New York, USA, Nov. 17, 2021 (GLOBE NEWSWIRE) -- A new report on the global contactless payment market has been added by Research Dive to its repository. According to the report, the global market is expected to hit $20,340.3 million by 2026, rising at a CAGR of 11.2% from 2019 to 2026. This report in an in-depth study offering meticulous insights into the present situation and future scope of the global industry. The report is drafted by expert market analysts and assures to be a reliable source of data and comprehensive market insights for new market players, investors, prevalent players, stakeholders, shareholders, etc.
Factors Impacting the Market Growth:
Growing adoption of contactless payment options owing to their convenience and faster processing, and rising digitalization worldwide are the main factors boosting the growth of the global market. Additionally, the increasing developments in digital economy services is anticipated to bring in lucrative growth opportunities for the market in the forecast period. However, huge investments involved in the deployment of contactless payment systems is projected to hamper the growth of the market.
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The report segments the global contactless payment market into device type, industry verticals, and region.
Mobile Handsets Sub-Segment to be at the Leading Position
The mobile handsets sub-segment of the device type segment is expected to dominate the market by surpassing $5,288.5 million in the estimated timeframe. This growth is primarily owed to the growing use of mobile handsets to perform contactless payments due to their easy handling.
BFSI (banking, financial services, and insurance) Sub-Segment to Dominate the Market
The BFSI (banking, financial services, and insurance) sub-segment of the industry verticals segment is projected to lead the market and hit $3,376.5 million in the projected timeframe. This growth is primarily because of the rise in the usage of contactless cards as well as advanced and secure technology platforms to carry out payments.
North America Region to Hold a Foremost Market Position
The report evaluates the global contactless payment market across numerous regions including Asia Pacific, North America, Europe, and LAMEA. Among these, the North America region market is projected to grow significantly and garner $6,712.3 million in the estimated timeframe. The growth of this region market is mainly owing to the rising demand for technically advanced mobile payments, rising demand for smartphones, and growing acceptance for NFC and QR/ barcode in this region.
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Major Players of the Market
Some of the prime players functioning in the global contactless payment market are
- Ingenico Group.
- VERIMATRIX
- VeriFone, Inc.
- Paycor, Inc
- On Track Innovations LTD.
- Castles Technology
- SumUp Inc.
- Alcineo
- Infineon Technologies AG, and others.
The report also offers several industry-top tactics and approaches such as top strategic moves & developments, product/service range, business performance, Porter five forces analysis, and SWOT analysis of the foremost players, functioning in the global industry. For instance, in September 2020, Titan, the leading and most trustworthy watch brand in India, launched first contactless payment watche, known as Titan Pay, in partnership with India’s major lender, the State Bank of India (SBI).
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
Related Article Link:
- Recent Developments in the Industry to Help Global Contactless Payment Market to Witness Impressive Growth by 2026
- How Contactless Payment is Gaining Popularity and Why is it Important to Implement in Covid-19 Pandemic?
