Dublin, March 31, 2020 (GLOBE NEWSWIRE) -- The "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" report has been added to ResearchAndMarkets.com's offering.
The global contactless payment market size is expected to grow from USD 10.3 billion in 2020 to USD 18 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. This increases the speed of transactions, making contactless payments even more efficient. With the increasing integration of contactless payment technologies in mobile handsets and smartphones, the demand for contactless payment solutions has grown tremendously across all the countries.
Based on hardware, the Point of Sale (POS) segment to lead the contactless payment market in 2020
POS is a point where customers make payments to retailers. The POS terminal is an electronic device used to process payment transactions at retail stores. These terminals have seen significant growth in the contactless payment market because of various benefits, such as ease of use, low deployment cost, and mobility. Contactless payments have completely changed the way customers pay for goods; eventually, it has also reduced the time spent on queuing at POS terminals.
Based on the vertical, the retail vertical to lead the contactless payment market in 2020
The retail vertical is undergoing a major transformation. Retailers are modernizing their brick-and-mortar stores to provide improved services for customers and establish online stores to increase revenues. They are adopting innovative technologies, such as cloud computing, big data analytics, digital stores, and social networks, to increase their visibility and presence in the market. Retailers are also realizing the benefits of contactless payments, which include reduced transaction time, increased revenue, improved operational efficiency, and minimized operating costs. Mobile payments at retail stores have helped accelerate the transaction process and reduce counter queues.
Among regions, Europe to lead the contactless payment market in 2020
The contactless payment market in Europe is the largest in terms of market size and is highly fragmented based on multi-currencies and multi-languages. The region comprises a diverse range of countries, from economically and technologically advanced countries, such as the UK and Germany to severely debt-ridden countries, such as Greece and Austria. The UK, Poland, Spain, and Germany are the leading countries in the European contactless payment market. The total contactless spending has grown in these countries with the increasing circulation of contactless cards and terminals by card companies, such as Visa and Mastercard.
Major vendors in the global contactless payment market include Gemalto (Netherlands), Infineon (Germany), Ingenico (France), Wirecard (Germany), Verifone (US), Giesecke+Devrient (Germany), IDEMIA (France), On Track Innovations (Israel), Identiv (US), CPI Card Group (US), Bitel (South Korea), Setomatic Systems (US), Valitor (Iceland), PAX Global Technology (China), MYPINPAD (UK), Mobeewave (UK), Alcineo (South Africa), Castles (Taiwan), SumUp (UK), and PayCore (Istanbul).
Key Topics Covered
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
4.1 Attractive Market Opportunities In The Contactless Payment Market
4.2 Global Contactless Payment Market, By Component And Region
4.3 Contactless Payment Market, By Region
4.4 Contactless Payment Market: Investment Scenario
5 Market Overview And Industry Trends
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Contactless Payments Ensure Faster Transactions
5.2.1.2 Increased Customer Satisfaction and Improved Loyalty Programs
5.2.1.3 Enhanced Purchase Experience
5.2.2 Restraints
5.2.2.1 Risk of Stolen or Lost Contactless Cards
5.2.2.2 High Cost of Deploying Contactless Payment Technologies
5.2.3 Opportunities
5.2.3.1 Use of Security Features of Emerging Technologies, such as Blockchain and 5G
5.2.3.2 Rising Demand for Mobile and Wearable Payment Devices
5.2.4 Challenges
5.2.4.1 Lack of Consumer Awareness
5.2.4.2 Banking Laws and Payment Association Rules
5.3 Standards And Regulations
5.3.1 Iso/Iec 14443
5.3.1.1 Part 1
5.3.1.2 Part 2
5.3.1.3 Part 3
5.3.1.4 Part 4
5.3.2 Iso/Iec 15693
5.3.2.1 Part 1
5.3.2.2 Part 2
5.3.2.3 Part 3
5.3.3 Iso/Iec 18092
5.3.3.1 Read/Write
5.3.3.2 Peer-To-Peer
5.4 Use Cases
5.4.1 Use Case: Transport And Logistics
5.4.2 Use Case: Hospitality
5.4.3 Use Case: Transportation And Logistics
5.5 Impact of Disruptive Technologies
5.5.1 Blockchain
5.5.2 5G
5.5.3 Augmented Reality
6 Contactless Payment Market, By Technology
6.1 Introduction
6.1.1 Technology: Contactless Payment Market Drivers
6.1.2 Technology: Contactless Payment Vendor Initiatives And Developments
6.2 Radio Frequency Identification
6.3 Near Field Communication
6.4 Host Card Emulation
7 Contactless Payment Market, By Payment Mode
7.1 Introduction
7.1.1 Payment Modes: Contactless Payment Market Drivers
7.1.2 Payment Modes: Contactless Payment Vendor Initiatives And Developments
7.2 Smartphones
7.3 Smartcards
7.4 Others
8 Contactless Payment Market, By Component
8.1 Introduction
8.1.1 Component: Contactless Payment Market Drivers
8.1.2 Component: Contactless Payment Vendor Initiatives And Developments
8.2 Hardware
8.2.1 Point Of Sale
8.2.2 Cards
8.2.3 Others
8.3 Services
8.3.1 Consulting
8.3.2 Integration And Deployment
8.3.3 Support And Maintenance
8.4 Solutions
9 Contactless Payment Market, By Vertical
9.1 Introduction
9.1.1 Verticals: Contactless Payment Market Drivers
9.1.2 Verticals: Contactless Payment Vendor Initiatives And Developments
9.2 Retail
9.3 Healthcare
9.4 Hospitality
9.5 Energy And Utilities
9.6 Transportation And Logistics
9.7 Banking, Financial Services And Insurance
9.8 Other Verticals
9.8.1 Education
9.8.2 Telecommunications
9.8.3 Government
10 Contactless Payment Market, By Region
10.1 Introduction
10.2 North America
10.3 Europe
10.4 Asia Pacific
10.5 The Middle East And Africa
10.6 Latin America
11 Competitive Landscape
11.1 Overview
11.2 Competitive Leadership Mapping
11.2.1 Visionary Leaders
11.2.2 Dynamic Differentiators
11.2.3 Innovators
11.2.4 Emerging Companies
11.3 Strength Of Product Portfolio
11.4 Business Strategy Excellence
11.5 Ranking Of Key Players
12 Company Profiles
12.1 Introduction
12.2 Gemalto
12.3 Infineon
12.4 Ingenico
12.5 Wirecard
12.6 Verifone
12.7 Giesecke+Devrient
12.8 Idemia
12.9 On Track Innovations
12.10 Identiv
12.11 CPI Card Group
12.12 Bitel
12.13 Setomatic Systems
12.14 Valitor
12.15 Pax Global Technology
12.16 Mypinpad
12.17 Mobeewave
12.18 Alcineo
12.19 Castles
12.20 Sumup
12.21 Paycore
12.22 Right-To-Win
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