Contactless Payment Market

6/19/2017 Contactless Payment Market Worth 17.56 Billion USD by 2021 /PR Newswire India/
PUNE, India, May 20, 2016 /PRNewswire/ ­­
According to a new market research report "Contactless Payment Marketby
Solution (Payment Terminal, Mobile Payment, Transaction & Data
Management, Security and Fraud Management), Service (Professional,
Managed), Payment Mode (Mobile Handsets, Smart Cards), Vertical ­ Global
Forecast to 2021", published by MarketsandMarkets, the market size is expected to grow from USD
6.70 Billion in 2016 to USD 17.56 Billion by 2021, at a Compound Annual Growth Rate (CAGR) of
21.2% during the forecast period.
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The major drivers of this market include reduction in queuing and transaction time, increased
convenience in making low value payments, ease of technology integration with existing cards,
increased average transaction value, better customer insights, improved service delivery, and increased
revenue opportunity.
Multi­channel payment and value­added services segment is expected to be the most promising
segments during the forecast period
The Contactless Payment Market has been segmented into solutions, services, payment mode, and
verticals. Mobile handsets as payment mode and healthcare segments are projected to grow at a high
growth rate; hence, will present good market opportunities during the forecast period. Multi­channel
payment and value­added services hold a major share in the contactless payment services segment.
The increasing integration of contactless payment technologies in different industries is considered as
the primary driver influencing the growth of the contactless payment services market.
Mobile handsets payment mode is expected to be the most promising segments during the
forecast period
Contactless smart cards command the major share in the contactless payment modes. However, mobile
handsets are fast picking up as the most preferred mode of payment in the developing countries of the
world as these are more secure and convenient for the customers to make their payments.
Presently, Europe contributes the maximum market share in the ContactlessPayment Market
Europe is expected to hold the largest market share and dominate the Contactless Payment Market in
2016 due to technological advancement and increasing contactless smart card roll­outs in this region.
From 2016 to 2021, APAC is estimated to grow at the highest rate during this forecast period and is
becoming a new hotspot for contactless payment vendors as a revenue generating region. Furthermore,
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6/19/2017 Contactless Payment Market Worth 17.56 Billion USD by 2021 /PR Newswire India/
North America is expected to be another revenue generating market, with solution market as the leading
revenue generating segment. This growth is driven by increasing adoption of cloud­based contactless
technology solutions in the region.
The major vendors covered in the Contactless Payment Market for the study include Gemalto N.V.,
Giesecke & Devrient GmbH, Ingenico Group, VeriFone Systems Inc., Wirecard AG, Heartland Payment
Systems Inc., INSIDE Secure, OTI, Oberthur Technologies SA, and Proxama PLC.
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MarketsandMarkets segments the Contactless Payment Market on the basis of solutions, services,
payment mode, verticals, and region. The scope of the report covers detailed information regarding the
major factors influencing the growth of the Contactless Payment Market such as drivers, restraints,
challenges, and opportunities. A detailed analysis of the key industry players has been done to provide
insights into their business overview, products and services, key strategies, new product launches,
mergers & acquisitions, partnerships, agreements, collaborations, and recent developments associated
with the security analytics market.
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