New York, USA, Oct. 14, 2020 (GLOBE NEWSWIRE) -- According to a latest report published by Research Dive, the Contactless Payment Market is anticipated to surpass the $20,340.3 million mark by 2026, from a considerable market size of 8,700.0 million by 2018 with a healthy growth rate of 11.2%. The report touches upon the present situation and the future growth of the market. The report is prepared by the experts after analyzing all the noteworthy factors that are impacting the growth of the market. The report consists of:
• It covers basic features of the market with its definition, advantages, and application fields.
• Comprehensive understandings of the market conditions, growth rate, dynamics, statistics, revenues, market shares, and future predictions.
• Crucial market segments, drivers, limitations, and investment opportunities.
• Current state of the global and regional market from the viewpoint of companies, countries, and industries.
• Insights on the leading market players, current market trends and advances, Porter’s five force analysis, and verified business strategies.
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Factors Impacting the Market Growth:
The demand for contactless payment is rising due to digitization, rise in smartphone usages, and innovative methods of payment. Moreover, contactless payment is convenient, faster, ensures security, and ideal for an urban lifestyle. Apart from this, cryptography, biometric features, remote deactivation system, and provisions for virtual cards are estimated to augment the demand. These all features are the driving factors of the market.
However, higher cost of deployment of contactless payment and the risk of losing the card are major hindrances of the market growth.
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Furthermore, versatile innovations in the digital economy will open up several opportunities in the market.
Segment Analysis:
The report divides the market into segments based on device type, industry verticals, and regional analysis.
Based on device type, the market is categorized into:
• NFC chips
• Mobile handsets
• Smart cards
• Point of sale terminals
Out of the above, the mobile handset sub-segment is anticipated to garner a revenue of $5,288.5 by 2026 from a notable market size of $2,175.0 million in the year 2018. Protection of customer data, enhanced speed, additional transaction methods, and personalized experiences are the main reasons that will fuel the market growth.
Based on industrial vertical, the market is divided into:
• Government
• Transportation
• Retail
• IT and telecom
• Hospitality
• BFSI
From the above, the retail sub-segment is projected to harbor substantial revenue of $4,088.4 million in the forecast period. The rise in income levels, urbanization, positive government policies, and technological advancements take the market forward. These all aspects are responsible for the market growth.
Regional Analysis:
The report bifurcate the globe into four distinct regions which are as follows:
• North America
• Europe
• Asia Pacific
• LAMEA
Amongst the regions, the North America will dominate the market due to increase in strategic collaborations, partnerships, and tie ups with the key companies of the market. This region is expected to generate significant revenue of $6,712.3 million in the forecast period from a noteworthy market size of $3,045.5 million.
Market Players and Business Strategies:
Some of the prominent and well-known key market players on the contactless payment sector are as follows:
1. Ingenico Group
2. Paycor Inc.
3. VERIMATRIX
4. On Track Innovations LTD.
5. VeriFone Inc.
6. SumUp Inc.
7. Castles Technology
8. C.Bitel
9. Infineon Technologies AG
10. Alcineo
Contactless payment global leaders are accentuating on strategic coalitions, partnerships, and advanced developments of products. These are some of the strategies that are followed by established organizations.
Apart from this, the report also comprises of various faucets of all the prominent market players. Moreover, some other important aspects like financial performance, product portfolio, recent developments, strategic moves, and SWOT (strengths, weakness, opportunities, and threats) scrutiny are also covered in the report. Click Here To Get Absolute Top Companies Development Strategies Summary Report