New York, USA, Aug. 25, 2021 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global contactless payment market is anticipated to generate a significant revenue of $20,340.3 million at a CAGR of 11.2% during the forecast period, 2019-2026.
The inclusive report provides a brief overview of the current scenario of the market including significant aspects of the market such as growth factors, challenges, restraints, and various opportunities during the forecast period. The report also provides all the market figures making it easier and helpful for the new participants to understand the market.
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Dynamics of the Market
Drivers: Contactless transactions are becoming the most popular method of making payment across the world because of their convenience and faster processing. Another big factor behind their popularity is the changing customer behavior such as preference of digital payment with the smartphone apps. Contactless payment also has many benefits such as biometric authentication, virtual card provisioning, cryptography security features, and remote deactivation. These are the major factors enhancing the growth of the market during the forecast period.
Restraint: The main factor restraining the growth of the market is the high cost associated with the deployment of contactless payment technology.
Opportunity: Digital innovations and amazing features instigated in digital transaction platforms are expected to create many opportunities for the market in upcoming years.
Key Segments of the Market
The report has divided the market into different segments based on device type, industry, and regional outlook.
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Device Type: Mobile Handsets Sub-Segment Expected to be the Most Lucrative
The mobile handsets sub-segment is expected to generate a revenue of $5,288.5 million by 2026, surging from $2,175.0 million in 2018. The main reason behind this growth is the seamless options and procedures of the smartphone contactless payment applications.
Industry: BFSI Sub-Segment Expected to be the Most Profitable
The BFSI sub-segment is predicted to generate a revenue of $3,376.5 million during the forecast period. The contactless payment methods have become more secure and enables seamless transaction anytime anywhere. For instance, HCE (Host Card Emulation) is such a breakthrough technology, which enables banks to create their individual mobile wallet. Customers can store their cards on these mobile wallets and perform transactions whenever required. This is the main reason enhancing the growth of the market segment.
Regional Insight: North America Expected to Dominate the Market
North America regional market accounted for a revenue of $3,045.5 million in 2018 and is further predicted to garner a revenue of $6,712.3 million during the analysis period. The rapid urbanization and digitization of banks and other monetary institutes in the region are the factors enhancing the growth of the market during the forecast period.
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Key Market Players & Strategies
The leading players of global contactless payment market include
- VERIMATRIX
- Ingenico Group.
- Paycor, Inc
- On Track Innovations LTD.
- VeriFone, Inc.
- SumUp Inc.
- Castles Technology
- C.Bitel.
- Alcineo
- Infineon Technologies AG among many others.
These players are working on developing strategies such as product development, merger and acquisition, partnerships and collaborations to sustain the market growth.
Recent Development
In October 2020, Castles Technology, one of the top global payment solutions providers which offers services to more than 50 countries around the globe, announced the completion of its acquisition of the business and assets of Spire Payments, the leading European based EFTPOS terminal solutions provider.
With the acquisition of the business and assets of Spire Payments, Castles Technology is looking forward to deliver market-leading payment solutions that simplify and enhance merchants’ businesses, from in-store acceptance services to value-added solutions.
In Addition, the report having some numorus point about the leading Business Manufactures, Like, SWOT analysis, Product Portfolio, Finanical Status - Inquire to Get access for Detailed Top Companies Development Strategy Report
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