The contactless payment market is estimated to grow from USD 6.70 billion in 2016 to USD 17.56 billion by 2021, at a Compound Annual Growth Rate (CAGR) of 21.2% during the forecast period.
Reduction in queuing & transaction time, increased convenience in making low value payments, ease of technology integration with existing cards, increased average transaction value, better customer insights, improved service delivery, and increased revenue opportunity are some of the driving factors of the contactless payment market.
High cost involved in deploying Embedded Parallel Operating System (EPOS) terminals and security issues related to the contactless technology act as major restraining factors for the growth of the contactless payment market.
Mobile apps are expected to have the largest market share in the mobile money market during the forecast period. The market share of mobile apps is expected to rise because these are built on software which are compatible for use in smartphones and can be easily operated. Functions such as sending, receipt, and withdrawal of money as well as viewing account information and managing contacts can be done with these simple apps.
The in-building solution segment is expected to hold the largest market share in the Mass Notification System (MNS) market and the current trend is expected to continue during the forecast period
In-building MNS is used to notify people in a closed or a restricted area where the consequences of emergencies can be of critical nature. Indoor public address system, digital signage, desktop alerting, tone alert radios, voice-enabled fire alarm panels, posted notices, video screens, and telephones are a part of in-building mass notification solutions, which can be instruments to relay critical information to the masses, thereby reducing panic and chaos.
Asia-Pacific (APAC) is expected to grow at the highest CAGR during the forecast period in the overall top 10 telecom technologies
The various key vendors profiled in the report are as follows:
- Gemalto N.V (Amsterdam, the Netherlands)
- Giesecke & Devrient GmbH (Munich, Germany)
- Apple Inc. (California, U.S.)
- Google, Inc. (California, U.S.)
- Eaton Corporation (Dublin, Ireland)
- Honey International Inc. (New Jersey, U.S)
- BlackBerry Limited (Ontario, Canada)
- Cisco Systems (California U.S)
- Microsoft Corporation (Washington, U.S.)
- ORBCOMM, Inc. (New Jersey, U.S.)
- Inmarsat ( London, U.K)
- AT&T (Texas, U.S)
- Ericsson (Stockholm, Sweden)
- EMC Corporation (Massachusetts, U.S.)
- Bharti Airtel Limited (New Delhi, India)
For more information about this report visit http://www.researchandmarkets.com/research/l26wln/top_10_telecom