Contactless Payment Transaction Market To Grow With Steady Growth Of 18.6% CAGR Throughout The Forecast Period

According to a new market research report published by Brisk Insights, “Contactless Payment Transaction Market (By Mode of Payment – Wearable Devices, Contactless Mobile Payment and Contactless Card (NFC/RFID)), By End-use- Transport, Media & Entertainment, Hospitality, Healthcare, Retail and Others (Government, Energy & Utilities, etc.)) – Growth, Future Prospects and Competitive Analysis, 2019 - 2027”, the overall contactless payment transaction market worldwide was valued at US$ 14.8 Bn in 2018 and is set to grow with a CAGR of 43.7% during the forecast period.

Market Insights

Growing internet penetration and inclination towards cashless transactions worldwide are the major key factors driving the contactless payment transaction market. In 2018, it was estimated that there are more than 4 Bn internet users worldwide and rising at a growth rate of nearly 6% yearly. Secure, easy payment, safe and other benefits of contactless payment are driving the market growth. The advent of technologies such as RFID or NFC, which allows the safe payment transaction from one account to another. Growing adoption of smart devices worldwide such as mobile devices, tablets, laptops, smartwatches and others are also helping the market growth. Growing acceptance of digital payments in various industries such as retail, healthcare, hospitality, and others are also driving the market growth. Subsequently, the contactless payment transaction market to show tremendous growth throughout the forecast period.

Based on end-use, the contactless payment transaction market is segmented transport, media & entertainment, hospitality, healthcare, retail and others (government, energy & utilities, etc.). The retail segment led the market in 2018, with contribution of nearly 34% in the world revenue share in the same year. Rising retail industry worldwide and need for easy, secure and safe transaction in the industry. The global retail industry was valued at around US$ 25.7 Bn in 2018 and is expected to grow at a CAGR of around 5.5% in years to come. Growing e-commerce retail and rising number of retail stores worldwide are some of another factors for the market growth. Hence, we suppose that the segment will show huge growth during the forecast period.

Based on the geography, North America and Europe was the major value contributor in 2018. North America and Europe contributed to around 68% global market revenue share in the same year. Developed countries, highest internet penetration and early technological adoption are the major key reasons for dominance of North America and Europe. On the other hand, Asia Pacific be the fastest growing region in the contactless payment transaction market during the forecast period. Rising internet penetration, adoption of new technology and inclination towards digitization are the major reasons for the region growth. Rising government investments for digitization and increasing disposable income in the region are some other factors for the fastest growth.

Some of the major companies profiled in the report include Gemalto N.V., Group, Apple Inc., Giesecke & Devrient GmbH, Heartland Payment Systems, Inc., Ingenico Group, Inside Secure, On Track Innovations Ltd., Samsung Electronics Ltd., Verifone Systems, Inc., and Barclays among others.

Browse the full report at https://www.briskinsights.com/report/contactless-payment-transaction-market

The Global Contactless Payment Transaction Market is Segmented into:

*Complete segmentation list is on report page