Contactless Payments Market 2021 Size, Share, Business Trends, Current Industry Status and Growth Opportunities 2027

The report offers a detailed analysis of changing market dynamics, top winning strategies, major player positioning, drivers & opportunities, and key segments. According to the report, the global contactless payments market garnered $1,168 billion in 2019, and is expected to reach at $5,424 billion by 2027, growing at a CAGR of 20.6% from 2020 to 2027.

Real time transaction processing, reduced time for payment transactions, and benefits related to contactless payments such as flexibility and convenience drive the growth of the global contactless payments market. In addition, rise in demand for mobile and wearable payment devices and increase in adoption of technology by merchant further fuel the growth of the market. However, rise in rules and regulations issued by banks for payment hinders the market growth. On the other hand, integration of IoT with an existing contactless payment terminal and emerging economies create new opportunities in the industry.

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Allied Market Research recently published a report titled, “Contactless Payment Market: Global Opportunity Analysis and Industry Forecast 2020-2027’’.The market report presents the top factors and market trends that are real behind the growth of the market. It also offers an extensive study of evolving market dynamics, top investment pockets, key sections, competitive scenarios, value chain, and major investment prospects. These figures and data are helpful for startups, stakeholders, investors, and the key market players to obtain useful understandings and visions on the market and implement necessary strategies based on the same.

Competitive Analysis:

Market player in the report include Gemalto, Giesecke+Devrient, Ingenico, InsideSecure, Oberthur Technologies S.A., On Track Innovations, PAX Technology, Inc., Proxama Plc, Verifone, and Wirecard.

Covid-19 Impact on the Global Contactless Payment Market:

Contactless Payment Market Research Report offers an outline of the market based on basic parameters such as market size, sales analysis, and key drivers. The market is expected to expand on a large scale during the forecast period (2021-2024). This report includes COVID-19 impacts on the market. The unprecedented arrival of the coronavirus pandemic (COVID-19) has troubled the complete lifestyles. This in turn has affected some of the market situations along with introducing new norms. The broad view of the research report, therefore, provides the users with the total impacts of covid19 on the industry and the market players.

Covid-19 Scenarios-

The covid-19 outbreak positively impacted the contactless payments market. Social distancing norms have increased the demand for cashless payment activities.
The worldwide lockdown, furthermore, increased the trend of online shopping. This, in turn, further boosted the market growth.

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Contactless Payment Market Segmentation:

The report provides segmentation of the global Contactless Payment Market. The major segments in the report are studied on the basis of device type, application and regions. Along with this, it also involves the tables based on extensive analysis of sales, revenue, growth rate, and revenue share of each for the historic as well as forecast period.

Contactless Payment Market Geographical Analysis:

The report also provides a regional analysis of the market along with the competitive setting in each region. The research report encompasses regions including North America (the United States, Canada, and Mexico), Europe (Germany, France, UK, Russia, and Italy), Asia-Pacific (China, Japan, Korea, India, and Southeast Asia), South America (Brazil, Argentina, and Colombia), Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria, and South Africa). These segmentations aid the market players in framing respective tactics, thus leading way to lucrative opportunities to attain their objectives.

Based on region, the market across Europe contributed to more than one-third of the total market share in 2019 and is expected to maintain its dominance by 2027. On the other hand. Asia-Pacific is expected to register the highest CAGR of 22.1% from 2020 to 2027. Other regions studied in the report include LAMEA and North America.

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Key market segments

By Device Type

Smartphones & Wearables
Smart Cards
Point-of-sale (POS) Terminals

By Application

Food & Groceries
Pharmacy & Drug Stores
Restaurants & Bars
Consumer Electronics
Media & Entertainment
Others

By Region

North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Russia
Netherlands
Rest of Europe
Asia-Pacific
China
India
Japan
Australia
Singapore
Rest of Asia-Pacific
LAMEA
Latin America
Middle East
Africa

CHAPTER 1: INTRODUCTION

1.1.REPORT DESCRIPTION
1.2.KEY MARKET SEGMENTS
1.3.KEY BENEFITS
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

2.1.CXO PERSPECTIVE

CHAPTER 3:MARKET LANDSCAPE

3.1.MARKET DEFINITION AND SCOPE
3.2.KEY FINDINGS

3.2.1.Top investment pockets
3.2.2.Top winning strategies

3.3.PORTER'S FIVE FORCES ANALYSIS

3.3.1.Bargaining power of suppliers
3.3.2.Threat of new entrants
3.3.3.Threat of substitutes
3.3.4.Competitive rivalry
3.3.5.Bargaining power among buyers

3.4.MARKET SHARE ANALYSIS/TOP PLAYER POSITIONING
3.5.MARKET DYNAMICS

3.5.1.Drivers
3.5.2.Restraints
3.5.3.Opportunities

3.6.COVID-19 IMPACT ANALYSIS ON CONTACTLESS PAYMENT MARKET

3.6.1.Impact on contactless payment market size
3.6.2.Change in consumer trends, preferences, and budget impact due to COVID-19
3.6.3.Framework for solving market challenges faced by contactless payment solution providers
3.6.4.Economic impact on contactless payment solution providers
3.6.5.Key player strategies to tackle the negative impact
3.6.6.Opportunity window analysis for contactless payment providers

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