According to TechSci Research
report, “Global Contactless Payment Market By Device Type, By Component, By Solution, By End
User, By Region, Competition Forecast and
Opportunities, 2012-2022”, the global contactless payment market
is projected to register a CAGR of over 24% during 2017 - 2022. Growth in the
market is led by rising number of government initiatives for promoting digital payments
coupled with continuously increasing penetration of internet and smartphones,
globally. Moreover, contactless payments offer more security in transactions
and also reduce the time for making payments, which is further driving the
global contactless payments market. In addition, banks are also playing a
pivotal role in leveraging contactless payment solutions as they are now increasingly
distributing credit/debit cards with the contactless feature, especially in the
Europe, Canada and Australia. For instance, in Europe, it is becoming a mandate
that every point of sale terminal is contactless payment enabled, and by 2020,
every POS in majority of European countries is expected have contactless
payment feature. Furthermore, growing millennial population using smartphones
with NFC capability is also positively impacting the global contactless
payments market.
Browse 108 market data Tables and 84 Figures spread through 227 Pages and an in-depth TOC on "Global
Contactless Payment Market"
Among all
the solution segments of contactless payments, payment terminal solution held
the largest market share in 2016, and the segment is expected to maintain its
dominance through the forecast period. The dominance of this segment can be
attributed to their requirement in accepting any sort of contactless payments, either
through contactless cards or smartphones. However, security & fraud
management solution segment is expected to grow at the fastest CAGR during the forecast
period due to growing number of security concerns.
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Among
the end use segments, retail sector dominated the market with increasing
implementation of contactless payment solutions due to large customer base and a
huge volume of payment transactions to be handled on a daily basis. Among regions, Europe leads the contactless
payments market across the globe, followed by North America and Asia-Pacific. “Growing
adoption of contactless payments solutions and services across various sectors
is expected to grow immensely owing to its large benefits in terms of security,
efficiency, convenience and time. Moreover, growing awareness among people
about the contactless payment solutions would further steer the growth in
contactless payment market across the globe in the coming years.” said Mr.
Karan Chechi, Research Director with TechSci Research, a research based global
management consulting firm.
“Global Contactless Payment Market By Device Type, By Component, By Solution, By End
User, By Region, Competition Forecast and Opportunities, 2012-2022” has
evaluated the future growth potential of global contactless payments market and
provides statistics and information on market structure, size, share and future
growth of global contactless payments. The report is intended to provide
cutting-edge market intelligence and help decision makers to take sound
investment decision. Besides, the report also identifies and analyzes the
emerging trends along with essential drivers, challenges and opportunities present
in the global contactless payment market.
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