Global contactless payment market projected to trigger due to the contactless payments ensure faster transactions and rising demand for mobile and wearable payment devices
contactless payment market
The global contactless payment market size was stood at USD 9.12 billion in 2019 and anticipated to reach USD 21.76 Billion by 2027, registering a CAGR of 10.61% during the forecast period, 2020-2027. The growth of the market is the reduction in transaction time and improved service delivery offered by contactless payments. Further, the growing awareness of plastic money among the buyers, increasing frequency of purchases, and the need for fast transaction time without any inconvenience of standing in long queues will spur the global contactless payments industry. Additionally, the mass adoption of contactless payments by various industries owing to it is a convenience to the customers. It enables a transaction to be carried out without any physical connection between a consumer's payment device and point-of-sale terminal. These factors are expected to drive the global contactless payment industry in the upcoming years.
Moreover, the technological innovations in contactless payment, such as contactless rings or bands, enable faster transactions than PIN and chip or cash transactions, which are anticipated to fuel the market's growth. Also, the swelling internet penetration, rising digitization, and smart cities will boost the global contactless payment market share in the analysis periods. Additionally, the ability to make online payments from laptops, smartphones, and other smart devices has helped people rationalize their tasks will augment the growth of the market in the coming years.
Component Overview in the Global Contactless PaymentMarket
Based on the component, the global contactless payment market classified into Hardware (POS, Cards, and Others), Solutions, and Services (Consulting, Integration and Deployment, and Support and Maintenance). The hardware segment dominated the market with the largest market share in 2019, and the segment is expected to continue to maintain its dominance by 2027. It is attributable to the POS used to process the payment transaction from a retailer's store and reduced the time spent on queuing at POS terminals.
Technology Overview in the Global Contactless Payment market
Based on the technology, the global contactless payment market segregated into radio frequency identification, near field communication, and host card emulation. The radio frequency identification held for the highest revenue in 2019 due to it used in transit payment applications and provided convenience to end-users, are durable and reliable, and improve the security of the identity verification process.
Solution Overview in the Global Contactless PaymentMarket
Based on the solution, the global contactless payment market segregated into payment terminal solutions, transaction management, fraud management, and hosted POS. The payment terminal solutions segment accounted for a larger market share in 2019 and projected to lead the market by 2027. It is due to service providers continuously upgrading their security protocols to enhance the contactless payment process's security management.
Payment Mode Overview in the Global Contactless Payment Market
Based on payment mode, the global contactless payment market segmented into smartphones, smartcards, and others. The smartcards segment generated the most substantial revenue in 2019 on account of the growing usage of smart cards across industries, including restaurants, supermarkets, gas stations, etc.
End-User Industry Overview in the Global Contactless Payment Market
Based on the end-user industry, the global contactless payment market categorized into retail, BFSI, healthcare, energy and utilities, transportation and logistics, hospitality, and others. The retail segment estimated to dominate the contactless payment market by 2027. Due to the surge in demand for swift, easy, and secure transfers in service businesses, such as movie theaters, gas stations, restaurants, and convenience stores, and retails offer tap-and-go transactions to speed up the check-out process.
Regional Overview in the Global Contactless Payment Market
By geography, the global contactless payment market segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa. Europe accounted for the maximum revenue share in 2019. It is due to the increasing adoption of payment services, the sophisticated retail sector in the region, the growing number of smart card rollouts, and the increasing penetration of smartphones across the European countries.
Global Contactless Payment Market: Competitive Landscape
Companies such as Gemalto, Infineon, Ingenico, Wirecard, Verifone, Giesecke+Devrient, IDEMIA, On Track Innovations, Identiv, CPI Card Group, Bitel, Setomatic Systems, Valitor, PAX Global Technology, MYPINPAD, Mobeewave, Alcineo, Castles, SumUp, and PayCore are the key players in the global contactless payment market.
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