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Contactless Payment Market by Device Type (Smartphones & Wearables, Smart Cards and Point-of-sale (POS) Terminals), Application (Food & Groceries, Pharmacy & Drug Stores, Restaurants & Bars, Consumer Electronics, Media & Entertainment and Others): Global Opportunity Analysis and Industry Forecast, 2020-2027 , a latest intelligence report added by Report Ocean, predicts the industry’s performance for the upcoming years to help stakeholders in making the right decisions that can potentially garner strong returns. Further, the document provides comprehensive analysis of the key industry trends as well as the opportunities that will ensure an upward growth trajectory in the coming years. It also focuses on developing strategies for challenges faced by the industry. Moreover, an exhaustive discussion of the latest updates including the impact of COVID-19 pandemic is furnished in the study. Getcomplete Report (Including Full TOC, 100+ Tables & Figures, and Chart). – In-depth Analysis Pre & Post COVID-19 Market Outbreak Impact Analysis & Situation by Region

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Contactless Payment Market by Device Type, and Application: Opportunity Analysis and Industry Forecast, 2020-2027,” The global contactless payment industry size was valued at $1,168 billion in 2019, and is projected to reach $5,424 billion by 2027, growing at a CAGR of 20.6% from 2020 to 2027.

Contactless payment systems comprise of several devices such as credit & debit cards, smartphones, smart cards, key fobs, and others. Unlike mobile payments that are done through the internet, contactless payments are carried out in close physical proximity preventing unauthorized access during the transaction(s). Moreover, payments are enabled via secure contactless systems such as Apple Pay, Google Pay, Samsung Pay, Fitbit Pay, and other mobile application that supports this option.

Factors such as surge in demand for mobile & wearable payment devices, rising adoption of technology by merchants for small value transactions, and numerous benefits provided by contactless payments are propelling the growth of the contactless payment market. In addition, integration of IoT & contactless payment technology and untapped potential of emerging economies are expected to provide lucrative opportunities for the contactless payment solution providers in the coming years.

On the basis of application, the food & groceries segment dominated the contactless payment market in 2019, and is projected to maintain its dominance during the forecast period. This is attributed to several benefits provided by contactless payments such as shorter queues for transaction, improved customer satisfaction, ability to capture data on customer buying behavior, and therefore accelerates adoption of contactless payments in retail sector. However, media and entertainment segment is expected to grow at the fastest CAGR during the forecast period, owing to rise in adoption of contactless payment technology such as NFC and RFID among across sports industry and entertainment industry drives the growth of the market.

By region, the global contactless payment industry was dominated by Europe in 2019 and is expected to maintain this trend during the forecast period. Due to increased adoption of technologies which has changed consumer behavior towards booking taxies, lodging, entertainment, and others. In addition, launch of easy-to-use and new contactless applications, such as Samsung Pay, Apple Pay, and Google Wallet, has accelerated the usage of contactless payments by customers primarily in the retail and hospitality industries. These major factors that influence the growth of the contactless payment market in Europe.

However, Asia-Pacific is expected to grow at the fastest CAGR during the forecast period as several consumers are adopting contactless payments for day-to-day transactions and increased government support towards investment in technologies are becoming major growth factors in the region.

The contactless payment industry has experienced significant impact on revenue, owing to imposition of lockdowns & shutdowns, several regulatory changes in existing frameworks took place globally. Therefore, in order to curb the spread of virus, several retail stores have adopted contactless payments and have limited the number of consumers in their stores, improved their sanitization regimen, and introduced social distancing markers. Therefore, rise in adoption of contactless payment technologies and increase in investments toward new payment compliances resulted in significant revenue growth for contactless payment solution providers globally.

Key findings of the study

By device type, the smartphones & wearables segment led the contactless payment market size, in terms of revenue in 2019.

By application, the food & groceries segment led the contactless payment market share, size, in terms of revenue in 2019.

By region, Europe generated the highest revenue in 2019.

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The key players profiled in the contactless payment market analysis are Gemalto, Giesecke+Devrient, Ingenico, InsideSecure, Oberthur Technologies S.A., On Track Innovations, PAX Technology, Inc., Proxama Plc, Verifone, and Wirecard. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.

A combination of factors, including COVID-19 containment situation, end-use market recovery & Recovery Timeline of 2020/ 2021

covid-19 scenarioMarket Behavior/ Level of Risk and OpportunityEnd Industry Behavior/ Opportunity AssessmentExpected Industry Recovery TimelineBusiness Impact Horizon
Opening of Economy by Q3 2020xxxxxxxx
Recovery – Opening of Economy extended till Q4 2020 / Q1 2021xxxxxxxx

Keep yourself up-to-date with latest market trends and changing dynamics due to COVID Impact and Economic Slowdown globally. Maintain a competitive edge by sizing up with available business opportunity in various segments and emerging territory.

For more information or any query mail at [email protected]

An overview of the regional landscape:

Region Included are: North America, Europe, Asia Pacific, Oceania, South America, Middle East & Africa

Country Level Break-Up: United States, Canada, Mexico, Brazil, Argentina, Colombia, Chile, South Africa, Nigeria, Tunisia, Morocco, Germany, United Kingdom (UK), the Netherlands, Spain, Italy, Belgium, Austria, Turkey, Russia, France, Poland, Israel, United Arab Emirates, Qatar, Saudi Arabia, China, Japan, Taiwan, South Korea, Singapore, India, Australia and New Zealand etc.

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Key Questions Answered in The Report:

  • What will the Market growth rate?
  • What are the key factors driving the global Market?
  • Who are the key manufacturers in Market space?
  • What are the market opportunities and overview of the Market?
  • What are sales, revenue, and price analysis of top manufacturers of Market?
  • What are the Market opportunities and threats faced by the vendors in the global Market?
  • What are sales, revenue, and price analysis by types and applications of Market?

Inquire more and share questions if any before the purchase on this report at

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Key Points Covered in Contactless PaymentMarket Report:

Chapter 1: Introduction, market driving force product Objective of Study and Research Scope the Contactless Payment market

Chapter 2: Exclusive Summary – the basic information of the Contactless PaymentMarket.

Chapter 3: Displaying the Market Dynamics- Drivers, Trends and Challenges of the Contactless Payment

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Chapter 4: Presenting the Contactless Payment Market Factor Analysis Porters Five Forces, Supply/Value Chain, PESTEL analysis, Market Entropy, Patent/Trademark Analysis.

Chapter 5: Displaying market size by Type, End User and Region

Chapter 6: Evaluating the leading manufacturers of the Contactless Paymentmarket which consists of its Competitive Landscape, Peer Group Analysis, BCG Matrix & Company Profile

Chapter 7: To evaluate the market by segments, by countries and by manufacturers with revenue share and sales by key countries (2021-2026).

Chapter 8 & 9: Displaying the Appendix, Methodology and Data Source

Finally, Contactless Payment Market is a valuable source of guidance for individuals and companies in decision framework.

……..and view more in complete table of Contents

Browse Premium Research Report with Tables and Figures at @ https://reportocean.com/industry-verticals/sample-request?report_id=AMR1491

Data Sources & Methodology:

The primary sources involves the industry experts including the management organizations, processing organizations, analytics service providers of the industry’s value chain. All primary sources were interviewed to gather and authenticate qualitative & quantitative information and determine the future prospects.

In the extensive primary research process undertaken for this study, the primary sources – Postal Surveys, telephone, Online & Face-to-Face Survey were considered to obtain and verify both qualitative and quantitative aspects of this research study. When it comes to secondary sources Company’s Annual reports, press Releases, Websites, Investor Presentation, Conference Call transcripts, Webinar, Journals, Regulators, National Customs and Industry Associations were given primary weight-age.

Thanks for reading this article; you can also get individual chapter wise section or region wise report version like North America, Europe or Asia.

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