range of contactless devices including prepaid, debit & credit cards, mobile devices, wearable devices, stickers, and key fobs. However, hosted point of sale solution is expected to register the highest growth rate, with a CAGR of 24.0% from 2017 to 2023, owing to benefits such as reduced space for POS, lowered servicing costs, and assistance to understand buying behavior of customers through storage of transaction information. The report also discusses device management solution, data management solution, contactless mobile payment solution, transaction management solution, security & fraud management solution, and analytics solution.
The BFSI sector held the major share of the market in terms of revenue 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 2017 to 2023, owing to different government initiatives to promote cashless transactions, usage of contactless payments in various departments, and integration of smartphones and smart cards with identity authentication programs. The report also explores retail, IT & telecom, transportation, hospitality, and others.
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Mobile handsets accounted for nearly one-third of the total market share in 2017 and will maintain its leadership status during the forecast period. This is due to rise in investment by tech giants such as Apple, Samsung, and others for integrating contactless payment technologies in devices. However, smart cards would register the fastest growth, with a CAGR of 22.1% from 2017 to 2023, owing to benefits such as security, flexibility, convenience, and ease in replacement in case of mishaps. The research also analyzes point of sale terminals, NFC chips, and other device types.
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