Demand of Contactless Payment Market Is Rising Due to COVID -19 Pandemic

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.

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

Gemalto

Wirecard AG

Giesecke+Devrient

IDEMIA

VeriFone Holdings, Inc.

Setomatic Systems

Identiv

On Track Innovations

Bitel

Other Major & Niche Players

Timeline Considered for Analysis:

- 2019 – Base Year

- 2020 – Estimated Year

- 2020 to 2025 – Forecast Year

FAST.MR is a global market research and business-consulting organization that aims to provide a deep market insight to our clients, which helps them in better decision making in the dynamic environment. We have a team of highly qualified personnel that studies the market in depth to provide our clients with better strategies to stand out in the market.

Our report covers current market status, opportunities available in the market, growth plans, and emerging trends in order to cater to the evolving needs of the customers. We help businesses around the globe with operational improvements, technologies, emerging market trends which in-depth boost the company’s growth in the future. The reports prepared by us are customized according to the client’s needs. We inculcate high morale and ethics while preparing our report which helps in building long term relationships with our clients.

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