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Contactless Payments Market 2020 | Analysis by SWOT, Investment, Future Growth and Major Key Players | Ingenico Group, Verifone Systems, Inc., Inside Secure, on Track Innovations

05-14-2020 11:28 AM CET | IT, New Media & Software

Press release from: Allied Market Research

Contactless Payments Market 2020 | Analysis by SWOT,

Increase in smartphone penetration, integration of contactless cards with the existing cards, and advantages related to contactless payments such as ease and expediency fuel the growth of the market. On the other hand, security issues regarding technology, and difficulties related to the replacement of POS terminals curtail down the growth. Nevertheless, integration of IoT and contactless payment technology in the emerging economies pave the way for lucrative opportunities in the near future.

The leading market players analyzed in the contactless payments market report include Verifone Systems, Inc., Ingenico Group, Heartland Payment Systems, Inc., Inside Secure, on Track Innovations, Oberthur Technologies SA, Proxama, Wirecard AG, PLC., Giesecke & Devrient GmbH, and Gemalto N.V. These market players have adopted different strategies including partnership, expansion, collaboration, joint ventures, and others to strengthen their stand in the industry.

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The global contactless payments market was estimated at $8.75 billion in 2017 and is expected to hit $27.23 billion by 2023, registering a CAGR of 20.8% from 2017 to 2023.

Based on geography, Europe held the major share in 2017, garnering nearly two-fifths of the global market. At the same time, Asia-Pacific would showcase the fastest CAGR of 21.6% from 2017 to 2023. The other regions analyzed in the report include Europe and LAMEA.

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Based on industry vertical, the BFSI sector accounted for more than one-fifths of the total market share in 2017, and would maintain its top status by the end of 2023. Simultaneously, the government sector would manifest the fastest CAGR of 22.5% throughout the forecast period. The other segments assessed in the report include retail, IT & Telecom, transportation, and hospitality.

Based on device type, the mobile handsets segment contributed to nearly one-third of the total market revenue in 2017 and is projected to lead the trail by 2023. The smart cards segment, on the other hand, would portray the fastest CAGR of 22.1% till 2023. The other two segments discussed in the market report include point of sale terminals and NFC chips.

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CHAPTER 1 INTRODUCTION

1.1. REPORT DESCRIPTION
1.2. KEY BENEFITS
1.3. KEY MARKET SEGMENTS
1.4. RESEARCH METHODOLOGY

1.4.1. Primary research
1.4.2. Secondary research
1.4.3. Analyst tools and models

CHAPTER 2 EXECUTIVE SUMMARY

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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