Rising Demand for Innovative Payment Procedures to Fuel the Growth of Global Contactless Payment Market
06 Jul, 2020, 13:00 BST
- The consumers prefer innovative payment procedures, like smartphone payment, which is driving the market growth. Europe region is anticipated to witness fastest growth owing to increasing use of digital payments by individuals in this region
PUNE, India, July 6, 2020 /PRNewswire/ -- A new report by Research Dive states that the Global Contactless Payment Market is set to grow at a CAGR of 11.2% and is projected to garner a revenue of $20,340.3 million during the period of forecast from 2019 to 2026. The global market is segmented on the basis of device type, industry vertical, and region. The report delivers in-depth insights on opportunities, vital segments, restraints, drivers, and prominent players of the global market. Our analysts stated that the growing acceptance and increasing demand for contactless payments all across the globe are significant factors driving the growth of global contactless payment market. Furthermore, the vivid innovations in digital economy platform is likely to create massive growth opportunities in the global industry. However, the higher cost of deployment of contactless payment technology is projected to restrict the market growth during the forecast period.
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Mobile Handsets to Dominate the Market
On the basis of device type, the global industry is segmented into mobile handsets, NFC chips, point of sales terminals, smart cards, and others. The mobile handsets held the largest market share in 2018 with $2,175.0 million revenue share and is anticipated to surpass $5,288.5 million during the forecast period. This is majorly due to the growing usage of smartphones all over the globe. Furthermore, personalized experiences, growing disposable income, and higher speed of contactless transactions will propel the market growth by the end of 2026.
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BFSI Segment to be Most Profitable in the Industry
On the basis of industry vertical, the global market is segmented into BFSI, retail, IT and telecom, transportation, hospitality, government, and others. The BFSI segment is estimated to be most lucrative and is anticipated to reach up to $3,376.5 million by the end of 2026. Innovative & secure technology and an up surge in contactless cards are expected to impel the market growth during the forecast period. On the other hand, the retail segment is expected to have significant market share in the industry and is projected to garner $4,088.4 million revenue by 2026. This is majorly due to the technological advancements, favorable government policies, and a huge growth in income and urbanization of people.
Europe Region to Witness Fastest Growth
Depending on the region, the global contactless payment market is segmented into North America, LAMEA, Europe, and Asia Pacific. The Europe contactless payment market accounted for $2,610.0 million 2018 and is estimated to surpass $6,305.5 million during the forecast period. This segment is predicted to grow at a CAGR of 11.7% by 2026 owing to rising support for digital payments, mobile payments, and contact less payments in this region. Along with Europe, the North America market for contactless payment held the largest market share in 2018 and is estimated to register $6,712.3 million by the end of 2026. This is primarily due to the growing strategic collaborations between major market players such as partnerships and tie-ups in this region.
Recent Developments in the Industry to Help Global Contactless Payment Market to Witness Impressive Growth by 2026. https://www.researchdive.com/connect-to-analyst/181
Top 10 Companies in Contactless Payment Market.
Some of the major players of the global contactless payment industry include
- Ingenico Group.,
- VeriFone, Inc.,
- VERIMATRIX
- Paycor, Inc
- Castles Technology
- On Track Innovations LTD.
- SumUp Inc.
- C.Bitel.
- Alcineo
- Infineon Technologies AG.
These players are adopting several strategies such as tie-ups, strategic alliances, and novel product developments to maintain a strong position in the global industry.
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About Research Dive
Research Dive is a market research firm based in Pune, India. Maintaining the integrity and authenticity of the services, the firm provides the services that are solely based on its exclusive data model, compelled by the 360-degree research methodology, which guarantees comprehensive and accurate analysis. With an unprecedented access to several paid data resources, team of expert researchers, and strict work ethic, the firm offers insights that are extremely precise and reliable. Scrutinizing relevant news releases, government publications, decades of trade data, and technical & white papers, Research dive deliver the required services to its clients well within the required timeframe. Its expertise is focused on examining niche markets, targeting its major driving factors, and spotting threatening hindrances. Complementarily, it also has a seamless collaboration with the major industry aficionado that further offers its research an edge.
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