New York, USA, Jan. 19, 2022 (GLOBE NEWSWIRE) -- According to the report published by Research Dive, the global contactless payment market is expected to generate a revenue of $20,340.3 million by 2026, growing rapidly 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.
Dynamics of the Contactless Payment Market
Drivers: Rising demand for seamless and faster processing payments is expected to drive the growth of the market. In addition, a significant surge in digitalization and an increase in online shopping across the globe is further expected to bolster the growth of the contactless payment market during the forecast period.
Restraints: Extortionate cost of contactless payment technology is expected to impede the growth of the market during the forecast period.
Opportunities: Persistent technological advancements in payment procedures are expected to create massive opportunities for the growth of the contactless payment market during the forecast period.
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Segments of the Contactless Payment Market
The report has divided the market into various segments based on device type, industry verticals, and region.
Device Type: Mobile Handsets Sub-segment to be Most Profitable
The mobile handsets sub-segment is expected to generate a revenue of $5,288.5 million during the forecast period. Increased standard of living among people, impeccable protection of customer data and seamless contactless transactions are expected to accelerate the growth of the contactless payment market sub-segment during the forecast period.
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Industry Verticals: Retail Sub-segment to be Most Lucrative
The retail sub-segment of the global contactless payment market is expected to garner a revenue of $4,088.4 million during the forecast period. Significant increase in online shopping among people, rising urbanization and technological advancements in e-commerce platforms are expected to bolster the growth of the sub-segment during the forecast period.
Region: North America Region to Dominate the Global Market
The North American region is expected to generate a revenue of $6,712.3 million during the forecast period. Growing acceptance of technologically advanced payments through NFC and QR/ barcode in this region is expected to drive the growth of the market. In addition, an extensive smartphone user base in this region is further expected to accelerate the growth of the regional contactless payments market during the forecast period.
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Key Players of the Contactless Payment Market
The major players of the contactless payment market include
- Paycor, Inc
- On Track Innovations LTD.
- Infineon Technologies AG
- Castles Technology
- SumUp Inc.
- Alcineo
- C.Bitel
- Ingenico Group
- VERIMATRIX
- VeriFone, Inc., and many more.
These players are working on developing strategies such as product development, merger and acquisition, partnerships and collaborations to sustain the market growth. - Inquire to Get access for Detailed Top Companies Development Strategy Report
For instance, in September 2021, Market Pay, the European and omnichannel payment platform that creates and operates end-to-end payment solutions, acquired Dejamobile, a French FinTech leader in mobile and connected equipment payment solutions, in order to integrate a leading mobile transaction technology offering with substantial adoption potential to further strengthen Market Pay’s international footprint in the payments industry.
The report also summarizes many important aspects including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments.
Read More about Contactless Payment Market:
- 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?
