Contactless Readers Market: Introduction
- Contactless Readers means reading information from specific distance without connecting two devices physically. Contactless transactions are powered by either radio frequency identification (RFID) or near-field communication (NFC) technology.
- Contactless transfer of information is achieved through wireless technology, also known as radio frequency identification (RFID) or NFC, via a microchip incorporated in the card. Subsequently, the reader reads the information and communicates with relevant servers or databases. The information that is transferred is encrypted securely.
- Contactless readers have been implemented majorly in payment systems and access controlled systems. These contactless readers make the sharing of information easier, faster, and validating it securely.
Rise in Demand for Enhanced Security and Increased Convenience
- The ease of function with faster speed is a major factor driving the demand for contactless readers. The transaction or access is granted with a tap or wave of the card. When the chip comes in proximity of the reader the information is shared automatically. This reduces human effort and enhances security.
- Development in wireless communication is also projected to boost the contactless readers market
- Increase in urbanization and smart technologies, rise in industrial automation, and development of smart cities are also estimated to boost the market for contactless reader.
- Several handset manufacturers are also trying to set NFC into the handsets, which in turn is also anticipated to propel the contactless card readers market.
Asia Pacific to Hold Prominent Share of Global Market
- The market in Asia Pacific is estimated to expand at a notable pace during the forecast period. Extensive digitization in various sectors such as industrial automation, digitization of payments, digitization in government sector and automatic toll booths are estimated to boost the global market share held by the region at a rapid pace.
- Europe and North America held prominent share of the global contactless reader market. Several places are adopting contacts less payments; contactless access is being implemented and advancements in wireless technology such as 5G are projected to propel the demand for contactless readers in these regions.
- South America and Middle East & Africa are also likely to boost their share in the global contactless reader market, as many players are focusing on these regions
Key Players in Contactless Readers Market
Numerous key players operating in the global contactless reader market offering various type of products, software, and implementing innovative ideas.
Key players include:
- Square
- Shopify
- PayAnywhere
- PayPal Here
- Advanced Card Systems
- SumUp
- Honeywell
- Ingenico
- Magtek
- Verifone
Global Contactless Readers Market Scope
Global Contactless Readers Market, by Type
- Fixed Contactless Readers
- Mobile Contactless Readers
Global Contactless Readers Market, by Application
- ATM
- Kiosk
- POS
- Aces Systems
- Other
Global Contactless Readers Market, by Region
- North America
- U.S.
- Canada
- Rest of North America
- Europe
- Germany
- U.K.
- Italy
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
- South America
- Argentina
- Brazil
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Europe
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.
