Published Date : Nov 14, 2017
Albany, New York, November 14, 2017: MarketResearchReports.biz has recently announced the addition of a detailed market research report examining the global contactless payment transaction market to its vast assortment of market research reports. The report, titled “Contactless Payment Transaction Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 – 2025,” predicts that the market will expand at a promising rate of growth over the period between 2017 and 2025.
The report states that the market will exhibit an exponential 55.5% CAGR from 2017 to 2025, rising to a revenue opportunity of US$801.44 bn by 2025. The strong growth prospects of the market are chiefly attributed to the rising consumer demand for speedy transactions, especially in the fields of transportation and retail, which is underpinned by the vast and steadily rising consumer base of smartphones. On the other hand, the high cost of installation of the necessary machines to enable contactless payments could prove to be a hindrance to the market, affecting its growth prospects to a certain extent, especially in developing and cost-sensitive regional markets.
The report segments the global contactless payment transaction market on the basis of criteria such as mode of payment, end-use, and geography. On the basis of mode of payment, the global contactless payment transaction market has been segmented into contactless card (NFC/RFID), contactless mobile payment, and wearable devices. Of these, the segment of contactless card is presently the leading contributor of revenue to the global market and is expected to remain the most popular mode of contactless payment transactions in the next few years. The segment of wearable devices, comprising products such as smart bands and smart watches, is also expected to garner much popularity in the near future as the consumer base of these devices expands and consumers become more confident about their usage.
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On the basis of the key end-use industries of contactless payment transaction, the global market has been analyzed for transport, hospitality, transport, retail, media and entertainment, and healthcare. Of these, the retail sector is presently considered the most promising end-use segment and is expected to contribute the leading share of revenue to global market in the next few years.
From a geographical standpoint, the report examines the contactless payment transaction market across regions such as North America, Asia Pacific, Europe, South America, and Middle East & Africa (MEA). These regions have been analyzed in terms of revenue generation and growth opportunities over the report’s forecast period. The market in Europe is expected to register the most promising rate of growth over the report’s forecast period owing to the rapid rate of adoption of NFC-enabled devices and wearable devices.
The report states that the vendor landscape of the global contactless payment transaction market features stiff competition as the market has a large number of large and small service providers. As the market has very few and lenient entry barriers, the number of service providers is also rapidly rising, making competition further harsh on a global front. In the recent years, the market has witnessed the entry of a number of card companies, banks, payment companies, and private and investment banks, further making the vendor landscape fragmented and intensely competitive.
The report provides a detailed overview of the competitive landscape, profiling some of the leading companies operating in the market. Leading companies in the global contactless payment transaction market profiled in the report are Ingenico Group, Samsung Electronics Ltd., Heartland Payment Systems Inc., Wirecard AG, Giesecke & Devrient GmbH, Verifone Systems Inc., On Track Innovations Ltd., Barclays, Gemalto N.V., Inside Secure, and Apple Inc.
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