Contactless Payment Transaction Market
Contactless Payment Transaction Market (Mode of Payment - Contactless Card (NFC/RFID), Wearable Devices, and Contactless Mobile Payment; End Use - Hospitality, Transport, Media and Entertainment, Retail, and Healthcare) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 - 2025
Press Release :
The demand within the global market for contactless payment transaction has been expanding on account of the need to make secure, safe, and easy payments across several industrial units. Contact payment transaction involves the use of near field communication (NFC) or RFID technologies in order to debit or credit money from one account to the other. The advent of contactless payment transaction has eased buying procedures for individuals, companies, and other entities. Owing to the aforementioned factors, it is legit to expound that the global market for contactless payment transaction would experience an unprecedented rise in demand over the coming years.
The ability to make online payments from laptops, smart phones, and other smart devices has helped people in streamlining their tasks. Furthermore, most people prefer to carry as little cash as possible during travel and other commutes, and this brings contactless payment transaction services to the fore. Over the past decade, several industries including healthcare, automotive, and infrastructure have become reliant on the use of contactless payment for several purposes. The retail sector has emerged as the most prominent consumer of contact payment transaction services in recent times. Furthermore, the popularity of credit and debit cards has led to the launch of multiple mobile apps to that facilitate contactless payment transactions.
A report by Transparency Market Research (TMR) predicts that the global market for contactless payment transaction would expand at an astral CAGR of 55.50% over the period between 2017 and 2025. Furthermore, the global market for contactless payment transaction was valued at US$14.1 bn in 2017 and is expected to reach a value of US$801.4 bn by 2025.
Retail Sector to Attract Demand for Contactless Payment Transaction
On the basis of end-use industry, the global market for contactless payment transaction can be segmented into media and entertainment, healthcare, retail, hospitality, and transport. Amongst these segments, the retail sector has become the most ardent consumer of contactless payment transaction due to the need for swift, easy, and secure transfers. Furthermore, retail stores form an important part of the e-commerce industry, and this further propels demand within the global market for contactless payment transaction. The healthcare sector has also emerged as a key consumer of contact payment transaction services due to the advent of multiple healthcare apps. Based on the mode of payment, the global contactless payment transaction market can be segmented into wearable devices, contactless card, and contactless mobile payment.
Europe to Lead the Global Contactless Payment Transaction Market
The demand for contactless payment transaction has been the highest across Europe, majorly due to the sophisticated retail sector in the region. Moreover, countries such as England, France, and Germany have inducted contactless payment transaction services across several sectors. The market for contactless payment transaction services in North America has been expanding on account of key developments in the media and entertainment industry in the US and Canada. Rising disposable income of the masses in China, Indonesia, and India has created growth opportunities within the market for contactless payment transaction in Asia Pacific.
Some of the key players in the global market for contactless payment transaction are Ingenico Gemalto N.V., Group, and Barclays.
Contactless Payment Transaction Market: Overview
This report on the global contactless payment transaction market provides analysis for the period 2015–2025, wherein 2016 is the base year and the period from 2017 to 2025 is the forecast period. Data for 2015 has been included as historical information. The report covers market dynamics including drivers, restraints opportunities, and trends expected to influence the global contactless payment transaction market growth during the said period. Mode of payments that are playing a major role in the driving the global contactless payment transaction market have also been covered in the study.
The study provides a comprehensive analysis on market growth throughout the above forecast period in terms of revenue estimates (in US$ Bn), across different geographies. Contactless payment is a safe and sound method for consumers to buying products or services through credit card, debit card, contactless card (NFC/RFID), contactless wearable devices, and contactless mobile payment, by using NFC or RFID technology. Furthermore, in contactless payment consumer needs to tap their purchasing card near a sales desk which is known as “tap-and-go” also it does not require a PIN or signature.
Contactless Payment Transaction Market: Segmentation
The contactless payment transaction market has been segmented on the basis of mode of payment and end-use. Based on mode of payment, the market has been further classified into Contactless Card (NFC/RFID), Wearable Devices, Contactless Mobile Payment. By end-use, the market is further classified into Hospitality, Transport, Media & Entertainment, Retail, Healthcare, Others.
Geographically, the report classifies the global contactless payment transaction market into North America, Europe, Asia Pacific, Middle East & Africa (MEA), and South America; the regions are analyzed in terms of revenue generation. Furthermore, the study also includes quantitative analysis of the competitive scenario for region wise prominent countries which covered in the report include the following - the U.S, Canada, Germany, France, the U.K., Poland, Sweden, China, India, Japan, Australia, South Korea, Taiwan, Singapore, UAE, Saudi Arabia, South Africa, Turkey, Brazil and Argentina. The market size and forecast for each region has been provided for the period from 2015 to 2025 along with the CAGR (%) for the forecast period from 2017 to 2025.
Contactless Payment Transaction Market: Scope of the Report
The report also includes key industry developments in the contactless payment transaction market. Porter Five Force analysis is also included in the report. Ecosystem Analysis which identifies the process of distribution of the product in the contactless payments services is also covered in the report. The report also covers segment wise, market attractiveness analysis and market positioning analysis for all regions covered in the scope of study.
This report shows market attractiveness analysis for all the segments and for all the regions in the scope of study which identifies and compares segments market attractiveness on the basis of CAGR and market share index.
Contactless Payment Transaction Market: Competitive Landscape
The report also includes competition landscape which include competition matrix, market position analysis of major players in the global contactless payment based on their 2016 revenues, profiling of major players (Contactless Card (NFC/RFID), Wearable Devices, and Contactless Mobile Payment providers). Competition matrix benchmarks leading players on the basis of their capabilities and potential to grow. Factors including market position, offerings and R&D focus are attributed to company’s capabilities. Factors including top line growth, market share, segment growth, infrastructure facilities and future outlook are attributed to company’s potential to grow. This section also identifies and includes various recent developments carried out by the leading players.
Company profiling includes company overview, major business strategies adopted, SWOT analysis and market revenues for past years. The key players profiled in the global contactless payment transaction market include Apple Inc., Barclays, Gemalto N.V., Giesecke & Devrient GmbH, Heartland Payment Systems, Inc., Ingenico Group, Inside Secure, On Track Innovations LTD, Samsung Electronics Ltd., Verifone Systems, Inc., and Wirecard AG.
The global contactless payment transaction market is segmented as below:
By Mode of Payment