The global Contactless Payment market size is expected to be worth around US$ 6.30 trillion by 2030, according to a new report by Vision Research Reports.
The global Contactless Payment market size was valued at US$ 1.36 trillion in 2020 and is anticipated to grow at a CAGR of 20.6% during forecast period 2021 to 2030.
Growth Factors
Customers can immediately complete transactions with the tap of a card. Increasing integration of contactless payment technologies in smartphones and mobile handsets is expected to fuel the market growth. Numerous customers across the globe are purchasing services or products with the use of devices, such as wearables, key fobs, and smartphones, among others. This, as a result, is anticipated to drive market growth over the forecast period.
Contactless payment uses Near Field Communication (NFC) and Radio-frequency Identification (RFID) technologies to facilitate easy money transactions. Various benefits, such as real-time transaction processing and secured transactions, are driving the adoption of contactless payment solutions. An increase in the adoption of technology by wholesalers or merchants for small value transactions is further expected to propel the market growth.
The outbreak of the COVID-19 pandemic is expected to favorably impact the market. The COVID-19 outbreak is anticipated to change the payment behavior by users and firms as the World Health Organization (WHO) has been guiding customers to avoid cash handling and shift to contactless payments. This is expected to create growth opportunities for the market over the forecast period.
Report Highlights
The smartphones and wearables segment led the market and accounted for more than 59.0% share of the global revenue in 2020. An increase in the adoption of smartphones and wearable devices among the youngsters of various countries is expected to create growth opportunities for the segment growth. The usage of smartphones and wearables has drastically increased in everyday activities. Also, innovations in wearables, such as payment rings and payment bands, are anticipated to fuel the segment growth over the forecast period.
The smart cards segment is anticipated to register the highest CAGR over the forecast period. Increasing demand for smart cards across numerous industries coupled with growing penetration of blockchain technology amongst several smartcard providers to improve the security of the cards is expected to drive the segment growth. Acceptance of is becoming more common across the globe. Merchant outlets are focusing on reducing consumer queues by allowing consumers to use smart cards for speedier transactions.
The payment terminal solution segment dominated the market and accounted for more than a 43.0% share of the global revenue in 2020. The segment growth can be attributed to the increasing implementation of Point-of-Sale (POS) terminals in the banking, hospitality, and retail industry. Furthermore, the integration of the (IoT) with an existing payment terminal solution is expected to offer lucrative opportunities over the forecast period. These aforementioned factors are expected to drive the segment growth over the forecast period.
The security and fraud management segment is anticipated to register the fastest CAGR over the forecast period. Contactless payment transactions are susceptible to fraud, owing to which users have become more aware of using these systems. Numerous technology providers are continuously upgrading their security protocols to improve the security management of the transaction processes. These aforementioned factors are expected to drive the segment growth over the forecast period.
The retail segment led the market and accounted for more than 61.0% share of the global revenue in 2020. Retailers are adopting innovative technologies, such as big data analytics, Social networks, and digital stores to increase their presence and visibility in the market. Moreover, retailers are also understanding the benefits of contactless payments, which include increased revenue, reduced transaction time, minimized operating costs, and improved operational efficiency. Furthermore, mobile payments have helped retailers to reduce counter queues and accelerate the transaction process.
The hospitality segment is anticipated to register the fastest CAGR over the forecast period. Contactless payment is becoming increasingly popular throughout the hospitality industry. The hospitality businesses have started embracing some of the most cutting-edge technology while offering their guests a more user-friendly experience. These businesses are increasingly adopting contactless payment solutions owing to various benefits it offers, such as fast & secure transactions and a high level of customer satisfaction.
Europe dominated the contactless payment market and accounted for more than a 33.0% share of the global revenue in 2020. The regional market growth can be attributed to the consistently increasing electronic money transactions in the region. The payment solutions enabled by real-time & biometric, along with a secured performance of smart card transactions, are anticipated to drive demand for contactless payment in the region. Furthermore, favorable government regulations, such as open banking and second payment services directive, are also contributing to the regional market growth.
North America is expected to emerge as the fastest-growing regional market over the forecast period. The well-established IT industry in North America supports the development of technology. Also, IT companies in the region are leveraging their attempts to support the adoption of a contactless payment platform. Moreover, the companies are collaborating with numerous financial institutions to develop secure, transparent, decentralized, and robust platforms owing to the increasing challenges of cyber-crimes.
Key Players
Gemalto N.V.
Visa Inc.
Giesecke & Devrient GmbH
Heartland Payment Systems
Verifone Systems Inc.
Ingenico Group SA
On Track Innovations (OTI) Ltd
IDEMIA
Thales Group
Wirecard AG
Market Segmentation
Device Outlook
Smartphones and Wearables
Point-of-Sales Terminals
Smart Cards
Solution Outlook
Payment Terminal Solution
Transaction Management
Security and Fraud Management
Hosted Point-of-Sales
Analytics
Application Outlook
Retail
Transportation
Healthcare
Hospitality
Government
Regional Outlook
North America
U.S.
Canada
Mexico
Europe
Germany
U.K.
France
Italy
Spain
Asia Pacific
China
India
Japan
Australia
South Korea
Singapore
Taiwan
Latin America
Brazil
Middle East & Africa
The Contactless Payment market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Contactless Payment market for the base year 2020 and the forecast between 2021 and 2030. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Contactless Payment market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Contactless Payment market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Contactless Payment market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the Contactless Payment capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of Contactless Payment by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Contactless Payment market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2030. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Contactless Payment market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Contactless Payment market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the Contactless Payment industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
The Contactless Payment market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Contactless Payment market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Contactless Payment market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Contactless Payment market. These factors have benefited the growth of the global market for Contactless Payment. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Contactless Payment. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
In this study, the years considered to estimate the market size of Contactless Payment are as follows:
Reasons to Purchase this Report:
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
Research Methodology:
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
Market Size Estimation
Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).
The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.
Market Breakdown and Data Triangulation
After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.
Secondary Sources
Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.
Primary Sources
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.
The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.
The study objectives of this report are:
Cross-segment Market Size and Analysis for
Mentioned Segments
Additional Company Profiles (Upto 5 With No Cost)
Additional Countries (Apart From Mentioned Countries)
Country/Region-specific Report
Go To Market Strategy
Region Specific Market DynamicsRegion Level Market Share Import Export AnalysisProduction AnalysisOthers