Global contactless payments market is anticipated to reach $ 6.80 Billion in 2016 to $18 Billion by 2023 with an attractive CAGR of 22% during 2016 – 2023. There are many major drivers which enhancing the global Contactless Payments Market such as increase in mobile banking services, due to the adoption of contactless readers, increasing online and mobile phone payments by end users and due to beneficial features like cost-efficiency and easy installation. Apart from this, due to increasing concern regarding contactless advancements and due to huge cost involved in deploying EPOS terminals are the major factors that creating the negative impact on Contactless Payments Market globally.
The Contactless Payments Market is segmented on the basis of Solution (Payment Terminal Solution, Contactless Mobile Payment Solution, Device Management Solution, Transaction Management Solution, Data Management Solution, Security and Fraud Management Solution, Hosted Point of Sale Solution, and Analytics Solution), on the basis of services (Professional Services, Managed Services, and Multi-Channel Payment and Value-Added Services), on the basis of payment mode (Mobile Handsets, Contactless Smart Cards, and Contactless Form Factors), on the basis of device (Mobile Handsets, Point of Sale Terminals, NFC Chips, Smart Cards and Others), and on the basis of vertical (Government, Healthcare, Retail, Hospitality, Energy and Utilities, Transportation and Logistics, Banking, Financial Services, and Insurance and others). Payment terminal solution is anticipated to lead the solution section in the contactless payment market throughout the forecast period as it supports the dealers run client services efficiently without worrying about card payment difficulties. The contactless mobile payment solution is the fastest increasing solution owing to the global upsurge in the number of NFC and HCE that allowed smart phones, which sustenance contactless payment transactions.
On the basis of geography, the global Contactless Payments Market is segmented into four major regions such as North America, APAC, Europe and RoW. Currently, due to the high growth of growing Information and Communications Technology (ICT) integration across diverse verticals, particularly in the emerging regions. APAC is the fastest increasing area throughout the prediction period due to the growing technological implementation and increasing number of contactless payment technology that permitted mobile handsets in countries such as India, Japan, China, and Australia. Additionally, North America is anticipated to be additional revenue creating market, with solution market as the foremost revenue generating segment is determined by growing acceptance of cloud-based contactless technology solutions in the section.
There are also some other manufacturing companies are engaged in Contactless Payments Market are Giesecke & Devrient GmbH, Proxama PLC, Ingenico Group, Wirecard AG, Heartland Payment Systems Inc., OTI, VeriFone Systems Inc., Oberthur Technologies SA, INSIDE Secure, and Gemalto N.V. These key contributors are participating in new technologies and acquisitions to improve their current product portfolio along with addressing the augmented demand across a wide-ranging of financial organizations and wholesalers.