Selbyville, Delaware, June 15, 2020 (GLOBE NEWSWIRE) -- The worldwide contactless payment market was valued at USD 9.3 billion in 2019 and is expected to grow at a considerable growth rate of more than 11.7 per cent through 2026. Some of the fundamental factors driving the overall contactless payment market include advancements in contactless payment technology and increasing frequency of purchases aligned with rising cognizance of plastic money amongst the buyers.
The market has been fragmented into different segments including mode of payments, technology, verticals, market rivals, and components, whose individual market shares and growth rates have been mentioned in the study. Also, the technological trends across various regions enlisted in the report has also been incorporated in detail.
Threats and challenges that might hamper the expansion of the contactless payment industry have been presented in the report. Besides, the study is also inclusive of the opportunities in micro market that market vendors can take note accordingly.
Besides, utilization of security features of emerging technologies like blockchain and 5G is likely to create lucrative growth opportunities in the market over the foreseeable period. However, relatively higher cost of deployment of contactless payment technologies would hamper the growth of the overall market in the upcoming years.
Contactless payment is one of the secure methods developed for the transaction of payments furnished by credit or debit cards, smartphones, and others. Contactless payments, unlike mobile payments done over internet, are carried out in close physical proximity restricting illegal access during the transaction. These payments offer umpteen advantages like providing high convenience in comparison to conventional payment methods, improving the overall efficiency in the payment method, and increasing the speed of transactions.
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Geographical insights:
In terms of the regional landscape, the global contactless payment industry is diversified into regions including North America, Europe, Latin America, Asia Pacific, and Rest of the World. Amongst these, North America has been poised to acquire significant stake in the overall contactless payment market share, driven by the high penetration of smartphones and developments from smart chip technology.
On the other hand, Asia-Pacific has also been touted to depict high growth rate over the mentioned timeframe. The regional growth can be attributed to the growing purchasing power in tandem with increasing acceptance of contactless payment mode.
Competitive analysis:
The contactless payments industry is highly consolidated and boasts of the presence of various top notch companies that have been relentlessly taking efforts for scoring an edge over the market rivals in the upcoming years. Some of the initiatives taken by the companies are enlisted below:
- In January 2020, one of the contactless payments giants, CPI Card Group inaugurated dual interface metal cards which can distinctively merge high-quality design and contactless capabilities.
- Mobeewave and IDEMIA, in October 2019, extended their business to install safe mobile PoS ad fare authentication across the state of Australia.
- Furthermore, Sisal Group and Wirecard inked an agreement in the field of contactless payment solutions on August 2019.
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Worldwide contactless payment industry is divided on the basis of component, verticals, technology, mode of payment, regions, and competitive landscape.
Contactless Payment Market Component Analysis (Revenue, USD million, 2016-2026)
- Hardware
- Solutions
- Services
Contactless Payment Market Vertical Analysis (Revenue, USD million, 2016-2026)
- Retail
- Healthcare
- Hospitality
- Energy and Utilities
- Transportation and Logistics
- Banking, Financial Services and Insurance
- Others
Contactless Payment Market Technology Analysis (Revenue, USD million, 2016-2026)
- NFC based
- RFID based
- Others
Contactless Payment Market Mode of Payment Analysis (Revenue, USD million, 2016-2026)
- Smartphones
- Smartcards
- Others
Contactless Payment Market Regional Analysis (Revenue, USD million, 2016-2026)
North America
- U.S.
- Canada
Europe
- UK
- Germany
Asia Pacific
- China
- India
- Japan
Latin America
- Brazil
- Mexico
Rest of the World
Contactless Payment Market Competitive Landscape Analysis (Revenue, USD million, 2016-2026)
- ACS (Advanced Card Systems) Ltd.
- Chip & Pin Solutions Ltd.
- Mifare Pty Limited
- Ingenico Inc.
- Gemalto N.V.
- Verifone Systems Inc.
- Heartland Payment Systems Inc.
- On Track Innovations Ltd.
- Castles Technology Co. Ltd.
- Bindo Labs Inc.
Table of Content:
Chapter 1. Executive Summary
1.1. Market Snapshot
1.2. Global & Segmental Market Estimates & Forecasts, 2018-2026 (USD Billion)
1.2.1. Contactless payment Market, by Region, 2018-2026 (USD Billion)
1.2.2. Contactless payment Market, by Component, 2018-2026 (USD Billion)
1.2.3. Contactless payment Market, by Vertical, 2018-2026 (USD Billion)
1.2.4. Contactless payment Market, by Technology, 2018-2026 (USD Billion)
1.2.5. Contactless payment Market, by Payment mode, 2018-2026 (USD Billion)
1.3. Key Trends
1.4. Estimation Methodology
1.5. Research Assumption
Chapter 2. Global Contactless payment Market Definition and Scope
2.1. Objective of the Study
2.2. Market Definition & Scope
2.2.1. Scope of the Study
2.2.2. Industry Evolution
2.3. Years Considered for the Study
2.4. Currency Conversion Rates
Chapter 3. Global Contactless payment Market Dynamics
3.1. Contactless payment Market Impact Analysis (2018-2026)
3.1.1. Market Drivers
3.1.2. Market Challenges
3.1.3. Market Opportunities
Chapter 4. Global Contactless payment Market: Industry Analysis
4.1. Porter’s 5 Force Model
4.1.1. Bargaining Power of Suppliers
4.1.2. Bargaining Power of Buyers
4.1.3. Threat of New Entrants
4.1.4. Threat of Substitutes
4.1.5. Competitive Rivalry
4.1.6. Futuristic Approach to Porter’s 5 Force Model (2016-2026)
4.2. PEST Analysis
4.2.1. Political
4.2.2. Economical
4.2.3. Social
4.2.4. Technological
4.3. Investment Adoption Model
4.4. Analyst Recommendation & Conclusion
Chapter 5. Global Contactless payment Market, by Component
5.1. Market Snapshot
5.2. Global Contactless payment Market by Component, Performance - Potential Analysis
5.3. Global Contactless payment Market Estimates & Forecasts by Component 2016-2026 (USD Billion)
5.4. Contactless payment Market, Sub Segment Analysis
5.4.1. Hardware
5.4.2. Solutions
5.4.3. Services
Chapter 6. Global Contactless payment Market, by Vertical
6.1. Market Snapshot
6.2. Global Contactless payment Market by Vertical, Performance - Potential Analysis
6.3. Global Contactless payment Market Estimates & Forecasts by Vertical 2016-2026 (USD Billion)
6.4. Contactless payment Market, Sub Segment Analysis
6.4.1. Retail
6.4.2. Healthcare
6.4.3. Hospitality
6.4.4. Energy and Utilities
6.4.5. Transportation and Logistics
6.4.6. Banking, Financial Services and Insurance
6.4.7. Others
Chapter 7. Global Contactless payment Market, by Technology
7.1. Market Snapshot
7.2. Global Contactless payment Market by Vertical, Performance - Potential Analysis
7.3. Global Contactless payment Market Estimates & Forecasts by Vertical 2016-2026 (USD Billion)
7.4. Contactless payment Market, Sub Segment Analysis
7.4.1. NFC based
7.4.2. RFID based
7.4.3. Others
Chapter 8. Global Contactless payment Market, by Payment Mode
8.1. Market Snapshot
8.2. Global Contactless payment Market by Vertical, Performance - Potential Analysis
8.3. Global Contactless payment Market Estimates & Forecasts by Vertical 2016-2026 (USD Billion)
8.4. Contactless payment Market, Sub Segment Analysis
8.4.1. Smartphones
8.4.2. Smartcards
8.4.3. Others
Chapter 9. Global Contactless payment Market, Regional Analysis
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