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Contactless Payment Market by Device Type (Smartphones & Wearables, Smart Cards and Point-of-sale (POS) Terminals), Application (Food & Groceries, Pharmacy & Drug Stores, Restaurants & Bars, Consumer Electronics, Media & Entertainment and Others): Global Opportunity Analysis and Industry Forecast, 2020–2027
| A02181 | Pages: 228 | Dec 2020 | 8061 Views | | |
| Author(s) : Aarti Goswami, Pramod Borasi , Vineet Kumar | Tables: 44 | Charts: 31 | Formats*: | |
COVID-19
Pandemic disrupted the entire world and affected many industries.
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Request Now !The global contactless payment market size was valued at $1,168 billion in 2019, and is projected to reach $5,424 billion by 2027, growing at a CAGR of 20.6% from 2020 to 2027.
Contactless payment is a secure method for consumers to purchase products or services, with the use of devices such as smart cards, wearables, key fobs, smartphones, and others. Primarily, contactless payment uses Radio-frequency Identification (RFID) and Near Field Communication (NFC) technologies in order to facilitate contactless transactions in the contactless payment industry. In addition, the embedded chip & antenna placed in transaction devices enable consumers to wave or tap their smart cards, key fob, or handheld device over a reader at the point of sale (POS) terminal.
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The Contactless payment market growth is attributed to the rapid & secured transactions, real-time transaction processing, and reduces time for executing payments, and other benefits provided by contactless payment option. In addition, surge in demand for mobile & wearable payment devices, and rise in adoption of technology by merchants for small value transactions propel the market growth.
However, increased rules & regulations imposed by banks toward payment is some of the factors that limit the Contactless payment market growth. Furthermore, developing economies offer significant opportunities for contactless payment solution providers to expand & develop their offerings, especially among emerging economies such as Australia, China, India, Singapore, and South Korea. In addition, integration of Internet of Things (IoT) with an existing contactless payment terminal is expected to provide lucrative opportunities during the forecast period.
The smartphone & wearable segment dominated the contactless payment market in 2019, and is projected to maintain its dominance during the forecast period. Rise in adoption of smartphone and wearable devices among the youth of various countries drives the growth of the market in this segment. However, smart cards segment is expected to witness significant growth rate during the forecast period, owing to growing demand of smartcards across various industries and penetration of blockchain technology among various smartcard providers to enhance the security of the cards.
Region wise, the contactless payments market was dominated by Europe in 2019, and is expected to retain its position during the forecast period. The major factor that drives the growth of the contactless payment market in this region includes early adoption of advanced technology among end users and rise in government initiatives for increasing the adoption of wearable and contactless payment in Germany, the UK, and France. However, Asia-Pacific is expected to witness significant growth rate during the forecast period, owing to increase in adoption rate of wearable devices and contactless payments among the developing countries of Asia-Pacific such as China and India.
The report focuses on growth prospects, restraints, and trends of the contactless payment market share analysis. The study provides Porter’s five forces analysis to understand the impact of various factors such as bargaining power of suppliers, competitive intensity of competitors, threat of new entrants, threat of substitutes, and bargaining power of buyers on the contactless payment market.
Segment review
The contactless payment market is segmented on the basis of device type, application, and region. By device type, the market is divided into smartphones & wearables, smart cards and point-of-sale (POS) terminals. In terms of application, it is bifurcated into food & groceries, pharmacy & drug stores, restaurants & bars, consumer electronics, media & entertainment and others. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Contactless Payment Market
By Device Type
Smartphone and Wearables is projected as one of the most lucrative segments.
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The report analyses the profiles of key players operating in the market include Gemalto, Giesecke+Devrient, Ingenico, InsideSecure, Oberthur Technologies S.A., On Track Innovations, PAX Technology, Inc., Proxama Plc, Verifone, and Wirecard. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.
COVID-19 impact analysis
COVID-19 pandemic has a significant impact on the contactless payment market, owing to increase in use and adoption of online and digitalized payment methods globally. Moreover, to curb spread of virus, several regions have imposed lockdown, which has resulted to lower usage of cash. Therefore, there is an increase in the demand for contactless payments.
Contactless Payment Market
By Application
Food & Groceries is projected as one of the most lucrative segments.
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Top impacting factors
Surge in demand for mobile & wearable payment devices
Due to massive change in consumer behavior & preferences towards payment options, the demand for mobile & wearable payments is continuing to rise in the market. Therefore, this increased usage of mobile & wearable devices promotes the usage of contactless payments methods. Moreover, customers are increasingly linking their bank accounts to the mobile wallets & other devices, which therefore accelerates the demand for contactless payments in the market. Furthermore, increase in awareness toward advance payment devices & surge in adoption of technologies drive the market growth.
Integration of IoT & contactless payment technology
Contactless transaction is considered as a key factor that significantly contributes toward the growth of the contactless payments market. For instance, Apple Pay and Android Pay enable new technologies such as NFC and contactless payments with QR codes and pre-staged mobile transactions, which are gaining increased traction in the market. Moreover, advancement in technology through integration of Internet of Things (IoT) with contactless payments has led to the development of innovative devices to customers, which is expected to remain major trends in the market.
Contactless Payment Market
By Region
Asia-Pacific would exhibit the highest CAGR of 22.1% during 2020-2027.
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Key benefits for stakeholders
- The study provides in-depth analysis of the global contactless payment market share along with current & future trends to illustrate the imminent investment pockets.
- Information about key drivers, restrains, and opportunities and their impact analysis on the contactless payments industry size are provided in the report.
- Porter’s five forces analysis illustrates the potency of buyers and suppliers operating in the industry.
- An extensive analysis of the key segments of the industry helps to understand the global contactless payment market trends.
- The quantitative analysis of the global contactless payment market from 2020 to 2027 is provided to determine the market potential.
Key market segments
By Device Type
- Smartphones & Wearables
- Smart Cards
- Point-of-sale (POS) Terminals
By Application
- Food & Groceries
- Pharmacy & Drug Stores
- Restaurants & Bars
- Consumer Electronics
- Media & Entertainment
- Others
By Region
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Spain
- Russia
- Netherlands
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- Australia
- Singapore
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
Key market players
- Gemalto
- Giesecke+Devrient
- Ingenico
- InsideSecure
- Oberthur Technologies S.A.
- On Track Innovations
- PAX Technology, Inc.
- Proxama Plc
- Verifone
- Wirecard
CHAPTER 1: INTRODUCTION
1.1.REPORT DESCRIPTION
1.2.KEY MARKET SEGMENTS
1.3.KEY BENEFITS
1.4.RESEARCH METHODOLOGY
1.4.1.Primary research
1.4.2.Secondary research
1.4.3.Analyst tools and models
CHAPTER 2:EXECUTIVE SUMMARY
2.1.CXO PERSPECTIVE
CHAPTER 3:MARKET LANDSCAPE
3.1.MARKET DEFINITION AND SCOPE
3.2.KEY FINDINGS
3.2.1.Top investment pockets
3.2.2.Top winning strategies
3.3.PORTER'S FIVE FORCES ANALYSIS
3.3.1.Bargaining power of suppliers
3.3.2.Threat of new entrants
3.3.3.Threat of substitutes
3.3.4.Competitive rivalry
3.3.5.Bargaining power among buyers
3.4.MARKET SHARE ANALYSIS/TOP PLAYER POSITIONING
3.5.MARKET DYNAMICS
3.5.1.Drivers
3.5.2.Restraints
3.5.3.Opportunities
3.6.COVID-19 IMPACT ANALYSIS ON CONTACTLESS PAYMENT MARKET
3.6.1.Impact on contactless payment market size
3.6.2.Change in consumer trends, preferences, and budget impact due to COVID-19
3.6.3.Framework for solving market challenges faced by contactless payment solution providers
3.6.4.Economic impact on contactless payment solution providers
3.6.5.Key player strategies to tackle the negative impact
3.6.6.Opportunity window analysis for contactless payment providers
CHAPTER 4:CONTACTLESS PAYMENT MARKET BY DEVICE TYPE
4.1.OVERVIEW
4.2.SMARTPHONES & WEARABLES
4.2.1.Key market trends, Growth factors and opportunities
4.2.2.Market size and forecast by region
4.2.3.Market analysis by country
4.3.SMART CARDS
4.3.1.Key market trends, Growth factors and opportunities
4.3.2.Market size and forecast by region
4.3.3.Market analysis by country
4.4.POS TERMINALS
4.4.1.Key market trends, Growth factors and opportunities
4.4.2.Market size and forecast by region
4.4.3.Market analysis by country
CHAPTER 5:CONTACTLESS PAYMENT MARKET BY APPLICATION
5.1.OVERVIEW
5.2.FOOD & GROCERIES
5.2.1.Key market trends, Growth factors and opportunities
5.2.2.Market size and forecast by region
5.2.3.Market analysis by country
5.3.PHARMACY & DRUG STORES
5.3.1.Key market trends, Growth factors and opportunities
5.3.2.Market size and forecast by region
5.3.3.Market analysis by country
5.4.RESTAURANTS & BARS
5.4.1.Key market trends, Growth factors and opportunities
5.4.2.Market size and forecast by region
5.4.3.Market analysis by country
5.5.CONSUMER ELECTRONICS
5.5.1.Key market trends, Growth factors and opportunities
5.5.2.Market size and forecast by region
5.5.3.Market analysis by country
5.6.MEDIA & ENTERTAINMENT
5.6.1.Key market trends, Growth factors and opportunities
5.6.2.Market size and forecast by region
5.6.3.Market analysis by country
5.7.OTHERS
5.7.1.Key market trends, Growth factors and opportunities
5.7.2.Market size and forecast by region
5.7.3.Market analysis by country
CHAPTER 6:CONTACTLESS PAYMENT MARKET BY REGION
6.1.OVERVIEW
6.2.NORTH AMERICA
6.2.1.Key market trends and opportunities
6.2.2.Market size and forecast by Device Type
6.2.3.Market size and forecast by Application
6.2.4.Market size and forecast by Country
6.2.5.U.S. CONTACTLESS PAYMENT MARKET
6.2.5.1.Market size and forecast by Device Type
6.2.5.2.Market size and forecast by Application
6.2.6.CANADA CONTACTLESS PAYMENT MARKET
6.2.6.1.Market size and forecast by Device Type
6.2.6.2.Market size and forecast by Application
6.3.EUROPE
6.3.1.Key market trends and opportunities
6.3.2.Market size and forecast by Device Type
6.3.3.Market size and forecast by Application
6.3.4.Market size and forecast by Country
6.3.5.UK CONTACTLESS PAYMENT MARKET
6.3.5.1.Market size and forecast by Device Type
6.3.5.2.Market size and forecast by Application
6.3.6.GERMANY CONTACTLESS PAYMENT MARKET
6.3.6.1.Market size and forecast by Device Type
6.3.6.2.Market size and forecast by Application
6.3.7.FRANCE CONTACTLESS PAYMENT MARKET
6.3.7.1.Market size and forecast by Device Type
6.3.7.2.Market size and forecast by Application
6.3.8.SPAIN CONTACTLESS PAYMENT MARKET
6.3.8.1.Market size and forecast by Device Type
6.3.8.2.Market size and forecast by Application
6.3.9.RUSSIA CONTACTLESS PAYMENT MARKET
6.3.9.1.Market size and forecast by Device Type
6.3.9.2.Market size and forecast by Application
6.3.10.NETHERLANDS CONTACTLESS PAYMENT MARKET
6.3.10.1.Market size and forecast by Device Type
6.3.10.2.Market size and forecast by Application
6.3.11.REST OF EUROPE CONTACTLESS PAYMENT MARKET
6.3.11.1.Market size and forecast by Device Type
6.3.11.2.Market size and forecast by Application
6.4.ASIA-PACIFIC
6.4.1.Key market trends and opportunities
6.4.2.Market size and forecast by Device Type
6.4.3.Market size and forecast by Application
6.4.4.Market size and forecast by Country
6.4.5.CHINA CONTACTLESS PAYMENT MARKET
6.4.5.1.Market size and forecast by Device Type
6.4.5.2.Market size and forecast by Application
6.4.6.INDIA CONTACTLESS PAYMENT MARKET
6.4.6.1.Market size and forecast by Device Type
6.4.6.2.Market size and forecast by Application
6.4.7.JAPAN CONTACTLESS PAYMENT MARKET
6.4.7.1.Market size and forecast by Device Type
6.4.7.2.Market size and forecast by Application
6.4.8.AUSTRALIA CONTACTLESS PAYMENT MARKET
6.4.8.1.Market size and forecast by Device Type
6.4.8.2.Market size and forecast by Application
6.4.9.SINGAPORE CONTACTLESS PAYMENT MARKET
6.4.9.1.Market size and forecast by Device Type
6.4.9.2.Market size and forecast by Application
6.4.10.REST OF ASIA-PACIFIC CONTACTLESS PAYMENT MARKET
6.4.10.1.Market size and forecast by Device Type
6.4.10.2.Market size and forecast by Application
6.5.LAMEA
6.5.1.Key market trends and opportunities
6.5.2.Market size and forecast by Device Type
6.5.3.Market size and forecast by Application
6.5.4.Market size and forecast by Country
6.5.5.LATIN AMERICA CONTACTLESS PAYMENT MARKET
6.5.5.1.Market size and forecast by Device Type
6.5.5.2.Market size and forecast by Application
6.5.6.MIDDLE EAST CONTACTLESS PAYMENT MARKET
6.5.6.1.Market size and forecast by Device Type
6.5.6.2.Market size and forecast by Application
6.5.7.AFRICA CONTACTLESS PAYMENT MARKET
6.5.7.1.Market size and forecast by Device Type
6.5.7.2.Market size and forecast by Application
CHAPTER 7: COMPANY PROFILES
7.1.GEMALTO
7.1.1.Company overview
7.1.2.Key Executives
7.1.3.Company snapshot
7.1.4.Operating business segments
7.1.5.Product portfolio
7.1.6.Business performance
7.1.7.Key strategic moves and developments
7.2.GIESECKE+DEVRIENT
7.2.1.Company overview
7.2.2.Key Executives
7.2.3.Company snapshot
7.2.4.Operating business segments
7.2.5.Product portfolio
7.2.6.Business performance
7.2.7.Key strategic moves and developments
7.3.INGENICO
7.3.1.Company overview
7.3.2.Key Executives
7.3.3.Company snapshot
7.3.4.Operating business segments
7.3.5.Product portfolio
7.3.6.Business performance
7.3.7.Key strategic moves and developments
7.4.INSIDESECURE
7.4.1.Company overview
7.4.2.Key Executives
7.4.3.Company snapshot
7.4.4.Operating business segments
7.4.5.Product portfolio
7.4.6.Business performance
7.4.7.Key strategic moves and developments
7.5.OBERTHUR TECHNOLOGIES S.A.
7.5.1.Company overview
7.5.2.Key Executives
7.5.3.Company snapshot
7.5.4.Operating business segments
7.5.5.Product portfolio
7.5.6.Business performance
7.5.7.Key strategic moves and developments
7.6.ON TRACK INNOVATIONS
7.6.1.Company overview
7.6.2.Key Executives
7.6.3.Company snapshot
7.6.4.Operating business segments
7.6.5.Product portfolio
7.6.6.Business performance
7.6.7.Key strategic moves and developments
7.7.PAX TECHNOLOGY, INC.
7.7.1.Company overview
7.7.2.Key Executives
7.7.3.Company snapshot
7.7.4.Operating business segments
7.7.5.Product portfolio
7.7.6.Business performance
7.7.7.Key strategic moves and developments
7.8.PROXAMA PLC
7.8.1.Company overview
7.8.2.Key Executives
7.8.3.Company snapshot
7.8.4.Operating business segments
7.8.5.Product portfolio
7.8.6.Business performance
7.8.7.Key strategic moves and developments
7.9.VERIFONE
7.9.1.Company overview
7.9.2.Key Executives
7.9.3.Company snapshot
7.9.4.Operating business segments
7.9.5.Product portfolio
7.9.6.Business performance
7.9.7.Key strategic moves and developments
7.10.WIRECARD
7.10.1.Company overview
7.10.2.Key Executives
7.10.3.Company snapshot
7.10.4.Operating business segments
7.10.5.Product portfolio
7.10.6.Business performance
7.10.7.Key strategic moves and developments
LIST OF TABLES
TABLE 1.GLOBAL CONTACTLESS PAYMENT MARKET, BY DEVICE TYPE 2019-2027 ($MILLION)
TABLE 2.CONTACTLESS PAYMENT MARKET FOR SMARTPHONES WEARABLES, BY REGION, 2019-2027 ($MILLION)
TABLE 3.CONTACTLESS PAYMENT MARKET FOR SMART CARDS, BY REGION, 2019-2027 ($MILLION)
TABLE 4.CONTACTLESS PAYMENT MARKET FOR POS TERMINALS, BY REGION, 2019-2027 ($MILLION)
TABLE 5.GLOBAL CONTACTLESS PAYMENT MARKET, BY APPLICATION 2019-2027 ($MILLION)
TABLE 6.CONTACTLESS PAYMENT MARKET FOR FOOD & GROCERIES, BY REGION, 2019-2027 ($MILLION)
TABLE 7.CONTACTLESS PAYMENT MARKET FOR PHARMACY & DRUG STORES, BY REGION, 2019-2027 ($MILLION)
TABLE 8.CONTACTLESS PAYMENT MARKET FOR RESTAURANTS & BARS, BY REGION, 2019-2027 ($MILLION)
TABLE 9.CONTACTLESS PAYMENT MARKET FOR CONSUMER ELECTRONICS, BY REGION, 2019-2027 ($MILLION)
TABLE 10.CONTACTLESS PAYMENT MARKET FOR MEDIA & ENTERTAINMENT, BY REGION, 2019-2027 ($MILLION)
TABLE 11.CONTACTLESS PAYMENT MARKET FOR OTHERS, BY REGION, 2019-2027 ($MILLION)
TABLE 12.CONTACTLESS PAYMENT MARKET FOR, BY REGION, 2019-2027 ($MILLION)
TABLE 13.NORTH AMERICA CONTACTLESS PAYMENT, BY DEVICE TYPE 2019-2027 ($MILLION)
TABLE 14.NORTH AMERICA CONTACTLESS PAYMENT, BY APPLICATION 2019-2027 ($MILLION)
TABLE 15.NORTH AMERICA CONTACTLESS PAYMENT, BY REGION, 2019-2027 ($MILLION)
TABLE 16.EUROPE CONTACTLESS PAYMENT, BY DEVICE TYPE 2019-2027 ($MILLION)
TABLE 17.EUROPE CONTACTLESS PAYMENT, BY APPLICATION 2019-2027 ($MILLION)
TABLE 18.EUROPE CONTACTLESS PAYMENT, BY REGION, 2019-2027 ($MILLION)
TABLE 19.ASIA-PACIFIC CONTACTLESS PAYMENT, BY DEVICE TYPE 2019-2027 ($MILLION)
TABLE 20.ASIA-PACIFIC CONTACTLESS PAYMENT, BY APPLICATION 2019-2027 ($MILLION)
TABLE 21.ASIA-PACIFIC CONTACTLESS PAYMENT, BY REGION, 2019-2027 ($MILLION)
TABLE 22.LAMEA CONTACTLESS PAYMENT, BY DEVICE TYPE 2019-2027 ($MILLION)
TABLE 23.LAMEA CONTACTLESS PAYMENT, BY APPLICATION 2019-2027 ($MILLION)
TABLE 24.LAMEA CONTACTLESS PAYMENT, BY REGION, 2019-2027 ($MILLION)
TABLE 25.GEMALTO: COMPANY SNAPSHOT
TABLE 26.GEMALTO: OPERATING SEGMENTS
TABLE 27.GIESECKE+DEVRIENT: COMPANY SNAPSHOT
TABLE 28.GIESECKE+DEVRIENT: OPERATING SEGMENTS
TABLE 29.INGENICO: COMPANY SNAPSHOT
TABLE 30.INGENICO: OPERATING SEGMENTS
TABLE 31.INSIDESECURE: COMPANY SNAPSHOT
TABLE 32.INSIDESECURE: OPERATING SEGMENTS
TABLE 33.OBERTHUR TECHNOLOGIES S.A.: COMPANY SNAPSHOT
TABLE 34.OBERTHUR TECHNOLOGIES S.A.: OPERATING SEGMENTS
TABLE 35.ON TRACK INNOVATIONS: COMPANY SNAPSHOT
TABLE 36.ON TRACK INNOVATIONS: OPERATING SEGMENTS
TABLE 37.PAX TECHNOLOGY, INC.: COMPANY SNAPSHOT
TABLE 38.PAX TECHNOLOGY, INC.: OPERATING SEGMENTS
TABLE 39.PROXAMA PLC: COMPANY SNAPSHOT
TABLE 40.PROXAMA PLC: OPERATING SEGMENTS
TABLE 41.VERIFONE: COMPANY SNAPSHOT
TABLE 42.VERIFONE: OPERATING SEGMENTS
TABLE 43.WIRECARD: COMPANY SNAPSHOT
TABLE 44.WIRECARD: OPERATING SEGMENTS
LIST OF FIGURES
FIGURE 1.GLOBAL CONTACTLESS PAYMENT MARKET SEGMENTATION
FIGURE 2.TOP INVESTMENT POCKET
FIGURE 3.TOP WINNING STRATEGIES (%)
FIGURE 4.CONTACTLESS PAYMENT MARKET FOR SMARTPHONES WEARABLES, 2019-2027 ($MILLION)
FIGURE 5.CONTACTLESS PAYMENT MARKET FOR SMART CARDS, 2019-2027 ($MILLION)
FIGURE 6.CONTACTLESS PAYMENT MARKET FOR POS TERMINALS, 2019-2027 ($MILLION)
FIGURE 7.CONTACTLESS PAYMENT MARKET FOR FOOD & GROCERIES, 2019-2027 ($MILLION)
FIGURE 8.CONTACTLESS PAYMENT MARKET FOR PHARMACY & DRUG STORES, 2019-2027 ($MILLION)
FIGURE 9.CONTACTLESS PAYMENT MARKET FOR RESTAURANTS & BARS, 2019-2027 ($MILLION)
FIGURE 10.CONTACTLESS PAYMENT MARKET FOR CONSUMER ELECTRONICS, 2019-2027 ($MILLION)
FIGURE 11.CONTACTLESS PAYMENT MARKET FOR MEDIA & ENTERTAINMENT, 2019-2027 ($MILLION)
FIGURE 12.CONTACTLESS PAYMENT MARKET FOR OTHERS, 2019-2027 ($MILLION)
FIGURE 13.GLOBAL CONTACTLESS PAYMENT, BY REGION, 2019 (%)
FIGURE 14.U.S. CONTACTLESS PAYMENT MARKET, 2019-2027 ($MILLION)
FIGURE 15.CANADA CONTACTLESS PAYMENT MARKET, 2019-2027 ($MILLION)
FIGURE 16.UK CONTACTLESS PAYMENT MARKET, 2019-2027 ($MILLION)
FIGURE 17.GERMANY CONTACTLESS PAYMENT MARKET, 2019-2027 ($MILLION)
FIGURE 18.FRANCE CONTACTLESS PAYMENT MARKET, 2019-2027 ($MILLION)
FIGURE 19.SPAIN CONTACTLESS PAYMENT MARKET, 2019-2027 ($MILLION)
FIGURE 20.RUSSIA CONTACTLESS PAYMENT MARKET, 2019-2027 ($MILLION)
FIGURE 21.NETHERLANDS CONTACTLESS PAYMENT MARKET, 2019-2027 ($MILLION)
FIGURE 22.REST OF EUROPE CONTACTLESS PAYMENT MARKET, 2019-2027 ($MILLION)
FIGURE 23.CHINA CONTACTLESS PAYMENT MARKET, 2019-2027 ($MILLION)
FIGURE 24.INDIA CONTACTLESS PAYMENT MARKET, 2019-2027 ($MILLION)
FIGURE 25.JAPAN CONTACTLESS PAYMENT MARKET, 2019-2027 ($MILLION)
FIGURE 26.AUSTRALIA CONTACTLESS PAYMENT MARKET, 2019-2027 ($MILLION)
FIGURE 27.SINGAPORE CONTACTLESS PAYMENT MARKET, 2019-2027 ($MILLION)
FIGURE 28.REST OF ASIA-PACIFIC CONTACTLESS PAYMENT MARKET, 2019-2027 ($MILLION)
FIGURE 29.LATIN AMERICA CONTACTLESS PAYMENT MARKET, 2019-2027 ($MILLION)
FIGURE 30.MIDDLE EAST CONTACTLESS PAYMENT MARKET, 2019-2027 ($MILLION)
FIGURE 31.AFRICA CONTACTLESS PAYMENT MARKET, 2019-2027 ($MILLION)
The use of contactless payments technology has increased tremendously in the market due to integration of contactless cards with existing cards. Moreover, the benefits associated with technology such as increased convenience, reduced transaction time, and increased adoption of smartphones drive the market growth. In addition, the COVID-19 outbreak has a significant impact on the contactless payment market and has accelerated the usage & adoption of contactless payment terminals to implement protective measures primarily in retail stores. However, a considerable number of companies perceive that they have minimum contactless payment solutions exposure. This scenario is changing, and 2019 has witnessed an increase in sale of contactless payment solutions, owing to strict regulatory guidelines toward payments and increased demand for advance contactless payment methods among consumers, has led to innovation & new trends in the contactless payment industry.
The contactless payment market is fragmented with the presence of regional vendors such as PAX Technology, Inc., Proxama Plc, and Gemalto. However, Asia-Pacific is expected to experience significant growth in the future, owing to emerging economies, increase in government support towards investment in advance technologies for implementing contactless payment solutions in the region. Furthermore, the contactless payment market is particularly brisk in countries, such as China, Japan, India, Australia, Indonesia, South Korea, Hong Kong, and Singapore, with high GDP growth and rise in per capita income. Some of the key players profiled in the report include Giesecke+Devrient, Ingenico, InsideSecure, OBERTHUR TECHNOLOGIES SA, On Track Innovations, Verifone, and Wirecard. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.
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