The global contactless payment market size is estimated to be USD 22.1 Billion in 2019 and is expected to reach USD 51.4 Billion by 2025, growing at a compound annual growth rate (CAGR) of 19.5% during the forecast period i.e., 2020-2025.
With the increasing cases of COVID-19, people across the globe are becoming more aware about their health and hygiene. A huge number of population has adopted the use of contactless payment methods which is expected to drive the demand for the overall market in the upcoming years. Along with this, the outbreak of coronavirus pandemic has helped people to increase their awareness regarding plastic money and contactless payment technology, which is further anticipated to drive the growth of the global contactless payment market. In addition, increasing need for cashless payments, ease of transactions and mass adoption of contactless payments by various industrial verticals is projected to positively impact the growth of the overall market in the near future.
The global market for contactless payment is segmented by payment mode, solution, technology and industry vertical. On the basis of payment mode, the market is segmented into mobile handsets, smartcards and others, out of which, smartcards segment is expected to grow at a considerable CAGR over the forecast period, i.e., 2020-2025. Further, it was followed by mobile handsets segment in terms of market share in 2019.
Based on solution, the market is segregated into contactless mobile payment, transaction management, payment terminal, device management, hosted point of sale and others, out of which, contactless mobile payment segment is anticipated to attain the highest market share in the overall market over the upcoming years. In addition, hosted point of sale segment is envisioned to thrive at a significant CAGR over the forecast period i.e. 2020-2025.
By technology, the market is divided into radio-frequency identification (RFID), host card emulation (HCE), near-field communication (NFC) and others, out of which, radio-frequency identification (RFID) segment is anticipated to register a higher revenue share in the global contactless payment market over the forecast period. In addition to this, the market is segmented by industry vertical into banking, financial services and insurance (BFSI), IT & telecom, hospitality, retail, government, transportation and others.
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In terms of geography, the report offers an analysis of North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. In the contactless payment market, North America is predicted to capture a significant market share over the forecast period. Further, factor such as increasing spending power and rising awareness about the benefits of contactless payment are envisioned to drive the growth of the North America market. Also, the Europe market is driven on the back of growing regulatory initiatives such as Euro Mastercard Visa (EMV) & adoption of Near Field Communication (NFC) technology and is anticipated to grow at a notable compound annual growth rate (CAGR) from 2020 to 2025.
The report also covers detailed competitive analysis of major market players of global contactless payment market, such as Infineon Technologies AG, Gemalto, Wirecard AG, Giesecke+Devrient, IDEMIA, VeriFone Holdings, Inc., Setomatic Systems, Identiv, On Track Innovations, Bitel and other major & niche players. The global contactless payment market is witnessing a wide range of industry activities such as product launch, innovation, acquisition, partnership, research & development and expansion across the globe.
By Payment Mode:
- Mobile Handsets
- Contactless Mobile Payment
- Transaction Management
- Payment Terminal
- Device Management
- Hosted Point of Sale
- Radio-frequency Identification (RFID)
- Host Card Emulation (HCE)
- Near-field Communication (NFC)
By Industry Vertical:
- Banking, Financial Services and Insurance (BFSI)
- IT & Telecom
- North America (U.S. & Canada)
- Europe (Germany, United Kingdom, France, Italy, Spain, Russia and Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Indonesia, Taiwan, Australia, New Zealand and Rest of Asia Pacific)
- Latin America (Brazil, Mexico and Rest of Latin America)
- Middle East & Africa (GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa and Rest of Middle East & Africa)
The report profiles various major market players such as
- Infineon Technologies AG
- Wirecard AG
- VeriFone Holdings, Inc.
- Setomatic Systems
- On Track Innovations
- Other Major & Niche Players
Competitive landscape analysis provides detailed strategic analysis of the company’s business and performance such as financial information, revenue breakup by segment and by geography, SWOT Analysis, key facts, company overview, business strategy, key product offerings, marketing and distribution strategies, new product development, recent news (acquisition, expansion, technology development, research & development and other market activities).
The study also provides company’s positioning and market share in contactless payment market.
Timeline Considered for Analysis:
- 2019: Base Year
- 2020: Estimated Year
- 2020 to 2025: Forecast Period
Research Scope and Deliverables
Overview & Executive Summary
Market Drivers, Trends, Challenges and Opportunities
Market Size and Forecast Projections
Macroeconomic Indicators of Various Countries Impacting the Growth of the Market
Extensive Coverage of Industry Players including Recent Product Launches and Market Activities
Porter’s Five Force Analysis
Market Segmentation Analysis:
Industry report analyzes the global contactless payment market by the following segments:
- Payment Mode
- Industry Vertical
Customization: We also offers customization’s in the industry report as per the company’s specific needs.
Key Questions Answered in the Global Contactless Payment Industry Report
- What is the overall market size in 2019? What will be the market growth during the forecast period i.e. 2020-2025?
- Which region would have high demand for product in the upcoming years?
- What are the factors driving the growth of the market?
- Which sub-market will make the most significant contribution to the market?
- What are the market opportunities for existing and entry-level players?
- What are various long-term and short-term strategies adopted by the market players?