Contactless Payment Market Analysis by Size, Share, Opportunities, Revenue, Future Scope and Forecast 2027

[Aarti Ghodke]

Contactless Payment Market Overview:

Contactless Payment Market 2021 by Manufacturers, Regions, Type and Application, forecast to 2027, published by Maximize Market Research, is the culmination of thorough primary and secondary research. The study completely examines analysed insights in light of the market, as well as its ever-changing trends, industry environment, and all of the market's leading elements. This research approach was used to investigate the    Contactless Payment market, and the results were logically presented in this report.

Contactless Payment Market Scope:

Contactless Payment Market 2021 research report 2027 includes crucial statistics and analytical insights to provide a comprehensive understanding of the market size, share, growth, trend, demand, top player and industry profile, opportunities, value cycle, end-users, technology, types, and application. The research will also include accessible opportunities in micro markets for stakeholders to invest, as well as a full analysis of the competitive landscape and significant competitors' product offers.

The qualitative and quantitative data in the    Contactless Payment market report can assist decision-makers in determining which market segments, regions, and variables driving the market are likely to develop at higher rates, as well as major opportunity areas. The research also highlights the competitive landscape of leading industry players as well as upcoming market trends.

PESTEL Analysis:

Maximize Market Research's report includes a PESTEL Analysis, which aids in the development of company strategies. Political variables can help you figure out how much a government can influence the    Contactless Payment market. Economic variables aid in the analysis of economic performance drivers that have an impact on the    Contactless Payment market. Marketing analytics and tactics are aided by social elements. Understanding the impact of the surrounding environment and the influence of ecological concerns on the    Contactless Payment market is aided by legal factors.

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Segmentation:

By Type, the smartphones and Wearables segment dominated the global market in the year 2020. This segment is projected to witness the highest CAGR of 9.5% in the forecast period (2021-2027). This is due to the emergence of many NFC-based mobile payment apps like Paytm and Ali Pay in developing countries like India and China. The restraining factor in the growth factor of this segment is the rise of online scams in these countries.

The smart card segment is projected to witness a significant CAGR of 7.8% in the same forecast period. This can be attributed to the hassle-free nature of debit or credit card payments. Also, credit cards are the most common form of payment in online E-Commerce transactions. However smart cards are susceptible to identity theft among their users. The Federal Trade Commission reported of over 70% increase in identity theft cases in 2020 alone.

The point of Sale terminal is projected to witness moderate growth in the forecast period (2021-2027). Companies are adopting rapidly to Point of Sale methods for their transactions. The retail industry is one of the primary users of POS terminals. This is the key driver for the growth of this segment in the same forecast period.

By Application, the Food and Groceries segment dominated the global market in the year 2020. This segment is projected to witness the highest growth in the forecast period (2021-2027) with 8.7% of the CAGR. Online food Ordering companies like Swiggy and Zomato also have online payment facilities in their apps like G-pay or Amazon Pay. Therefore these companies indirectly drive the growth of the contactless payment systems market around the globe.

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Key Players:

• PAmazon
  • PApple Inc.
  • PHeartland Payment Systems,Inc.
  • Gemalto
  • Infineon
  • Ingenico
  • Wirecard
  • Verifone
  • Giesecke+Devrient
  • IDEMIA
  • On Track Innovations
  • Identiv
  • CPI Card Group
  • Bitel
  • Setomatic Systems
  • Valitor
  • PAX Global Technology
  • MYPINPAD

The competitive landscape is a critical aspect every key player needs to be familiar with. The report throws light on the competitive scenario of the    Contactless Payment market to know the competition at both the domestic and levels. The key aspects such as areas of operation, production, and product portfolio. Additionally, companies in the report are studied based on key factors such as company size, market share, market growth, revenue, production volume, and profits.

In additional    Contactless Payment Market Share analysis of players, in-depth profiling, product/service and business overview, the study also concentrates on BCG matrix, heat map analysis, Competitive Benchmarking along with SWOT analysis to better correlate market competitiveness.

Regional Analysis:

The United States contactless payments market was dominated by Apple Pay in the year 2020 with 43% of the country’s total shares. Even though Google Pay was thought to acquire the second position in the regional market. It was not the case. The second position was held by Starbuck instead with 31% of total shares in the same year. This implies the prominence of Starbucks in the contactless payment market in the country even though it is not primarily an online transaction service.

COVID-19 Impact Analysis on Contactless Payment Market:

COVID-19 has a thorough impact on the    Contactless Payment market in North America, Asia Pacific, the Middle East, Europe, and South America, according to the report. During this crisis, the report presents a comprehensive examination of alternatives, challenging conditions, and difficult situations in the    Contactless Payment market. The study briefly discusses the benefits as well as the challenges of the COVID-19 in terms of funding and market expansion. In addition, the study includes a collection of principles that are intended to assist readers in deciding and planning a corporate strategy.

Key Questions Answered in the Contactless Payment Market Report are:

• Which product segment grabbed the largest share in the    Contactless Payment market?
• How is the competitive scenario of the    Contactless Payment market?
• Which are the key factors aiding the    Contactless Payment market growth?
• Which region holds the maximum share in the    Contactless Payment market?
• What will be the CAGR of the    Contactless Payment market during the forecast period?
• Which application segment emerged as the leading segment in the    Contactless Payment market?
• Which are the prominent players in the    Contactless Payment market?
• What key trends are likely to emerge in the    Contactless Payment market in the coming years?
• What will be the    Contactless Payment market size by 2027?
• Which company held the largest share in the    Contactless Payment market?

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