Increasing adoption of contactless payment systems by people across the world owing to their various benefits is propelling the global contactless payment market growth. The North America market is foreseen to lead the market in the 2019 to 2026 timeframe.
The global contactless payment market is expected to garner $20,340.3 million by 2026, at a CAGR of 11.2% from 2019 to 2026. The report offers all-inclusive insights into the present condition and future scope of the industry by deeply examining market drivers and restraints, opportunities, major segments, and regions.
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Key Segment Findings of the Market:
The market is segmented on the basis of device type, industry verticals, and region.
Among the device type segment, the mobile handsets sub-segment is anticipated to dominate the market by garnering $5,288.5 million during the forecast period. This growth is chiefly owing to enhanced speed of contactless transactions, widely growing disposable incomes, and rising availability of loyalty schemes for prospective consumers.Among industry verticals segment, the retail sub-segment is projected to lead the market and surpass $4,088.4 million by 2026. This growth is chiefly because of the growing urbanization, rising revenues of people, promising government schemes, and surging technological advancements in the retail sector.Among region, the North America region is anticipated to hold maximum share of the market by gathering a revenue of $6,712.3 million during the forecast period. This is chiefly owing to the growing strategic collaborations, adoption of advanced mobile payment methods, growing acceptance for NFC and QR/ barcode, and increasing use of smartphones in this region.Market Dynamics
The key factor boosting the growth of the global contactless payment market is the benefits of contactless payment such as easy and quicker processing, particularly for an urban lifestyle. In addition, growing digitalization and rising consumer preference for advanced payment processes are estimated to create massive growth opportunities for the market growth in the projected period. However, high costs involved in the deployment of contactless payment systems is expected to hinder the market growth during the forecast period.
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Top Players of the Industry
The major players of the global contactless payment industry are
1.VERIMATRIX,
2.VeriFone, Inc.,
3.Ingenico Group.,
4.Paycor, Inc,
5.Infineon Technologies AG,
6.On Track Innovations LTD.,
7.SumUp Inc.,
8.Alcineo,
9.C.Bitel,
10.Castles Technology,
and others. Numerous business strategies, such as acquisitions, mergers, R&D activities, new product developments, and much more, are implemented by these players to attain a strong position in the global market. For example, in September 2020, the State Bank of India (SBI), a largest public sector lender of India, and Titan, an Indian luxury products company, joined hands to launch contactless payment watch, called Titan Pay.
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In addition, the report offers other key details of leading players such as business tactics, financial performance, and product/service range of these players along with Porter’s five forces analysis and SWOT analysis.
About Research Dive
Research Dive is a market research firm based in Pune, India. Maintaining the integrity and authenticity of the services, the firm provides the services that are solely based on its exclusive data model, compelled by the 360-degree research methodology, which guarantees comprehensive and accurate analysis. With an unprecedented access to several paid data resources, team of expert researchers, and strict work ethic, the firm offers insights that are extremely precise and reliable. Scrutinizing relevant news releases, government publications, decades of trade data, and technical & white papers, Research dive deliver the required services to its clients well within the required timeframe. Its expertise is focused on examining niche markets, targeting its major driving factors, and spotting threatening hindrances. Complementarily, it also has a seamless collaboration with the major industry aficionado that further offers its research an edge.
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