Contactless Payments Market Is Expected to Reach $27.23 Billion by 2023, Says Allied Market Research
Increase in the use of smartphones, integration of contactless cards with the existing cards, and benefits related to contactless payments such as convenience and feasibility propel the growth of the market.
Portland, OR, April 01, 2020 (GLOBE NEWSWIRE) — According to the report published by Allied Market Research, the global contactless payments market was estimated at $8.75 billion in 2017 and is expected to hit $27.23 billion by 2023, registering a CAGR of 20.8% from 2017 to 2023. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and wavering market trends.
Increase in smartphone penetration, integration of contactless cards with the existing cards, and advantages related to contactless payments such as ease and expediency fuel the growth of the market. On the other hand, security issues regarding technology, and difficulties related to the replacement of POS terminals curtail down the growth. Nevertheless, integration of IoT and contactless payment technology in the emerging economies pave the way for lucrative opportunities in the near future.
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The mobile handsets segment held the dominant share in 2017-
Based on device type, the mobile handsets segment contributed to nearly one-third of the total market revenue in 2017 and is projected to lead the trail by 2023. The smart cards segment, on the other hand, would portray the fastest CAGR of 22.1% till 2023. The other two segments discussed in the market report include point of sale terminals and NFC chips.
The BFSI sector would maintain the lion’s share till 2023-
Based on industry vertical, the BFSI sector accounted for more than one-fifths of the total market share in 2017, and would maintain its top status by the end of 2023. Simultaneously, the government sector would manifest the fastest CAGR of 22.5% throughout the forecast period. The other segments assessed in the report include retail, IT & Telecom, transportation, and hospitality.
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Europe to rule the roost in terms of revenue-
Based on geography, Europe held the major share in 2017, garnering nearly two-fifths of the global market. At the same time, Asia-Pacific would showcase the fastest CAGR of 21.6% from 2017 to 2023. The other regions analyzed in the report include Europe and LAMEA.
Leading players in the industry-
The leading market players analyzed in the contactless payments market report include Verifone Systems, Inc., Ingenico Group, Heartland Payment Systems, Inc., Inside Secure, on Track Innovations, Oberthur Technologies SA, Proxama, Wirecard AG, PLC., Giesecke & Devrient GmbH, and Gemalto N.V. These market players have adopted different strategies including partnership, expansion, collaboration, joint ventures, and others to strengthen their stand in the industry.
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