Contactless Payment Market size was valued at US$ 1641.6 Billion in 2022 and the total Contactless Payment revenue is expected to grow at 20% through 2022 to 2029, reaching nearly US$ 5882 Billion.
Contactless Payment Market Overview:
The Contactless Payment Market study is based on thorough research, qualitative and quantitative assessment by industry experts, and inputs from professionals in the field and supply chain players. The research examines parent market trends, macroeconomic data, and controlling variables in-depth, as well as market attractiveness by segment. The qualitative influence of key market variables on market segments and regions is also mapped out in the study.
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Contactless Payment Market Scope:
This Contactless Payment market review examines the latest developments, regulatory frameworks, trade analysis, business model, supply chain utilization, market dominance, the impact of residential and localized market participants, assessments possibilities in terms of evolving revenue spots, shifts in market regulations, tactical industry growth analysis, sales volume, categorical market growth, implementation niches and dominance, product releases, global coverage, and, product launches. Contact Stellar Market Research for an Analyst Brief to learn more about the Contactless Payment market. Our staff will assist you in making an educated market decision to achieve market growth.
Contactless Payment Market Segmentation
In terms of type, the global market in 2022 was dominated by smartphones and wearables. The highest CAGR of 9.5% is anticipated for this market segment throughout the projection (2023-2029). This is because developing nations like China and India have seen a rise in the use of NFC-based mobile payment apps like Paytm and Ali Pay. The increase in online scams in these nations is the element impeding this segment's growth.
During the same forecast period, a noteworthy CAGR of 7.8% is anticipated for the smart card segment. This is explained by the simplicity of using a debit or credit card to make payments. Furthermore, credit cards are the most widely used payment method for internet purchases. Smart cards are vulnerable, though.
In terms of application, the Food & Grocery category led the global market in 2022. With an 8.7% CAGR, this segment is anticipated to develop at the greatest rate over the projection period (2023-2029). Online meal delivery services like Swiggy and Zomato offer online payment options through their apps, such as G-pay and Amazon Pay. As a result, these businesses support the global market expansion for contactless payment systems in an indirect manner.
During the same forecast period, growth in the pharmaceuticals section is anticipated to trail that of the food and grocery segment. This may be linked to the significant increase in COVID-19 patients during the 2022 and 2022 pandemic years. Because of the anticipated continuation of this trend,
1 Global Contactless Payment Market, by Type (2022-2029)
• Smartphones and Wearables
• Smart Cards
• Point-of-sale (POS) Terminals
2 Global Contactless Payment Market, by Application (2022-2029)
• Food and Groceries
• Pharmaceuticals
• Consumer Electronics
• Media and Entertainment
• Others
3 Global Contactless Payment Market, by Industry (2022-2029)
• BFSI
• Retail
• IT & Telecom
• Transportation
• Hospitality
• Government
• Others
4 Global Contactless Payment Market, by Payment Mode (2022-2029)
• Mobile Handsets
• Smart Cards
• Point of Sale Terminals
• NFC Chips
• Smart Watches
• Others
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Contactless Payment Market Key Players:
To extend their presence in emerging nations and eventually broaden their client base, the key players in the market are embracing different growth tactics such as agreements and strategic alliances, as well as new product debuts. The following are some of the major participants in the Contactless Payment market:
1. Mobeewave
2. Alcineo
3. Castles
4. SumUp
5. PayCore
6. PVERIMATRIX
7. PGoogle
8. PAmazon
9. PApple Inc.
10.PHeartland Payment Systems,Inc.
11.Gemalto
12.Infineon
13.Ingenico
14.Wirecard
15.Verifone
16.Giesecke+Devrient
17.IDEMIA
18.On Track Innovations
19.Identiv
20.CPI Card Group
21.Bitel
22.Setomatic Systems
23.Valitor
24.PAX Global Technology
25.MYPINPAD
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Regional Analysis:
Individual market affecting elements and changes in market legislation that affect present and future marketing strategies are also discussed in the country-focused discussion of the Contactless Payment market study. Some of the primary elements utilized to anticipate the market situation for particular nations are consumer volumes, processing facilities, and inventories, shipping analysis, price predictive modeling, price of raw materials, and upstream and downstream value chain analysis. While offering forecast analysis of the national data, the existence and affordability of global brands, as well as the obstacles they face due to significant or limited rivalry from local and domestic manufacturers, the influence of local tariffs, and shipping lanes are all taken into account.
COVID-19 Impact Analysis on Contactless Payment Market:
The COVID-19 outbreak resulted in a severe and prolonged decline in production efficiency, while travel bans and factory closures kept people away from their businesses, leading the Contactless Payment market to slow in 2020. The new research features pandemic's impact on the Contactless Payment# market, as well as observations, research, estimations, and projections. The Stellar Contactless Payment Market Research study contains an in-depth examination of customer behavior in the aftermath of the virus, as well as its influence on the Contactless Payment market's outlook, classification, trends, and economic constraints.
Key Questions Answered in the Contactless Payment Market Report are:
- What are the drivers motivating overall Contactless Payment market advancement in the upcoming period?
- What revenue potential is estimated from the Contactless Payment market’s transactions in the years ahead?
- What CAGR potential is forecasted for the Contactless Payment market in the approaching period?
- Who are the significant contenders functioning in the Contactless Payment market?
- Which region is leading the global Contactless Payment market share at the end of the forecast period?
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Contactless Payment Market report published by Value Market Research, which studies the future outlook of the market.
It includes the size, share, growth, trends, key players, segments and regional analysis in detail during the study year 2019-2027.The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide.
The major players in the Contactless Payment include Gemalto, Heartland Payment Systems, Inc., Visa Inc., Verifone, Giesecke & Devrient GmbH, Ingenico Group SA, IDEMIA, Wirecard AG., On Track Innovations Ltd., and Thales Group.
This section includes a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.Get more information on "Global Contactless Payment Research Report" by requesting FREE Sample Copy at https://www.valuemarketresearch.com/contact/contactless-payment-market/download-sampleMarket SegmentationThe broad Contactless Payment has been sub-grouped into the Devices, Solution, Application and Region.
The report studies these subsets with respect to the geographical segmentation.
The strategists can gain a detailed insight and devise appropriate strategies to target specific market.
Global Contactless Payment Market Research Report: By Technology (radio frequency identification, near field communication, host card emulation), Component [Hardware (Point of sale, Cards, Others), Solution and Service [Consulting, Integration and deployment, Support and maintenance)], Payment Mode (smartphones, smartcards, others), Vertical (BFSI, Hospitality & Travel, Media & Entertainment, Retail, Transportation & Logistics, Healthcare and others), Region (North America, Europe, Asia Pacific, Middle East & Africa and South America) - Forecast till 2025Market SnapshotAccording to MRFR, global Contactless Payment Market is expected to register a CAGR of 11.2% during the review period of 2019 to 2025.Market HighlightsA variety of factors lead to the growth of contactless payment systems such as innovation of contactless payment technologies, increased recognition among buyers of plastic currency, increased purchasing frequency and the need for quick checkout time without the hassle of waiting in long queues.
With the increasing integration of contactless payment technology into mobile handsets and smart phones, demand for contactless payment solutions has grown immensely across all countries.
Retailers are modernizing their brick-and - mortar shops to offer quality customer support and opening up online outlets to raise sales.
Mobile payments at retail stores have helped accelerate the transaction process and decrease counter queues.Get a Free Sample @ https://www.marketresearchfuture.com/sample_request/9558The lack of awareness of contactless payment offers, however, and the lack of adequate infrastructure are hampering market growth.
The initial implementation cost, policy restriction on the number of contactless payment transactions per day and the amount cap that can be transacted per day are few contactless payment shortfalls that impede the growth of the contactless payment industry.
The risk of spyware, malware, and virus attacks resulting from the use of numerous systems is limiting the global adoption of contactless payment.Market SegmentationThe Global Contactless Payment Market has been segmented based on component, payment mode, technology, vertical, and region.Based on Technology, the market has been segmented into near field communication, radio frequency identification, and host card emulation.Based on the Component, the market has been segmented into solution, hardware, and service.
According to a new research report "Contactless Payment Market by Solution (Payment Terminal, Mobile Payment, Transaction & Data Management, Security and Fraud Management), Service (Professional, Managed), Payment Mode (Mobile Handsets, Smart Cards), Vertical - Global Forecast to 2021", published by MarketsandMarkets™, the Contactless Payment Market size is expected to grow from USD 6.70 Billion in 2016 to USD 17.56 Billion by 2021, at a Compound Annual Growth Rate (CAGR) of 21.2% during the forecast period.Ask for Report Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=1313 The major drivers of this market include reduction in queuing and transaction time, increased convenience in making low value payments, ease of technology integration with existing cards, increased average transaction value, better customer insights, improved service delivery, and increased revenue opportunity.Multi-channel payment and value-added services segment is expected to be the most promising segments during the forecast periodThe Contactless Payment Market has been segmented into solutions, services, payment mode, and verticals.
However, mobile handsets are fast picking up as the most preferred mode of payment in the developing countries of the world as these are more secure and convenient for the customers to make their payments.Request Sample Pages @ https://www.marketsandmarkets.com/requestsampleNew.asp?id=1313Presently, Europe contributes the maximum market share in the Contactless Payment MarketEurope is expected to hold the largest market share and dominate the Contactless Payment Market in 2016 due to technological advancement and increasing contactless smart card roll-outs in this region.
From 2016 to 2021, APAC is estimated to grow at the highest rate during this forecast period and is becoming a new hotspot for contactless payment vendors as a revenue generating region.
This growth is driven by increasing adoption of cloud-based contactless technology solutions in the region.The major vendors covered in the Contactless Payment Market for the study include Gemalto N.V., Giesecke & Devrient GmbH, Ingenico Group, VeriFone Systems Inc., Wirecard AG, Heartland Payment Systems Inc., INSIDE Secure, OTI, Oberthur Technologies SA, and Proxama PLC.MarketsandMarkets segments the Contactless Payment Market on the basis of solutions, services, payment mode, verticals, and region.
A detailed analysis of the key industry players has been done to provide insights into their business overview, products and services, key strategies, new product launches, mergers & acquisitions, partnerships, agreements, collaborations, and recent developments associated with the security analytics market.About MarketsandMarkets™MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues.
Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients.
According to a new market research report "Contactless Payment Market by Component (Hardware (PoS and Cards), Solutions, and Services (Consulting, Integration and Deployment, and Support and Maintenance)), Vertical (Retail and hospitality), and Region - Global Forecast to 2025", published by MarketsandMarkets™, the contactless payment market size expected to grow from USD 10.3 billion in 2020 to USD 18.0 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 11.7% during the forecast period.
The major advantage offered by contactless payments is that customers can instantly complete transactions with the tap of a card.
With the increasing integration of contactless payment technologies in mobile handsets and smart phones, the demand for contactless payment solutions has grown tremendously across all the countries.Browse in-depth TOC on "Contactless Payment Market”106- Tables 34- Figures 154 PagesRequest PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=1313Based on component, the hardware segment to account for the largest market size during the forecast periodThis section studies the contactless payment hardware portfolio.
Contactless payments are about wave and pay payments.
System integration services include project management, designing, engineering, procurement, testing, installation, commissioning, and after-sales services.
These services enable the effective and smooth running of processes at reduced costs while maintaining their operational environment for end users.Among regions, Europe to account for the highest market share during the forecast periodThe contactless payment market in Europe is the largest in terms of market size and is highly fragmented based on multi-currencies and multi-languages.
