Demand of Contactless Payment Market Is Rising Due to COVID -19 Pandemicby Jason Lee Marketing Manager
The market research report, from Fast.MR, studies the “Contactless Payment Market” for the forecast period of 2020 to 2025 in terms of value. The market research report will represent the analysis of all the segments, which will include the market size, Y-O-Y growth analysis and structure of the overall industry.
The global contactless payment market is expected to grow at a compound annual growth rate (CAGR) of 19.5% from 2020 to 2025. In terms of value, global market is expected to reach USD 51.4 Billion by 2025 from USD 21.1 Billion in 2019.
The market research report determines the market dynamics, which includes growth drivers, barriers, opportunities, and trends leading the current nature and future status of this market. In addition to this, Porter’s Five Forces analysis demonstrates the five forces which include buyers bargaining power, suppliers bargaining power, the threat of new entrants, the threat of substitutes, and degree of competition in the global market. Further, the report offers recent industry activities and value chain analysis for the global contactless payment market.
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People are focusing on the advanced technologies and innovative development in the mobile payment industry owing to the increasing awareness about the contactless payment market. Even the government in the developing economies are also taking initiatives to promote the benefits of contactless payment methods, which in turn is expected to positively impact the growth of the global market in the upcoming years. In addition to this, rising cases of COVID-19 across the globe has shifted the focus of people towards contactless payment methods, which is further expected to provide immense growth opportunities for the market to grow over the forecast period.
The global contactless payment market is segmented on the basis of payment mode, solution, technology and industry vertical. In the payment mode segment, the market is segmented into mobile handsets, smartcards and others, out of which, smartcards segment is estimated to capture significant CAGR (Compound Annual Growth Rate) over the forecast period, i.e., 2020-2025. Also, the mobile handsets segment is projected to register a higher market share in the global market over the upcoming years.
Based on solution, the market is segregated into contactless mobile payment, transaction management, payment terminal, device management, hosted point of sale and others, out of which, contactless mobile payment segment is anticipated to reach a considerable value by the end of 2025.
On the basis of technology, the market is divided into radio-frequency identification (RFID), host card emulation (HCE), near-field communication (NFC) and others, out of which, radio-frequency identification (RFID) segment is expected to register a higher revenue share in the global market. In addition, by industry vertical the market is segmented into banking, financial services and insurance (BFSI), IT & telecom, hospitality, retail, government, transportation and others.
In terms of geography, the global contactless payment market is segregated into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Further, the market is divided on the basis of countries into
- North America (U.S. and Canada)
- Europe (Germany, United Kingdom, France, Italy, Spain, Russia and Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Indonesia, Taiwan, Australia, New Zealand and Rest of Asia Pacific)
- Latin America (Brazil, Mexico and Rest of Latin America)
- Middle East & Africa (GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa and Rest of Middle East & Africa)
The report includes profiles of leading companies in the global contactless payment market. Some of the key players profiled include:
Infineon Technologies AG
VeriFone Holdings, Inc.
On Track Innovations
Other Major & Niche Players
Timeline Considered for Analysis:
- 2019 – Base Year
- 2020 – Estimated Year
- 2020 to 2025 – Forecast Year
Key Insights Covered in the Report:
- In-depth impact analysis of COVID-19 pandemic on the global contactless payment market
- Information about each region & countries will be listed, to identify the issues caused by the COVID-19 pandemic on the industry
- Detailed assessment of the overall market and estimations about market growth at the global, regional, and country levels
- Market sizing and Y-o-Y growth rate projection of different segments and sub-segments of the market
- Market dynamics including growth factors, challenges, industry trends and opportunities for upcoming and emerging players in the market
- Discussing the strategies adopted by the key & prominent players in order to improve their sales and standing in the market
- Providing comprehensive analysis of the market shares and market positions of the established players in the global contactless payment market
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Created on Jun 10th 2020 14:55. Viewed 120 times.
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