According to a recent report published by Allied Market Research, titled, Contactless Payments Market by Device Type and Industry Vertical: Global Opportunity Analysis and Industry Forecast, 2017-2023, the global contactless payments market was valued at $6,734 million in 2016, and is projected to reach at $25,565 million by 2023, growing at a CAGR of 21.2% from 2017 to 2023. In 2016, the mobile devices segment accounted for the highest revenue share in the contactless payments market.
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Consumers as well as enterprises have increasingly adopted number of ways for convenient and secure payments. One of such medium is a contactless system that has revolutionized the retail and transportation industries in the past few years.
The global contactless payments market is driven by convenience in processing low-value payments, increased revenue opportunities, and reduced transaction time. However, high costs involved for the deployment of EPOS terminals and lack of trust and security concerns hamper the market growth.
Europe dominated the global market in 2016, and is expected to continue this trend during the forecast period, owing to the growing adoption of contactless smart cards. Furthermore, Asia-Pacific is expected to grow at the highest CAGR during the forecast period.
The global contactless payments market was led by the mobile devices segment in 2016, and is expected to continue this trend during the forecast period. However, the smart cards segment is expected to witness the highest growth, owing to rise in adoption of these cards due to advantages such as convenience and speed.
In 2016, the global market was dominated by the BFSI industry, and is expected to continue this trend during the forecast period. However, the others segment is expected to witness the highest growth, owing to increase in installation of contactless readers in the premises of hospitals for convenience of both patients and doctors.
Key Findings of the Contactless Payments Market:
- The mobile devices segment is expected to exhibit significant increase in the global contactless payments market during the forecast period.
- In 2016, the BFSI segment accounted for the highest revenue among the other industry verticals.
- Asia-Pacific is anticipated to exhibit substantial growth during the forecast period.
The key players profiled in the report include Ingenico Group, Verifone Systems, Inc., Inside Secure, on Track Innovations, Oberthur Technologies SA, Proxama, PLC., Wirecard AG, Giesecke & Devrient GmbH, Gemalto N.V., and Heartland Payment Systems, Inc.