Global Contactless Payment Transactions Market to Register an Impressive CAGR of 55.5% over 2017-2025

Published Date : Aug 06, 2018

Albany, New York, Aug 6, 2018: A detailed market research report featuring a detailed overview of the growth prospects and the competitive dynamics of the global contactless payment transaction market has been recently added to the vast research report portfolio of The report, titled “Contactless Payment Transaction Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017–2025,” states that the market will register an impressive 55.5% CAGR over the period between 2017 and 2025.

It is estimated that the global contactless payment transaction market, in terms of number of payments, will rise to 801.44 bn by 2025. Growing use of contactless cards and contactless payment, especially in the retail industry and significant demand for contactless payment devices and cards from industries including hospitality, transport, media and entertainment, and healthcare are the key factors driving the market, in terms of number of payment as well as payment value.

The market has been segmented in the report based on criteria such as mode of payment, end-use industry, and geography. Based on mode of payment, the market has been examined for wearable devices, contactless cards, and contactless mobile payment. Based on end-use, the market has been examined for industries such as hospitality, media and entertainment, transport, retail, and healthcare.

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In 2016, of the mode of payment segments, the majority revenue share in the global contactless payment transaction market was held by contactless card (NFC/RFID). In terms of end-use industry, the retail segment is expected to not only contribute the dominant revenue share to the global contactless payment transaction market but also expand at a significant pace during the forecast period, owing chiefly to the intensified demand for contactless payment card and device in the retail sector.

By geography, the market for contactless payment transactions has been analyzed for regional markets across Asia Pacific, North America, Europe, Middle East and Africa (MEA), and South America. Presently, the market in Europe is showcasing promising growth prospects and is anticipated to witness relatively fast growth in terms of the number of contactless payments over the forecast period owing to the increasing adoption of NFC-based smart wearable devices along with the rising use of contactless cards.

The market in Asia Pacific is anticipated to witness relatively fast adoption of NFC-based contactless devices and wearable with the launch of apps such as Samsung Pay. Thus the growth rate of the regional market is high as compared to other regional markets. In the region, retail/e-commerce, transportation, and hospitality industries are projected to contribute a large share of revenue backed by growth in countries such as Australia, Japan and China.

Some of the leading companies in the market profiled in the report are Giesecke & Devrient GmbH, Apple Inc., Heartland Payment Systems, Inc., Barclays, Samsung Electronics Ltd., On Track Innovations LTD, Gemalto N.V., Verifone Systems, Inc., Ingenico Group, Inside Secure, and Wirecard AG.

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