The Future of the Contactless Payment Industry, 2020-2025: Rising Demand for Mobile and Wearable Payment Devices - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "Contactless Payment Market by Component (Hardware (PoS and Cards), Solutions, and Services (Consulting, Integration and Deployment, and Support and Maintenance)), Vertical (Retail and Hospitality), and Region - Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.

The global contactless payment market size is expected to grow from USD 10.3 billion in 2020 to USD 18 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 11.7% during the forecast period.

The major advantage offered by contactless payments is that customers can instantly complete transactions with the tap of a card. This increases the speed of transactions, making contactless payments even more efficient. With the increasing integration of contactless payment technologies in mobile handsets and smartphones, the demand for contactless payment solutions has grown tremendously across all the countries.

Based on hardware, the Point of Sale (POS) segment to lead the contactless payment market in 2020

POS is a point where customers make payments to retailers. The POS terminal is an electronic device used to process payment transactions at retail stores. These terminals have seen significant growth in the contactless payment market because of various benefits, such as ease of use, low deployment cost, and mobility. Contactless payments have completely changed the way customers pay for goods; eventually, it has also reduced the time spent on queuing at POS terminals.

Based on the vertical, the retail vertical to lead the contactless payment market in 2020

The retail vertical is undergoing a major transformation. Retailers are modernizing their brick-and-mortar stores to provide improved services for customers and establish online stores to increase revenues. They are adopting innovative technologies, such as cloud computing, big data analytics, digital stores, and social networks, to increase their visibility and presence in the market. Retailers are also realizing the benefits of contactless payments, which include reduced transaction time, increased revenue, improved operational efficiency, and minimized operating costs. Mobile payments at retail stores have helped accelerate the transaction process and reduce counter queues.

Among regions, Europe to lead the contactless payment market in 2020

The contactless payment market in Europe is the largest in terms of market size and is highly fragmented based on multi-currencies and multi-languages. The region comprises a diverse range of countries, from economically and technologically advanced countries, such as the UK and Germany to severely debt-ridden countries, such as Greece and Austria. The UK, Poland, Spain, and Germany are the leading countries in the European contactless payment market. The total contactless spending has grown in these countries with the increasing circulation of contactless cards and terminals by card companies, such as Visa and Mastercard.

Major vendors in the global contactless payment market include Gemalto (Netherlands), Infineon (Germany), Ingenico (France), Wirecard (Germany), Verifone (US), Giesecke+Devrient (Germany), IDEMIA (France), On Track Innovations (Israel), Identiv (US), CPI Card Group (US), Bitel (South Korea), Setomatic Systems (US), Valitor (Iceland), PAX Global Technology (China), MYPINPAD (UK), Mobeewave (UK), Alcineo (South Africa), Castles (Taiwan), SumUp (UK), and PayCore (Istanbul).

Key Topics Covered

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights

4.1 Attractive Market Opportunities In The Contactless Payment Market

4.2 Global Contactless Payment Market, By Component And Region

4.3 Contactless Payment Market, By Region

4.4 Contactless Payment Market: Investment Scenario

5 Market Overview And Industry Trends

5.1 Introduction

5.2 Market Dynamics

5.2.1 Drivers

5.2.1.1 Contactless Payments Ensure Faster Transactions

5.2.1.2 Increased Customer Satisfaction and Improved Loyalty Programs

5.2.1.3 Enhanced Purchase Experience

5.2.2 Restraints

5.2.2.1 Risk of Stolen or Lost Contactless Cards

5.2.2.2 High Cost of Deploying Contactless Payment Technologies

5.2.3 Opportunities

5.2.3.1 Use of Security Features of Emerging Technologies, such as Blockchain and 5G

5.2.3.2 Rising Demand for Mobile and Wearable Payment Devices

5.2.4 Challenges

5.2.4.1 Lack of Consumer Awareness

5.2.4.2 Banking Laws and Payment Association Rules

5.3 Standards And Regulations

5.3.1 Iso/Iec 14443

5.3.1.1 Part 1

5.3.1.2 Part 2

5.3.1.3 Part 3

5.3.1.4 Part 4

5.3.2 Iso/Iec 15693

5.3.2.1 Part 1

5.3.2.2 Part 2

5.3.2.3 Part 3

5.3.3 Iso/Iec 18092

5.3.3.1 Read/Write

5.3.3.2 Peer-To-Peer

5.4 Use Cases

5.4.1 Use Case: Transport And Logistics

5.4.2 Use Case: Hospitality

5.4.3 Use Case: Transportation And Logistics

5.5 Impact Of Disruptive Technologies

5.5.1 Blockchain

5.5.2 5G

5.5.3 Augmented Reality

6 Contactless Payment Market, By Technology

6.1 Introduction

6.1.1 Technology: Contactless Payment Market Drivers

6.1.2 Technology: Contactless Payment Vendor Initiatives And Developments

6.2 Radio Frequency Identification

6.3 Near Field Communication

6.4 Host Card Emulation

7 Contactless Payment Market, By Payment Mode

7.1 Introduction

7.1.1 Payment Modes: Contactless Payment Market Drivers

7.1.2 Payment Modes: Contactless Payment Vendor Initiatives And Developments

7.2 Smartphones

7.3 Smartcards

7.4 Others

8 Contactless Payment Market, By Component

8.1 Introduction

8.1.1 Component: Contactless Payment Market Drivers

8.1.2 Component: Contactless Payment Vendor Initiatives And Developments

8.2 Hardware

8.2.1 Point Of Sale

8.2.2 Cards

8.2.3 Others

8.3 Services

8.3.1 Consulting

8.3.2 Integration And Deployment

8.3.3 Support And Maintenance

8.4 Solutions

9 Contactless Payment Market, By Vertical

9.1 Introduction

9.1.1 Verticals: Contactless Payment Market Drivers

9.1.2 Verticals: Contactless Payment Vendor Initiatives And Developments

9.2 Retail

9.3 Healthcare

9.4 Hospitality

9.5 Energy And Utilities

9.6 Transportation And Logistics

9.7 Banking, Financial Services And Insurance

9.8 Other Verticals

9.8.1 Education

9.8.2 Telecommunications

9.8.3 Government

10 Contactless Payment Market, By Region

10.1 Introduction

10.2 North America

10.3 Europe

10.4 Asia Pacific

10.5 The Middle East And Africa

10.6 Latin America

11 Competitive Landscape

11.1 Overview

11.2 Competitive Leadership Mapping

11.2.1 Visionary Leaders

11.2.2 Dynamic Differentiators

11.2.3 Innovators

11.2.4 Emerging Companies

11.3 Strength Of Product Portfolio

11.4 Business Strategy Excellence

11.5 Ranking Of Key Players

12 Company Profiles

12.1 Introduction

12.2 Gemalto

12.3 Infineon

12.4 Ingenico

12.5 Wirecard

12.6 Verifone

12.7 Giesecke+Devrient

12.8 Idemia

12.9 On Track Innovations

12.10 Identiv

12.11 CPI Card Group

12.12 Bitel

12.13 Setomatic Systems

12.14 Valitor

12.15 Pax Global Technology

12.16 Mypinpad

12.17 Mobeewave

12.18 Alcineo

12.19 Castles

12.20 Sumup

12.21 Paycore

12.22 Right-To-Win

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