The world is currently experiencing a huge challenge which has affected all the industries and markets. Few markets have experienced a high growth in their demand while others have faced a downfall. The extent of growth or drop in the market statistics of different industries by COVID 19 plays an important role in how the future of businesses will shape up in the near future. We at Value Market Research provide you with an impact analysis of COVID 19 on this market with its latest update in the purchased version of the report.
Global Contactless Payment Market Report By Device (Smartphones and Wearables, Point-of-Sales Terminals, Smart Cards), By Solution (Payment Terminal Solution, Transaction Management, Security and Fraud Management, Hosted Point-of-Sales, Analytics), By Application (Retail, Transportation, Healthcare, Hospitality, Government) And By Regions - Industry Trends, Size, Share, Growth, Estimation and Forecast, 2021-2028
ID:VMR11214118
April 2021
Report Formats: Electronic (PDF), MS EXCEL
Global Contactless Payment Market Overview
The key driver impacting the contactless payment market is the rapidly growing consumer adoption for contactless payment technologies, which is estimated to boost the market in the forecast period. The Covid-19 pandemic and recommendation by the World Health Organization for using contactless payments to reduce transmission of the virus through cash led to high adoption of contactless payments by people globally. For instance, as per the recent survey data from RTi Research shows that 30 percent of consumers in the U.S. have started using contactless payment methods to reduce risk as the pandemic began. Over 70 percent of new contactless users consider they will continue using payment method even after the pandemic drive away. In July 2019, American Express had upgraded existing customers with contactless cards, also when cards expire or upon customer demand, and issued contactless cards to all new customers. In 2019 Visa shot past around 100 million contactless-enabled cards in 2019 and now anticipate to have 300 million cards in circulation by the end of 2020. Moreover, expanding usage of contactless technologies in various applications such as vending machines, toll booths, ticketing, and fuel stations is estimated to be a significant factor that positively impacts market growth.
The rapidly growing retail sector is estimated to augment contactless payments demand in the forecast period as it provides various benefits to retailers and buyers, both such as expanded revenue, faster transaction times, enhanced operational efficiency, and lower operating costs. for instance, according to the Crescendo Worldwide Organisation, Global retail market sales amounted to around $24 Trillion in 2018. It is estimated that worldwide retail sales amounted to approximately $30 Trillion by 2023, increasing up from about $23 Trillion in 2017. Globally Indian retail industry is one of the fastest-growing, and its recorded sales of US$ 2.47 billion in 2019 is anticipated to reach Rs. US$ 1.1 trillion by 2020 as per the India Brand Equity Foundation. however, the risk of stolen or lost contactless cards may hamper the global contactless payment market in the long run. also, the high cost of deploying contactless payment technologies negatively impacts market growth. The current industry trends, usage of security features of emerging technologies, such as blockchain and 5G, and increasing application of contactless payment in transportation are expected to provide market players with several market opportunities.
The contactless payment market is vast, with many local and global players. the key leaders follow different strategies to improve their market position, such as contracts, mergers, contracts, extending product portfolio, acquisitions, expansions, and product innovations to improve their market share globally. For instance, In October 2019, IDEMIA and Mobeewave expanded their partnership to install secure mobile PoS and fare validation in Australia. The key players included in the report are Gemalto, Heartland Payment Systems, Inc., Visa Inc., Verifone, Giesecke & Devrient GmbH, Ingenico Group SA, IDEMIA, Wirecard AG., On Track Innovations Ltd., and Thales Group.
In this research report, the contactless payment market is segmented by device, solution, application, and region.
Analysis by Devices:
By device, the report is categorized into smartphones and wearables, point-of-sale terminals, smart cards. Smartphones and wearables dominate the device segment with over 55% share in 2020. It is due to the use of smartphones has drastically increased in day to day activities for payments. Moreover, technological innovations in wearables such as payment bands and payment rings contribute to the high demand for smartphones and wearables in the forecast period.
Analysis by Solution:
By solution, the report is categorized into payment terminal solution, transaction management, security and fraud management, hosted point-of-sales, and analytics. The payment terminal solution dominates the solution segment with over 42.5% share in 2020. It is due to the customers growing concerns related to security and fear of fraud that makes them opt for payment terminal solutions for payments. Moreover, the latest technological advancements have led to the invention of new ways of authentication, such as fingerprint authentication, for contactless payments, contribute to the high demand for payment terminal solutions in the forecast period.
Analysis by Application:
By applications, the report is categorized into retail, transportation, healthcare, hospitality, and government. The retail sector dominates the application segment with over 60% share in 2020. It is due to the rising number of ‘tap-and-go’ transactions across the globe as it speeds up the check-out process. Moreover, the high adoption of contactless payments systems in various service businesses, such as gas stations, movie theaters, convenience stores, and restaurants, drives the market demand from the retail sector in the forecast period.
Analysis by Region:
In the regional outlook of the global contactless payment market, the Europe region dominates with a 33% market share during the forecast period. It is due to the high adoption of Near Field Communication (NFC) technology and growing regulatory initiatives such as Euro Mastercard Visa (EMV), the global standard for chip cards. Moreover, the high penetration rate of smartphones and increasing advancements in smart chip technology contributes to the development of the contactless payment market across Europe.
Market Segmentation covered in the Report:
By Device
The key driver impacting the contactless payment market is the rapidly growing consumer adoption for contactless payment technologies, which is estimated to boost the market in the forecast period. The Covid-19 pandemic and recommendation by the World Health Organization for using contactless payments to reduce transmission of the virus through cash led to high adoption of contactless payments by people globally. For instance, as per the recent survey data from RTi Research shows that 30 percent of consumers in the U.S. have started using contactless payment methods to reduce risk as the pandemic began. Over 70 percent of new contactless users consider they will continue using payment method even after the pandemic drive away. In July 2019, American Express had upgraded existing customers with contactless cards, also when cards expire or upon customer demand, and issued contactless cards to all new customers. In 2019 Visa shot past around 100 million contactless-enabled cards in 2019 and now anticipate to have 300 million cards in circulation by the end of 2020. Moreover, expanding usage of contactless technologies in various applications such as vending machines, toll booths, ticketing, and fuel stations is estimated to be a significant factor that positively impacts market growth.
According to Value Market Research, the global contactless payment market was valued at around USD 1050 billion in 2020 and is estimated to grow at a CAGR of about 20% during the forecast period of 2021 to 2027.
The rapidly growing retail sector is estimated to augment contactless payments demand in the forecast period as it provides various benefits to retailers and buyers, both such as expanded revenue, faster transaction times, enhanced operational efficiency, and lower operating costs. for instance, according to the Crescendo Worldwide Organisation, Global retail market sales amounted to around $24 Trillion in 2018. It is estimated that worldwide retail sales amounted to approximately $30 Trillion by 2023, increasing up from about $23 Trillion in 2017. Globally Indian retail industry is one of the fastest-growing, and its recorded sales of US$ 2.47 billion in 2019 is anticipated to reach Rs. US$ 1.1 trillion by 2020 as per the India Brand Equity Foundation. however, the risk of stolen or lost contactless cards may hamper the global contactless payment market in the long run. also, the high cost of deploying contactless payment technologies negatively impacts market growth. The current industry trends, usage of security features of emerging technologies, such as blockchain and 5G, and increasing application of contactless payment in transportation are expected to provide market players with several market opportunities.
The contactless payment market is vast, with many local and global players. the key leaders follow different strategies to improve their market position, such as contracts, mergers, contracts, extending product portfolio, acquisitions, expansions, and product innovations to improve their market share globally. For instance, In October 2019, IDEMIA and Mobeewave expanded their partnership to install secure mobile PoS and fare validation in Australia. The key players included in the report are Gemalto, Heartland Payment Systems, Inc., Visa Inc., Verifone, Giesecke & Devrient GmbH, Ingenico Group SA, IDEMIA, Wirecard AG., On Track Innovations Ltd., and Thales Group.
In this research report, the contactless payment market is segmented by device, solution, application, and region.
Analysis by Devices:
By device, the report is categorized into smartphones and wearables, point-of-sale terminals, smart cards. Smartphones and wearables dominate the device segment with over 55% share in 2020. It is due to the use of smartphones has drastically increased in day to day activities for payments. Moreover, technological innovations in wearables such as payment bands and payment rings contribute to the high demand for smartphones and wearables in the forecast period.
Analysis by Solution:
By solution, the report is categorized into payment terminal solution, transaction management, security and fraud management, hosted point-of-sales, and analytics. The payment terminal solution dominates the solution segment with over 42.5% share in 2020. It is due to the customers growing concerns related to security and fear of fraud that makes them opt for payment terminal solutions for payments. Moreover, the latest technological advancements have led to the invention of new ways of authentication, such as fingerprint authentication, for contactless payments, contribute to the high demand for payment terminal solutions in the forecast period.
Analysis by Application:
By applications, the report is categorized into retail, transportation, healthcare, hospitality, and government. The retail sector dominates the application segment with over 60% share in 2020. It is due to the rising number of ‘tap-and-go’ transactions across the globe as it speeds up the check-out process. Moreover, the high adoption of contactless payments systems in various service businesses, such as gas stations, movie theaters, convenience stores, and restaurants, drives the market demand from the retail sector in the forecast period.
Analysis by Region:
In the regional outlook of the global contactless payment market, the Europe region dominates with a 33% market share during the forecast period. It is due to the high adoption of Near Field Communication (NFC) technology and growing regulatory initiatives such as Euro Mastercard Visa (EMV), the global standard for chip cards. Moreover, the high penetration rate of smartphones and increasing advancements in smart chip technology contributes to the development of the contactless payment market across Europe.
Market Segmentation covered in the Report:
By Device
- Smartphones and Wearables
- Point-of-Sales Terminals
- Smart Cards
- Payment Terminal Solution
- Transaction Management
- Security and Fraud Management
- Hosted Point-of-Sales
- Analytics
- Retail
- Transportation
- Healthcare
- Hospitality
- Government
- North America
- Europe
- The Asia Pacific
- Latin America
- The Middle East and Africa
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1 . PREFACE
1.1. Report Description
1.1.1. Objective
1.1.2. Target Audience
1.1.3. Unique Selling Proposition (USP) & offerings
1.2. Research Scope
1.3. Research Methodology
1.3.1. Market Research Process
1.3.2. Market Research Methodology
2 . EXECUTIVE SUMMARY
2.1. Highlights of Market
2.2. Global Market Snapshot
3 . CONTACTLESS PAYMENT – INDUSTRY ANALYSIS
3.1. Introduction - Market Dynamics
3.2. Market Drivers
3.3. Market Restraints
3.4. Opportunities
3.5. Industry Trends
3.6. Porter’s Five Force Analysis
3.7. Market Attractiveness Analysis
3.7.1 By Device
3.7.2 By Solution
3.7.3 By Application
3.7.4 By Region
4 . VALUE CHAIN ANALYSIS
4.1. Value Chain Analysis
4.2. Raw Material Analysis
4.2.1. List of Raw Materials
4.2.2. Raw Material Manufactures List
4.2.3. Price Trend of Key Raw Materials
4.3. List of Potential Buyers
4.4. Marketing Channel
4.4.1. Direct Marketing
4.4.2. Indirect Marketing
4.4.3. Marketing Channel Development Trend
5 . IMPACT ANALYSIS OF COVID-19 OUTBREAK
5.1. Impact Analysis of Covid-19 Outbreak
5.1.1. Direct Impact on Production
5.1.2. Supply Chain and Market Disruption
5.1.3. Financial Impact on Firms and Financial Markets
5.2. COVID-19 Impact Analysis by Production, Import, Export and Demand
5.3. Market: Pre V/S Post COVID-19
5.4. Estimated Impact of the Coronavirus (COVID-19) Epidemic
5.5. COVID-19: Micro and Macro Factor Analysis
6 . GLOBAL CONTACTLESS PAYMENT MARKET ANALYSIS BY DEVICE
6.1 Overview by Device
6.2 Historical and Forecast Data
6.3 Analysis by Device
6.4 Smartphones and Wearables Market by Regions
6.5 Point-of-Sales Terminals Market by Regions
6.6 Smart Cards Market by Regions
7 . GLOBAL CONTACTLESS PAYMENT MARKET ANALYSIS BY SOLUTION
7.1 Overview by Solution
7.2 Historical and Forecast Data
7.3 Analysis by Solution
7.4 Payment Terminal Solution Market by Regions
7.5 Transaction Management Market by Regions
7.6 Security and Fraud Management Market by Regions
7.7 Hosted Point-of-Sales Market by Regions
7.8 Analytics Market by Regions
8 . GLOBAL CONTACTLESS PAYMENT MARKET ANALYSIS BY APPLICATION
8.1 Overview by Application
8.2 Historical and Forecast Data
8.3 Analysis by Application
8.4 Retail Market by Regions
8.5 Transportation Market by Regions
8.6 Healthcare Market by Regions
8.7 Hospitality Market by Regions
8.8 Government Market by Regions
9 . GLOBAL CONTACTLESS PAYMENT MARKET ANALYSIS BY GEOGRAPHY
9.1. Regional Outlook
9.2. Introduction
9.3. North America
9.3.1. Overview, Historic and Forecast Data
9.3.2. North America By Segment
9.3.3. North America By Country
9.3.4. United State
9.3.5. Canada
9.3.6. Mexico
9.4. Europe
9.4.1. Overview, Historic and Forecast Data
9.4.2. Europe by Segment
9.4.3. Europe by Country
9.4.4. United Kingdom
9.4.5. France
9.4.6. Germany
9.4.7. Italy
9.4.8. Russia
9.4.9. Rest Of Europe
9.5. Asia Pacific
9.5.1. Overview, Historic and Forecast Data
9.5.2. Asia Pacific by Segment
9.5.3. Asia Pacific by Country
9.5.4. China
9.5.5. India
9.5.6. Japan
9.5.7. South Korea
9.5.8. Australia
9.5.9. Rest Of Asia Pacific
9.6. Latin America
9.6.1. Overview, Historic and Forecast Data
9.6.2. Latin America by Segment
9.6.3. Latin America by Country
9.6.4. Brazil
9.6.5. Argentina
9.6.6. Peru
9.6.7. Chile
9.6.8. Rest of Latin America
9.7. Middle East & Africa
9.7.1. Overview, Historic and Forecast Data
9.7.2. Middle East & Africa by Segment
9.7.3. Middle East & Africa by Country
9.7.4. Saudi Arabia
9.7.5. UAE
9.7.6. Israel
9.7.7. South Africa
9.7.8. Rest Of Middle East And Africa
10 . COMPETITIVE LANDSCAPE OF THE CONTACTLESS PAYMENT COMPANIES
10.1. Contactless Payment Market Competition
10.2. Partnership/Collaboration/Agreement
10.3. Merger And Acquisitions
10.4. New Product Launch
10.5. Other Developments
11 . COMPANY PROFILES OF CONTACTLESS PAYMENT INDUSTRY
11.1. Company Share Analysis
11.2. Market Concentration Rate
11.3. Gemalto
11.3.1. Company Overview
11.3.2. Financials
11.3.3. Products
11.3.4. Recent Developments
11.4. Heartland Payment Systems, Inc.
11.4.1. Company Overview
11.4.2. Financials
11.4.3. Products
11.4.4. Recent Developments
11.5. Visa Inc.
11.5.1. Company Overview
11.5.2. Financials
11.5.3. Products
11.5.4. Recent Developments
11.6. Verifone
11.6.1. Company Overview
11.6.2. Financials
11.6.3. Products
11.6.4. Recent Developments
11.7. Giesecke & Devrient GmbH
11.7.1. Company Overview
11.7.2. Financials
11.7.3. Products
11.7.4. Recent Developments
11.8. Ingenico Group SA
11.8.1. Company Overview
11.8.2. Financials
11.8.3. Products
11.8.4. Recent Developments
11.9. IDEMIA
11.9.1. Company Overview
11.9.2. Financials
11.9.3. Products
11.9.4. Recent Developments
11.10. Wirecard AG.
11.10.1. Company Overview
11.10.2. Financials
11.10.3. Products
11.10.4. Recent Developments
11.11. On Track Innovations Ltd.
11.11.1. Company Overview
11.11.2. Financials
11.11.3. Products
11.11.4. Recent Developments
11.12. Thales Group
11.12.1. Company Overview
11.12.2. Financials
11.12.3. Products
11.12.4. Recent Developments
*Note - in company profiling, financial details and recent development are subject to availability or might not be covered in case of private companies
LIST OF TABLES
- Market Snapshot
- Drivers : Impact Analysis
- Restraints : Impact Analysis
- List of Raw Material
- List of Raw Material Manufactures
- List of Potential Buyers
- COVID-19 Impact Analysis by Production, Import, Export and Demand
- Pre V/S Post COVID-19
- Estimated Impact Of The Coronavirus (Covid-19) Epidemic
- COVID-19: Micro and Macro Factor Analysis
- Analysis by Device (USD MN)
- Smartphones and Wearables Market by Geography (USD MN)
- Point-of-Sales Terminals Market by Geography (USD MN)
- Smart Cards Market by Geography (USD MN)
- Analysis Market by Solution (USD MN)
- Payment Terminal Solution Market by Geography (USD MN)
- Transaction Management Market by Geography (USD MN)
- Security and Fraud Management Market by Geography (USD MN)
- Hosted Point-of-Sales Market by Geography (USD MN)
- Analytics Market by Geography (USD MN)
- Analysis by Application (USD MN)
- Retail Market by Geography (USD MN)
- Transportation Market by Geography (USD MN)
- Healthcare Market by Geography (USD MN)
- Hospitality Market by Geography (USD MN)
- Government Market by Geography (USD MN)
- Global Contactless Payment Market by Geography (USD MN)
- North America Market Analysis (USD MN)
- United State Market Analysis (USD MN)
- Canada Market Analysis (USD MN)
- Mexico Market Analysis (USD MN)
- Europe Market Analysis (USD MN)
- Europe Market Estimate by Country (USD MN)
- United Kingdom Market Analysis (USD MN)
- France Market Analysis (USD MN)
- Germany Market Analysis (USD MN)
- Italy Market Analysis (USD MN)
- Russia Market Analysis (USD MN)
- Spain Market Analysis (USD MN)
- Rest of Europe Market Analysis (USD MN)
- Asia Pacific Market Analysis (USD MN)
- China Market Analysis (USD MN)
- Japan Market Analysis (USD MN)
- India Market Analysis (USD MN)
- South Korea Market Analysis (USD MN)
- Australia Market Analysis (USD MN)
- Rest of Asia Pacific Market Analysis (USD MN)
- Latin America Market Analysis (USD MN)
- Brazil Market Analysis (USD MN)
- Argentina Market Analysis (USD MN)
- Peru Market Analysis (USD MN)
- Chile Market Analysis (USD MN)
- Rest of Latin America Market Analysis (USD MN)
- Middle East & Africa Market Analysis (USD MN)
- Saudi Arabia Market Analysis (USD MN)
- UAE Market Analysis (USD MN)
- Israel Market Analysis (USD MN)
- South Africa Market Analysis (USD MN)
- Rest of Middle East and Africa Market Analysis (USD MN)
- Partnership/Collaboration/Agreement
- Mergers And Acquisiton
LIST OF FIGURES
- Research Scope of Contactless Payment Report
- Market Research Process
- Market Research Methodology
- Global Contactless Payment Market Size, by Region (USD MN)
- Porters Five Forces Analysis
- Market Attractiveness Analysis by Device
- Market Attractiveness Analysis by Solution
- Market Attractiveness Analysis by Application
- Market Attractiveness Analysis by Region
- Value Chain Analysis
- Global Market Analysis by Device (USD MN)
- Smartphones and Wearables Market by Geography (USD MN)
- Point-of-Sales Terminals Market by Geography (USD MN)
- Smart Cards Market by Geography (USD MN)
- Global Market Analysis by Solution (USD MN)
- Payment Terminal Solution Market by Geography (USD MN)
- Transaction Management Market by Geography (USD MN)
- Security and Fraud Management Market by Geography (USD MN)
- Hosted Point-of-Sales Market by Geography (USD MN)
- Analytics Market by Geography (USD MN)
- Global Market Analysis by Application (USD MN)
- Retail Market by Geography (USD MN)
- Transportation Market by Geography (USD MN)
- Healthcare Market by Geography (USD MN)
- Hospitality Market by Geography (USD MN)
- Government Market by Geography (USD MN)
- Global Market by Revenue
- North America Market by Revenue
- Europe Market by Revenue
- Asia Pacific Market by Revenue
- Latin America Market by Revenue
- Middle East & Africa Market by Revenue
- Recent Development in Industry
- Company Market Share Analysis
* Kindly note that the above listed are the basic tables and figures of the report and are not limited to the TOC.
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Objectives of Study
- Define and measure the global market
- Volume or revenue forecast of the global market and its various sub-segments with respect to main geographies
- Analyze and identify major market trends along with the factors driving or inhibiting the market growth
- Study the company profiles of the major market players with their market share
- Analyze competitive developments