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Contactless Payment Transaction Market By Mode Of Payment (Wearable Devices, Contactless Mobile Payment, Contactless Card), By End-Use (Transport, Media & Entertainment, Hospitality, Healthcare, Retail, Others) - Growth, Future Prospects And Competitive Analysis, 2019 - 2027

Rising Internet Penetration Worldwide to give Boost to the Contactless Payment Transaction Market.

The contactless payment transaction market worldwide is expected to grow with a CAGR of 43.7% during the forecast period from 2019 to 2027, starting from US$ 14.8 Bn in 2018. The rising adoption of cashless transactions and growing internet penetration will drive the contactless payment transaction market worldwide. Introducing new technologies such as NFC or RFID for safe and secure payments is one of the key factors for the market growth. In addition, the increasing adoption of intelligent devices, including smartwatches, tablets, smartphones, and others, is one of the important factors for market growth. Therefore, the market will show huge growth throughout the forecast period.

Market Synopsis

Retail Industry to Continue Leading the Market

The contactless payment transaction market by end-use was dominated by the retail segment in 2018. The retail segment garnered around 1/3rd market share in the same year. The rising retail industry worldwide is one of the major factors for the segment's dominance. The global retail industry will grow at a CAGR of nearly 5.5% in future years. The need for safe, secure, swift and easy access to payment in the industry is one of the major factors for the segment growth. In addition, the rising e-commerce industry worldwide will also boost segment growth in the years to come. Subsequently, we expect the retail segment to continue its majority stake in the contact payment transaction market.

The Asia Pacific to be the Fastest Growing Region

In 2018, North America and Europe led the contactless payment transaction market, with a combined share of around 68% of the total revenue worldwide. North America and Europe are dominant owing to the highest internet penetration and early technological adoption, especially in digital payment. In addition, the growing adoption of intelligent devices in these regions is another factor for their dominance. On the other flip of the coin, Asia Pacific will show the fastest growth owing to rising internet penetration, growing disposable income, and increased government investments in digitization. As a result, the region will show the fastest growth during the forecast period.

Some prominent players operating in the contactless payment transaction market are Gemalto N.V., Group, Apple Inc., Giesecke & Devrient GmbH, Heartland Payment Systems, Inc., Ingenico Group, Inside Secure, On Track Innovations Ltd., Samsung Electronics Ltd., Verifone Systems, Inc. among others.

Historical & Forecast Period

This research report presents the analysis of each segment from 2017 to 2027, considering 2018 as the base year for the research. In addition, compounded Annual Growth Rate (CAGR) for each respective segment was calculated for the forecast period from 2019 to 2027.

Report Scope by Segments

The contactless payment transaction market report provides market size and estimates based on market dynamics and key trends observed in the industry. In addition, the report provides a holistic view of the global contactless payment transaction market based on the mode of payment, end-use, and geography.

Frequently Asked Questions

The market for Contactless Payment Transaction is expected to reach US$ 14.8 Bn in 2028.

The Contactless Payment Transaction market is expected to see significant CAGR growth over the coming years, at 43.7%.

The report is forecasted from 2019-2027.

The base year of this report is 2021.

Gemalto N.V., Group, Apple Inc., Giesecke & Devrient GmbH, Heartland Payment Systems, Inc., Ingenico Group, Inside Secure, On Track Innovations Ltd., Samsung Electronics Ltd. are some of the major players in the global market.

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Executive Summary - Brief Global Market Size - Current & Forecast
Regional Market Size - North America
Country Market Size - US
Company Profile – 1
Trusted By
Godaddy
Published Date:  Dec 2019
Category:  Technology & Media
Report ID:   60104
Report Format:   PDF
Pages:   120
Rating:    4.2 (49)
Delivery Time: 24 Hours to 48 Hours   
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