Press release
Contactless Payment Market is estimated to increase at a significant CAGR of 13.5% during 2022-2029 | Size, Share, Trends & Forecast
Contactless Payment Market
For Additional Insights, Click to Access Complete Report - https://www.gmiresearch.com/report/contactless-payment-market/
The factors driving the growth of Contactless Payment Market includes increasing use of contactless payment solutions by merchants selling low value products such snacks and drinks, rising number of digital transactions around the world, commercialization of 5G technology and improvements in the living standards. According to the report published by Statista, the transaction value of digital payments globally is estimated to reach USD 8.49 trillion by the end of 2022, expanding at a CAGR of 12.31% over the forecast period (2022-2027), which will accelerate the Contactless Payment Market size in the approaching years. Moreover, incorporation of Internet of Things (IoT) and Blockchain with existing contactless payment terminals, proliferation of smartphone and tablets, rising demand for smartcards across the globe, increase in the launch of innovative products and rapid urbanization, are some of the additional factors supplementing the market growth. In addition, the increasing investments by major corporations on research and developments, rising disposable incomes and growing population growth rates, are further contributing towards the market growth.
However, growth of the Contactless Payment Market is hindered due to insufficient knowledge amongst people about contactless payment solutions.
The prominent players operating in the Contactless Payment Market are Ingenico Group, Mobeewave, Verifone, On Track Innovations LTD., Geisecke+Devrient, CPI Card Group, Infineon Technologies AG, Idemia, Gemalto NV, Valitor, Bitel, Setomatic Systems, Identiv, Inc., Wirecard, and Pax Global Technology Limited among others.
Based on Component, the Hardware segment is predicted to grow at a significant CAGR during the forecast period
point of sales terminals improves efficiency and accuracy and requires low cost, are propelling growth of the segment.
Based on Vertical, the Retail segment is projected to expand at a remarkable CAGR over the forecast period
Contactless payment solutions enhance the transaction process along with growing adoption of advanced technologies such as big data analytics and artificial intelligence, are some of the factors responsible for the segment's growth.
Based on Region, the European region is anticipated to capture the largest market share during the forecast period
Rising penetration of smartphones and laptops, growing adoption of advanced technologies such as near field communication technology, increase in the volumes of digital transactions across United Kingdom and France and high per capita incomes, are some of the important factors augmenting the market growth in European region.
Key Developments
In 2019, Idemia completed the acquisition of X-Core Technologies' metal payment card business and associated patents. This acquisition will enhance company's existing product portfolio.
In 2018, Gemalto developed EMV biometric dual interface payment card for both contactless payments and chips. This payment card is enabled with payment terminal and does not require any embedded battery.
Market Segmentation
Segmentation by Technology
Near Field Communication
Radio Frequency Identification
Host Card Emulation
Segmentation by Payment Mode
Smartcards
Smartphones
Others
Segmentation by Component
Hardware
Point of Sale
Cards
Others
Services
Consulting
Integration & Deployment
Support & Maintenance
Solutions
Segmentation by Vertical
Healthcare
Transportation & Logistics
Retail
Hospitality
BFSI
Energy & Utilities
Other Verticals
Segmentation by Region
Asia Pacific
China
Japan
India
Rest of APAC
North America
United States of America
Canada
Europe
United Kingdom
Germany
France
Spain
Rest of Europe
RoW
Brazil
South Africa
Saudi Arabia
UAE
About GMI Research
GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.
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