Global Contactless Payment Market Research and Forecast, 2019-2025
発行: Orion Market Research Pvt Ltd
Global Contactless Payment Market Size, Share & Trends Analysis Report by Device (Smartphones, Smart Cards, PoS Terminals, and Others), by End-User (Retail, Telecommunication, BFSI, and Others), and Forecasts, 2019 - 2025
Global contactless payment market is estimated to grow with a substantial rate in the forecast period. Contactless payments work on the RFID (Radio Frequency Identification) or NFC technology which helps the transfer of money with the help of technology-enabled devices. Increasing digital transactions, growing cyber threats, positive approach of governments for the digital economy and rapid growth in the fintech sector are some of the major growth drivers for the global contactless payment market. Contactless payment services provide easy and fast transaction services to individuals and organizations. Contactless payments are taking over conventional financial services due to increasing digital infrastructure and raising awareness about digital transactions among people in emerging economies. Increasing demand for the digital economy by the governments is increasing the market value and supporting the market growth across the globe. Market players are seeking collaborative opportunities in these economies in order to gain the consumer base and facilitate government with contactless payment services. On the basis of the type of devices being used, the global contactless payment market is segmented into smartphones, smart cards, and PoS terminals. Global contactless payment market is divided into retail, telecommunication, BFSI, and others on the basis of end-user.
Geographically, the global contactless market is analyzed into various regions including North America, Europe, Asia-Pacific and Rest of the World. North America is dominating the market due to the presence of major market players in the US and Canada. Due to the gradual increase in the demand for digital economies of the Asia-Pacific, the region is estimated to grow at a substantial rate during the forecast period.
Bank of America Inc., Giesecke & Devrient GmbH, Wirecard AG, Verifone Inc., Visa Inc. Gemalto N.V., Thales Group, Mifare Pvt. Ltd. and so forth are some of the major market players in the global contactless payment market. Geographical expansion is one of the key strategies adopted by the market players in the global contactless payment market. Due to increasing potential in the emerging economies, market players are expanding their operational capabilities in these regions with the support of collaborations in the fintech sector. Additionally, market players are considering various anti-fraud technologies to develop the frameworks for contactless payments. Companies are eyeing retail sector due to a huge number of transactions between consumers and retailers.
The market study of the global contactless payment market is incorporated by extensive primary and secondary research conducted by a research team at OMR. Secondary research has been conducted to refine the available data to break down the market in various segments, derive total market size, market forecast, and growth rate. Different approaches have been worked on to derive the market value and market growth rate. Our team collects facts and data related to the market from different geography to provide a better regional outlook. In the report, the country-level analysis is provided by analyzing various regional players, regional tax laws and policies, consumer behavior and macroeconomic factors. Numbers extracted from Secondary research have been authenticated by conducting proper primary research. It includes tracking down key people from the industry and interviewing them to validate the data. This enables our analyst to derive the closest possible figures without any major deviations in the actual number. Our analysts try to contact as many executives, managers, key opinion leaders, and industry experts. Primary research brings the authenticity of our reports.
The report is intended for ICT companies, payment security solution providers, government organizations for overall market analysis and competitive analysis. The report will serve as a source for 360-degree analysis of the market thoroughly integrating different models delivering insights into the market for better business decisions.