Contactless Payment Market worth 17.56 Billion USD by 2021
The contactless payment market is broadly classified by vertical into government, BFSI, telecommunication and IT, energy & utilities, transportation & logistics, healthcare, hospitality, and retail. Healthcare, telecommunication and IT, and hospitality are the fastest-growing verticals in the market.
The contactless payment market is broadly classified by vertical into government, BFSI, telecommunication and IT, energy & utilities, transportation & logistics, healthcare, hospitality, and retail. Healthcare, telecommunication and IT, and hospitality are the fastest-growing verticals in the market.
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<strong>Contactless</strong> <strong>Payment</strong> <strong>Market</strong> Worth<br />
<strong>17.56</strong> <strong>Billion</strong> <strong>USD</strong> <strong>by</strong> <strong>2021</strong><br />
May 20, 2016, 10:30 ET from <strong>Market</strong>sand<strong>Market</strong>s<br />
PUNE, India, May 20, 2016 /PRNewswire/ --<br />
According to a new market research report "<strong>Contactless</strong> <strong>Payment</strong> <strong>Market</strong> <strong>by</strong> Solution<br />
(<strong>Payment</strong> Terminal, Mobile <strong>Payment</strong>, Transaction & Data Management, Security and<br />
Fraud Management), Service (Professional, Managed), <strong>Payment</strong> Mode (Mobile Handsets,<br />
Smart Cards), Vertical - Global Forecast to <strong>2021</strong>", published <strong>by</strong> <strong>Market</strong>sand<strong>Market</strong>s, the<br />
market size is expected to grow from <strong>USD</strong> 6.70 <strong>Billion</strong> in 2016 to <strong>USD</strong> <strong>17.56</strong> <strong>Billion</strong> <strong>by</strong> <strong>2021</strong>,<br />
at a Compound Annual Growth Rate (CAGR) of 21.2% during the forecast period.<br />
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Browse 69 market data Tables with 48 Figures spread through 153 Pages and in-depth<br />
TOC on "<strong>Contactless</strong> <strong>Payment</strong> <strong>Market</strong>"<br />
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The major drivers of this market include reduction in queuing and transaction time,<br />
increased convenience in making low value payments, ease of technology integration with<br />
existing cards, increased average transaction value, better customer insights, improved<br />
service delivery, and increased revenue opportunity.<br />
Multi-channel payment and value-added services segment is expected to be the most<br />
promising segments during the forecast period<br />
The <strong>Contactless</strong> <strong>Payment</strong> <strong>Market</strong> has been segmented into solutions, services, payment<br />
mode, and verticals. Mobile handsets as payment mode and healthcare segments are<br />
projected to grow at a high growth rate; hence, will present good market opportunities<br />
during the forecast period. Multi-channel payment and value-added services hold a major<br />
share in the contactless payment services segment. The increasing integration of<br />
contactless payment technologies in different industries is considered as the primary driver<br />
in uencing the growth of the contactless payment services market.<br />
Mobile handsets payment mode is expected to be the most promising segments during<br />
the forecast period
<strong>Contactless</strong> smart cards command the major share in the contactless payment modes.<br />
However, mobile handsets are fast picking up as the most preferred mode of payment in<br />
the developing countries of the world as these are more secure and convenient for the<br />
customers to make their payments.<br />
Presently, Europe contributes the maximum market share in the <strong>Contactless</strong> <strong>Payment</strong><br />
<strong>Market</strong><br />
Europe is expected to hold the largest market share and dominate the <strong>Contactless</strong><br />
<strong>Payment</strong> <strong>Market</strong> in 2016 due to technological advancement and increasing contactless<br />
smart card roll-outs in this region. From 2016 to <strong>2021</strong>, APAC is estimated to grow at the<br />
highest rate during this forecast period and is becoming a new hotspot for contactless<br />
payment vendors as a revenue generating region. Furthermore, North America is expected<br />
to be another revenue generating market, with solution market as the leading revenue<br />
generating segment. This growth is driven <strong>by</strong> increasing adoption of cloud-based<br />
contactless technology solutions in the region.<br />
The major vendors covered in the <strong>Contactless</strong> <strong>Payment</strong> <strong>Market</strong> for the study include<br />
Gemalto N.V., Giesecke & Devrient GmbH, Ingenico Group, VeriFone Systems Inc., Wirecard<br />
AG, Heartland <strong>Payment</strong> Systems Inc., INSIDE Secure, OTI, Oberthur Technologies SA, and<br />
Proxama PLC.<br />
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<strong>Market</strong>sand<strong>Market</strong>s segments the <strong>Contactless</strong> <strong>Payment</strong> <strong>Market</strong> on the basis of solutions,<br />
services, payment mode, verticals, and region. The scope of the report covers detailed<br />
information regarding the major factors in uencing the growth of the <strong>Contactless</strong><br />
<strong>Payment</strong> <strong>Market</strong> such as drivers, restraints, challenges, and opportunities. A detailed<br />
analysis of the key industry players has been done to provide insights into their business<br />
overview, products and services, key strategies, new product launches, mergers &<br />
acquisitions, partnerships, agreements, collaborations, and recent developments associated<br />
with the security analytics market.<br />
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