Dublin – The global contactless payment market size reached US$ 12.1 Billion in 2021. Looking forward, the publisher expects the market to reach US$ 24.5 Billion by 2027, exhibiting a CAGR of 12.48% during 2021-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use industries. These insights are included in the report as a major market contributor.

Global Contactless Payment Market Trends and Drivers:

Rapid digitization of the banking, financial services and insurance (BFSI) industry across the globe represents one of the key factors driving the growth of the market. Furthermore, increasing consumer awareness regarding the convenience offered by contactless payment tools and the rising demand for minimized queue time and faster checkouts at banks, are also driving the market growth. In line with this, the onset of coronavirus (COVID-19) pandemic has also enhanced the demand for contactless payment solutions that require minimal physical interactions, is also contributing to the market growth.

Additionally, various technological advancements, such as the development of biometric-based contactless smart cards and novel RFID tags, are acting as other growth-inducing factors. These technologies are widely adopted by small merchants and service providers to conduct cashless transactions by using their smartphones. Other factors, including the widespread adoption of blockchain and 5G technologies, along with significant improvements in the networking infrastructure, especially in developing economies, are anticipated to drive the market further.

Report Attribute Details
No. of Pages 147
Forecast Period 2021 – 2027
Estimated Market Value (Billion) in 2021 Billion12.1 Billion
Forecasted Market Value (Billion) by 2027 Billion24.5 Billion
Compound Annual Growth Rate 12.4%
Regions Covered Global

Key Market Segmentation:

The publisher provides an analysis of the key trends in each sub-segment of the global contactless payment market report, along with forecasts at the global, regional and country level from 2022-2027. Our report has categorized the market based on technology, device, solution and application.

Breakup by Technology:

  • Near Field Communication (NFC)
  • Radio Frequency Identification (RFID)
  • Infrared (IR)
  • Others

Breakup by Device:

  • Smartphones and Wearables
  • Point-of-Sale Terminals
  • Smart Cards

Breakup by Solution:

  • Payment Terminal Solution
  • Transaction Management
  • Security and Fraud Management
  • Hosted Point-of-Sales
  • Payment Analytics

Breakup by Application:

  • BFSI
  • Retail
  • Transportation
  • Healthcare
  • Others

Breakup by Region:
North America

  • United States
  • Canada

Asia-Pacific

  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others

Europe

  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Russia
  • Others

Latin America

  • Brazil
  • Mexico
  • Others
  • Middle East and Africa

Key Questions Answered in This Report:

  • How has the global contactless payment market performed so far and how will it perform in the coming years?
  • What has been the impact of COVID-19 on the global contactless payment market?
  • What are the key regional markets?
  • What is the breakup of the market based on the technology?
  • What is the breakup of the market based on the device?
  • What is the breakup of the market based on the solution?
  • What is the breakup of the market based on the application?
  • What are the various stages in the value chain of the industry?
  • What are the key driving factors and challenges in the industry?
  • What is the structure of the global contactless payment market and who are the key players?
  • What is the degree of competition in the industry?

Key Topics Covered:

1 Preface
2 Scope and Methodology
3 Executive Summary
4 Introduction
5 Global Contactless Payment Market
6 Market Breakup by Technology
7 Market Breakup by Device
8 Market Breakup by Solution
9 Market Breakup by Application
10 Market Breakup by Region
11 SWOT Analysis
12 Value Chain Analysis
13 Porters Five Forces Analysis
14 Price Analysis
15 Competitive Landscape

Companies Mentioned

  • Giesecke & Devrient GmbH
  • Heartland Payment Systems (Global Payments Inc.)
  • IDEMIA (Advent International)
  • Ingenico Group (Worldline S.A.)
  • On Track Innovations Ltd.
  • Pax Technology
  • Setomatic Systems
  • Thales Group
  • Valitor
  • Verifone Systems Inc. (Francisco Partners)
  • Visa Inc.

Source: ResearchAndMarkets.com