Contactless Payment Market by Device Type (Smartphones & Wearables, Smart Cards and Point-of-sale (POS) Terminals), Application (Food & Groceries, Pharmacy & Drug Stores, Restaurants & Bars, Consumer Electronics, Media & Entertainment and Others): Global Opportunity Analysis and Industry Forecast, 2020-2027 , Covid 19 Outbreak Impact research report added by Report Ocean, is an in-depth analysis of market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography. It places the market within the context of the wider Contactless Payment market, and compares it with other markets., market definition, regional market opportunity, sales and revenue by region, manufacturing cost analysis, Industrial Chain, market effect factors analysis, Contactless Payment market size forecast, market data & Graphs and Statistics, Tables, Bar &Pie Charts, and many more for business intelligence. Get complete Report (Including Full TOC, 100+ Tables & Figures, and Chart). – In-depth Analysis Pre & Post COVID-19 Market Outbreak Impact Analysis
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“Contactless Payment Market by Device Type, and Application: Opportunity Analysis and Industry Forecast, 2020-2027,” The global contactless payment industry size was valued at $1,168 billion in 2019, and is projected to reach $5,424 billion by 2027, growing at a CAGR of 20.6% from 2020 to 2027.
Contactless payment systems comprise of several devices such as credit & debit cards, smartphones, smart cards, key fobs, and others. Unlike mobile payments that are done through the internet, contactless payments are carried out in close physical proximity preventing unauthorized access during the transaction(s). Moreover, payments are enabled via secure contactless systems such as Apple Pay, Google Pay, Samsung Pay, Fitbit Pay, and other mobile application that supports this option.
Factors such as surge in demand for mobile & wearable payment devices, rising adoption of technology by merchants for small value transactions, and numerous benefits provided by contactless payments are propelling the growth of the contactless payment market. In addition, integration of IoT & contactless payment technology and untapped potential of emerging economies are expected to provide lucrative opportunities for the contactless payment solution providers in the coming years.
On the basis of application, the food & groceries segment dominated the contactless payment market in 2019, and is projected to maintain its dominance during the forecast period. This is attributed to several benefits provided by contactless payments such as shorter queues for transaction, improved customer satisfaction, ability to capture data on customer buying behavior, and therefore accelerates adoption of contactless payments in retail sector. However, media and entertainment segment is expected to grow at the fastest CAGR during the forecast period, owing to rise in adoption of contactless payment technology such as NFC and RFID among across sports industry and entertainment industry drives the growth of the market.
By region, the global contactless payment industry was dominated by Europe in 2019 and is expected to maintain this trend during the forecast period. Due to increased adoption of technologies which has changed consumer behavior towards booking taxies, lodging, entertainment, and others. In addition, launch of easy-to-use and new contactless applications, such as Samsung Pay, Apple Pay, and Google Wallet, has accelerated the usage of contactless payments by customers primarily in the retail and hospitality industries. These major factors that influence the growth of the contactless payment market in Europe.
However, Asia-Pacific is expected to grow at the fastest CAGR during the forecast period as several consumers are adopting contactless payments for day-to-day transactions and increased government support towards investment in technologies are becoming major growth factors in the region.
The contactless payment industry has experienced significant impact on revenue, owing to imposition of lockdowns & shutdowns, several regulatory changes in existing frameworks took place globally. Therefore, in order to curb the spread of virus, several retail stores have adopted contactless payments and have limited the number of consumers in their stores, improved their sanitization regimen, and introduced social distancing markers. Therefore, rise in adoption of contactless payment technologies and increase in investments toward new payment compliances resulted in significant revenue growth for contactless payment solution providers globally.
Key findings of the study
By device type, the smartphones & wearables segment led the contactless payment market size, in terms of revenue in 2019.
By application, the food & groceries segment led the contactless payment market share, size, in terms of revenue in 2019.
By region, Europe generated the highest revenue in 2019.
The key players profiled in the contactless payment market analysis are Gemalto, Giesecke+Devrient, Ingenico, InsideSecure, Oberthur Technologies S.A., On Track Innovations, PAX Technology, Inc., Proxama Plc, Verifone, and Wirecard. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.
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Geographical Breakdown: The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the impact and recovery path of Covid 19 for all regions, key developed countries and major emerging markets.
In-Depth Qualitative COVID 19 Outbreak Impact Analysis Include Identification And Investigation Of The Following Aspects:Market Structure, Growth Drivers, Restraints and Challenges, Emerging Product Trends & Market Opportunities, Porter’s Fiver Forces. The report also inspects the financial standing of the leading companies, which includes gross profit, revenue generation, sales volume, sales revenue, manufacturing cost, individual growth rate, and other financial ratios. The report basically gives information about the Market trends, growth factors, limitations, opportunities, challenges, future forecasts, and details about all the key market players.
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Key questions answered: Study Explore COVID 19 Outbreak Impact Analysis
- Market size and growth rate during forecast period.
- Key factors driving the Market.
- Key market trends cracking up the growth of the Market.
- Challenges to market growth.
- Key vendors of Market.
- Detailed SWOT analysis.
- Opportunities and threats faces by the existing vendors in Global Market.
- Trending factors influencing the market in the geographical regions.
- Strategic initiatives focusing the leading vendors.
- PEST analysis of the market in the five major regions.
- What should be entry strategies, countermeasures to economic impact, and marketing channels?
- What are market dynamics?
- What are challenges and opportunities?
- What is economic impact on market?
- What is market chain analysis by upstream raw materials and downstream industry?
- What is industry considering capacity, production and production value? What will be the estimation of cost and profit? What will be market share, supply and consumption? What about import and export?
- What is current market status? What’s market competition in this industry, both company, and country wise? What’s market analysis by taking applications and types in consideration?
- What were capacity, production value, cost and profit?
- Who are the global key players in this industry? What are their company profile, their product information, and contact information?
- Which manufacturing technology is used, what are their company profile, their product information, and contact information?
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Key Points Covered in Contactless Payment Market Report:
Chapter 1 COVID-19 Outbreak-Global Contactless Payment Market Business Overview
Chapter 2 Major Breakdown by Type
Chapter 3 Major Application Wise Breakdown (Revenue & Volume)
Chapter 4 Manufacture Market Breakdown
Chapter 5 Sales & Estimates Market Study
Chapter 6 Key Manufacturers Production and Sales Market Comparison Breakdown
Chapter 8 Manufacturers, Deals and Closings Market Evaluation & Aggressiveness
Chapter 9 Key Companies Breakdown by Overall Market Size & Revenue by Type
Chapter 11 Business / Industry Chain (Value & Supply Chain Analysis)
Chapter 12 Conclusions & Appendix
……..and view more in complete table of Contents
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