Contactless Payments Market to Reach $27.23 Bn, Globally, by 2023 at 20.8% CAGR: Allied Market Research
Surge in smartphone penetration, integration of contactless cards with the existing cards, and benefits related to contactless payments such as flexibility and convenience drive the growth in the market
PORTLAND, Oregon, Feb. 7, 2019 /PRNewswire/ --
Allied Market Research recently published a report, titled, "Contactless Payments Market by Device Type (Mobile Handsets, Point of Sale Terminals, NFC Chips, Smart Cards, and Others), Industry Vertical (BFSI, Retail, IT & Telecom, Transportation, Hospitality, Government, and Others), Solution (Payment Terminal Solution, Device Management Solution, Data Management Solution, Contactless Mobile Payment Solution, Transaction Management Solution, Security & Fraud Management Solution, Hosted Point Of Sale Solution, and Analytics Solution), and Services (Professional Services and Managed Services) - Global Opportunity Analysis and Industry Forecast, 2017–2023." The report offers a detailed analysis of changing market dynamics, top winning strategies, major player positioning, drivers & opportunities, and key segments. According to the report, the global contactless payments market garnered $8.75 billion in 2017, and is expected to reach at $27.23 billion by 2023, growing at a CAGR of 20.8% from 2017 to 2023.
Surge in smartphone penetration, integration of contactless cards with the existing cards, and benefits related to contactless payments such as flexibility and convenience drive the growth in the market. However, security issues related to technology and difficulties regarding replacement of POS terminals hinder the market growth. On the other hand, rise in adoption from emerging nations and integration of IoT and contactless payment technology create new opportunities in the industry.
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Mobile handsets to maintain its leadership status during the forecast period
Mobile handsets accounted for nearly one-third of the total market share in 2017 and will maintain its leadership status during the forecast period. This is due to rise in investment by tech giants such as Apple, Samsung, and others for integrating contactless payment technologies in devices. However, smart cards would register the fastest growth, with a CAGR of 22.1% from 2017 to 2023, owing to benefits such as security, flexibility, convenience, and ease in replacement in case of mishaps. The research also analyzes point of sale terminals, NFC chips, and other device types.
The BFSI sector to remain dominant till 2023
The BFSI sector held the major share of the market in terms of revenue in 2017, contributing more than one-fifths of the total market share. This is due to rise in e-commerce and mobile banking services along with advent of online banking, mobile banking apps, and contactless payment technologies. However, the government sector would register the fastest CAGR of 22.5% from 2017 to 2023, owing to different government initiatives to promote cashless transactions, usage of contactless payments in various departments, and integration of smartphones and smart cards with identity authentication programs. The report also explores retail, IT & telecom, transportation, hospitality, and others.
Payment terminal solution to dominate in terms of revenue throughout the forecast period
Payment terminal solution accounted for more than one-fifths of the total market share in 2017 and will dominate in terms of revenue throughout the forecast period. This is due to capability of payment terminals to accept payments from a wide range of contactless devices including prepaid, debit & credit cards, mobile devices, wearable devices, stickers, and key fobs. However, hosted point of sale solution is expected to register the highest growth rate, with a CAGR of 24.0% from 2017 to 2023, owing to benefits such as reduced space for POS, lowered servicing costs, and assistance to understand buying behavior of customers through storage of transaction information. The report also discusses device management solution, data management solution, contactless mobile payment solution, transaction management solution, security & fraud management solution, and analytics solution.
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Professional services to lead throughout the forecast period
Professional services held the major share in the market in terms of revenue in 2017, contributing more than three-fifths of the total share, owing to increase in demand for contactless payments in various industry verticals that need various professional services such as consulting and others for flexible deployment and functioning. Managed services would grow at the fastest CAGR of 22.1% from 2017 to 2023, owing to preference of market players operating in the retail, BFSI, and hospitality sectors for integration of varied solutions in a single package, with which, customers can use a wide range of devices for transactions efficiently. In addition, the advent of value-added services and partnership strategies supplement the market growth.
Europe to maintain its dominance till 2025
Europe contributed to nearly two-fifths of the total market share in 2017 and is expected to maintain its dominance by 2025. This is due to rise in adoption of contactless payments among restaurants, supermarkets, bars & pubs, and service stations in this region and various initiatives taken by market players to promote contactless payments. Asia-Pacific is expected to register the highest CAGR of 21.6% from 2017 to 2023, owing to surge in technological adoption and increase in number of contactless payment technology-enabled mobile handsets in countries including China, Japan, Australia, and India.
Leading market players
Key market players analyzed in the research include Ingenico Group, Inside Secure, Verifone Systems, Inc., Oberthur Technologies SA, on Track Innovations, Wirecard AG, Proxama, PLC., Gemalto N.V., Giesecke & Devrient GmbH, and Heartland Payment Systems, Inc.
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