The
global contactless payments market is expected to reach
USD 2.23 trillion (transaction value) by 2025, according to a new report by
Grand View Research, Inc. The contactless payments industry is expected to
witness lucrative growth over the forecast period owing to innovations in
technologies such as IoT, which acts as a major market driver.
Benefits
such as reduction in transaction time and improved service delivery offered by
contactless payments have resulted in a significant rise in the number of
users. Some of the key features of contactless systems include easy installation
and cost effectiveness. The rising trend of making payments through QR codes
and mobile phones is expected to drive the market demand. Individuals largely
prefer using contactless payment as it eliminates the need to carry cash.
North
America is expected to emerge as one of the key regional markets over the
forecast period. The growth is mainly attributed to the increasing deployment
of cloud-based contactless payment technologies in various verticals such as
transportation. Europe is expected to be another major region for contactless
payments owing to the growing number of smart card rollouts. Countries in the
Asia Pacific region, such as Australia, Taiwan, and Japan, have witnessed a
higher penetration rate of contactless payments compared to other countries.
The
contactless payments market can be segmented on the basis of devices into
smartphones and wearables, point of sale terminals, and smart cards. The market
can also be segmented on the basis of solutions into payment terminal solution,
transaction management, security and fraud management, hosted point of sale,
and analytics.
Full Research Report On Global Contactless
Payments Market Analysis:
http://www.grandviewresearch.com/industry-analysis/contactless-payments-market
http://www.grandviewresearch.com/industry-analysis/contactless-payments-market
Further
key findings from the report suggest:
- Contactless payments are
widely used in several sectors such as retail, transportation, healthcare,
and hospitality. Smartphones and wearables emerged as the largest device
segment in 2016. It is estimated to register a CAGR of 34.0% over the
forecast period.
- The transportation segment
is estimated to grow at a CAGR of 37.1% over the forecast period.
- The Asia Pacific market is
projected to witness substantial growth over the next decade owing to
various technological developments across major economies. The regional
market is expected to grow at a CAGR of 35.5 % from 2017 to 2025.
- The payment terminal
solution segment is expected to witness the largest growth over the
forecast period as these solutions can connect the customers directly to
service providers of contactless payments.
- Key participants in the
contactless payments industry include Gemalto, Visa Inc., Giesecke &
Devrient GmbH, Heartland Payment Systems, Verifone, Ingenico Group SA, On
Track Innovations Ltd., Oberthur Technologies (OT) Morpho, Thales Group,
and Wirecard AG. In March 2017, Wirecard AG acquired MyGate Communication,
a payment service provider in Africa.
View more reports of this category by Grand
View Research at:
http://www.grandviewresearch.com/industry/communication-services
http://www.grandviewresearch.com/industry/communication-services
Grand View Research has segmented the contactless payments market based
on devices, solutions, application, and regions:
Device
Outlook (Revenue, USD Billion; 2014 - 2025)
- Smartphones
and wearables
- Point-of-sale
terminals
- Smart
cards
Solution
Outlook (Revenue, USD Billion; 2014 - 2025)
- Payment
terminal solution
- Transaction
management
- Security
and fraud management
- Hosted
point-of-sale
- Analytics
Application
Outlook (Revenue, USD Billion; 2014 - 2025)
- Retail
- Transportation
- Healthcare
- Hospitality
- Government
Regional
Outlook (Revenue, USD Billion; 2014 - 2025)
- North
America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Asia
Pacific
- China
- Japan
- Australia
- South
America
- Brazil
- MEA
View press release of this research report by
Grand View Research:
http://www.grandviewresearch.com/press-release/global-contactless-payments-market
http://www.grandviewresearch.com/press-release/global-contactless-payments-market
About
Grand View Research
Grand View Research, Inc. is a U.S.
based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides
syndicated research reports, customized research reports, and consulting
services. To help clients make informed business decisions, we offer market
intelligence studies ensuring relevant and fact-based research across a range
of industries, from technology to chemicals, materials and healthcare.
For more
information: www.grandviewresearch.com
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