Portland, Jan. 15, 2021 (GLOBE NEWSWIRE) -- 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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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.
Based on device type, the smartphones and wearable segment held the largest market share in 2019 with around three-fifths of the total market share. In addition, the segment is anticipated to maintain its leadership status during the forecast period. However, the smart cards segment is expected to manifest the fastest growth, with a CAGR of 24.4% from 2020 to 2027. Furthermore, the report also involves PoS terminals segment.
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Based on application, the food and groceries segment held the major share of the market in terms of revenue in 2020, contributing to around one-fifth of the total market share. The segment is expected to rule the roost throughout the forecast period. However, the media and entertainment segment would register the fastest CAGR of 24.0% from 2020 to 2027. The report also studies segments including consumer electronics, restaurants and bars, pharmacy and drug stores, and others.
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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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.
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Emerging Technology Trends 2021: https://www.linkedin.com/pulse/technologies-ruling-2021-future-years-gracie-watson/
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