Contactless Payment Market (By Solution: Security and Fraud Management, Payment Terminal Solution Transaction Management, Hosted Point-of-Sales, Analytics; By Application: Government, Healthcare, Retail, Transportation and Hospitality; By Device: Point-of-Sales Terminals, Smartphones & Wearables and Smart Cards) - Global Market Size, Trends Analysis, Segment Forecasts, Regional Outlook 2023 - 2032
The global contactless payment market was valued at USD 29.89 billion in 2022 and is expected to reach over USD 132.42 billion by 2032, projected to register a CAGR of around 16.1% from 2023 to 2032.
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Escalation in the rate of modernizations in the digital payments segments along with the swelling demand for higher accessibility and stress free payment procedures has given an upsurge to global contactless payment market. The profits delivered by contactless payments such as quicker checkouts and unified experience are being favored and are anticipated to fuel growth of the market. The current technological expansions in the NFC technology and its implementation in smartphones is one of the foremost influences stimulating the growth of contactless payments market. The rise in the saturation of smartphones has safeguarded that NFC is made available to growing number of users.
The Europe contactless payment market size was valued at USD 11.65 billion in 2022 and is expected to reach USD 51.18 billion by 2032, growing at a CAGR of 16% from 2023 to 2032.
Global contactless payment market is led by Europe and is highly fragmented due to dependency on multi-languages and multi-currencies. Europe encompasses a varied range of nations, from technologically and economically advanced nations, such as the Germany and UK to rigorously debt-ridden nations including Austria and Greece. Poland, UK, Spain, and Germany are the some of the foremost nations in the European market. The whole contactless expenditure has grown in these nations with the growing spread of contactless cards and terminals via card companies like Mastercard and Visa.
Further, existing advances in digital payments have fortified the usage of contactless payments amongCOVID19 pandemic. Contactless payment market is anticipated to record substantial growth due to mounting worries over virus transmission through cash flows. For example, the Neobank Upgrade has introduced the new contactless credit card available in digital form that supports Apple Pay mobile and Google Pay wallets in April 2020. Additionally, card networks and bank authorities in the U.S., Germany, Hungary, Netherlands, Austria, and other nations have set sophisticated transaction bounds compared to traditional for contactless payment approaches. For example, U.K. Finance Limited has augmented the expenditure bound for contactless card payments from 30 Euros to 45 Euros in April 2020.
COVID19 Impact
Contactless is becoming a communal method to pay as customers are cautious of COVID19 scattering via touch. Contactless payment modes are attaining steam due to global coronavirus pandemic. As more consumers are worried about the disease being scatter with touch, digital modes of payments are increasingly being favored. As per one survey conducted in Asia Pacific, contactless is appearing a common method to pay, occupying over 40% of face-to-face visa transactions in this region. More than 50 nations across the world declared escalating contactless confines on the cards in light of these measures, in maximum cases magnifying the acceptable limits to deliver better consumer convenience.
Report Highlights | Details |
Market Size in 2023 | USD 34.55 Billion |
Market Size by 2032 | USD 132.42 Billion |
Growth Rate from 2023 to 2032 | CAGR of 16.1% |
Largest Market | Europe |
Fastest Growing Market | North America |
Base Year | 2022 |
Forecast Period | 2023 to 2032 |
Segments Covered | Solution, Application, Device, Region Type |
Companies Mentioned | Verifone, Ingenico Group SA, Gemalto, Visa Inc., Giesecke & Devrient GmbH, Heartland Payment Systems, Inc., Thales Group, Wirecard AG, On Track Innovations Ltd., IDEMIA |
In 2022, in terms of transaction value, the payment terminal solution gathered more than 40% of the total contactless payments market share. Furthermore, clients are mostly worried about safe keeping surrounding contactless payments due to frequent concern of fraud. Businesses are taking efforts to meet such concerns by offering secure payment systems that are authenticated via passcodes. The modern technological progressions have led to the innovation of novel ways of authentication including fingerprint validation for contactless payments. Further, security and fraud management market segment is anticipated to grow at a CAGR of over 20% during years to come.
Among different application sectors assessed in this report, in 2022, retail application segment dominated the global contactless payment market and garnered more than 60% of the market share. This growth is credited to upsurge in the number of ‘tap-and-go’ transactions across the world. The tap-and-go feature prompts the check-out process and thereby making contactless payments preferable choice customers in established and evolving nations.
Moreover, contactless payments also employed in service businesses such as gas stations, movie theaters, convenience stores, and restaurants, thus heightening the payments in the retail segment.
Among several devices, the smartphones & wearables market segment occupied about 60% share of the total market in 2022 in terms of the transaction value. Since last few years, usage of smartphones has extremely increased in day-to-day activities. For occurrence, persons now preferably utilize smartphones to make payments at stores.
Furthermore, revolutions in wearables like payment rings and bands are projected to stimulate the market demand over the estimate period. Additionally, smart cards are anticipated to gain noteworthy share in the global market due to its easier practice than PIN-based Euro Mastercard Visa cards.
Market leaders of this business are striving hard to stay ahead of their companion by using strategies such as partnerships, mergers, acquisitions, alliances and modernization in terms of solutions. Some of the substantial players in the contactless payment market include:
Segments Covered in the Report
This research report includes complete assessment of the market with the help of extensive qualitative and quantitative insights, and projections regarding the market. This report offers breakdown of market into prospective and niche sectors. Further, this research study calculates market revenue and its growth trend at global, regional, and country from 2020 to 2032. This report includes market segmentation and its revenue estimation by classifying it on the basis of solution, application, device and region as follows:
By Solution
By Application
By Device
By Regional
Chapter 1. Introduction
1.1. Research Objective
1.2. Scope of the Study
1.3. Definition
Chapter 2. Research Methodology
2.1. Research Approach
2.2. Data Sources
2.3. Assumptions & Limitations
Chapter 3. Executive Summary
3.1. Market Snapshot
Chapter 4. Market Variables and Scope
4.1. Introduction
4.2. Market Classification and Scope
4.3. Industry Value Chain Analysis
4.3.1. Raw Material Procurement Analysis
4.3.2. Sales and Distribution Channel Analysis
4.3.3. Downstream Buyer Analysis
Chapter 5. Market Dynamics Analysis and Trends
5.1. Market Dynamics
5.1.1. Market Drivers
5.1.2. Market Restraints
5.1.3. Market Opportunities
5.2. Porter’s Five Forces Analysis
5.2.1. Bargaining power of suppliers
5.2.2. Bargaining power of buyers
5.2.3. Threat of substitute
5.2.4. Threat of new entrants
5.2.5. Degree of competition
Chapter 6. Competitive Landscape
6.1.1. Company Market Share/Positioning Analysis
6.1.2. Key Strategies Adopted by Players
6.1.3. Vendor Landscape
6.1.3.1. List of Suppliers
6.1.3.2. List of Buyers
Chapter 7. Global Contactless Payment Market, By Solution
7.1. Contactless Payment Market, by Solution Type, 2023-2032
7.1.1. Security and Fraud Management
7.1.1.1. Market Revenue and Forecast (2020-2032)
7.1.2. Payment Terminal Solution
7.1.2.1. Market Revenue and Forecast (2020-2032)
7.1.3. Transaction Management
7.1.3.1. Market Revenue and Forecast (2020-2032)
7.1.4. Hosted Point-of-Sales
7.1.4.1. Market Revenue and Forecast (2020-2032)
7.1.5. Analytics
7.1.5.1. Market Revenue and Forecast (2020-2032)
Chapter 8. Global Contactless Payment Market, By Application
8.1. Contactless Payment Market, by Application, 2023-2032
8.1.1. Government
8.1.1.1. Market Revenue and Forecast (2020-2032)
8.1.2. Healthcare
8.1.2.1. Market Revenue and Forecast (2020-2032)
8.1.3. Retail
8.1.3.1. Market Revenue and Forecast (2020-2032)
8.1.4. Transportation
8.1.4.1. Market Revenue and Forecast (2020-2032)
8.1.5. Hospitality
8.1.5.1. Market Revenue and Forecast (2020-2032)
Chapter 9. Global Contactless Payment Market, By Device
9.1. Contactless Payment Market, by Device, 2023-2032
9.1.1. Point-of-Sales Terminals
9.1.1.1. Market Revenue and Forecast (2020-2032)
9.1.2. Smartphones & Wearables
9.1.2.1. Market Revenue and Forecast (2020-2032)
9.1.3. Smart Cards
9.1.3.1. Market Revenue and Forecast (2020-2032)
Chapter 10. Global Contactless Payment Market, Regional Estimates and Trend Forecast
10.1. North America
10.1.1. Market Revenue and Forecast, by Solution (2020-2032)
10.1.2. Market Revenue and Forecast, by Application (2020-2032)
10.1.3. Market Revenue and Forecast, by Device (2020-2032)
10.1.4. U.S.
10.1.4.1. Market Revenue and Forecast, by Solution (2020-2032)
10.1.4.2. Market Revenue and Forecast, by Application (2020-2032)
10.1.4.3. Market Revenue and Forecast, by Device (2020-2032)
10.1.5. Rest of North America
10.1.5.1. Market Revenue and Forecast, by Solution (2020-2032)
10.1.5.2. Market Revenue and Forecast, by Application (2020-2032)
10.1.5.3. Market Revenue and Forecast, by Device (2020-2032)
10.2. Europe
10.2.1. Market Revenue and Forecast, by Solution (2020-2032)
10.2.2. Market Revenue and Forecast, by Application (2020-2032)
10.2.3. Market Revenue and Forecast, by Device (2020-2032)
10.2.4. UK
10.2.4.1. Market Revenue and Forecast, by Solution (2020-2032)
10.2.4.2. Market Revenue and Forecast, by Application (2020-2032)
10.2.4.3. Market Revenue and Forecast, by Device (2020-2032)
10.2.5. Germany
10.2.5.1. Market Revenue and Forecast, by Solution (2020-2032)
10.2.5.2. Market Revenue and Forecast, by Application (2020-2032)
10.2.5.3. Market Revenue and Forecast, by Device (2020-2032)
10.2.6. France
10.2.6.1. Market Revenue and Forecast, by Solution (2020-2032)
10.2.6.2. Market Revenue and Forecast, by Application (2020-2032)
10.2.6.3. Market Revenue and Forecast, by Device (2020-2032)
10.2.7. Rest of Europe
10.2.7.1. Market Revenue and Forecast, by Solution (2020-2032)
10.2.7.2. Market Revenue and Forecast, by Application (2020-2032)
10.2.7.3. Market Revenue and Forecast, by Device (2020-2032)
10.3. APAC
10.3.1. Market Revenue and Forecast, by Solution (2020-2032)
10.3.2. Market Revenue and Forecast, by Application (2020-2032)
10.3.3. Market Revenue and Forecast, by Device (2020-2032)
10.3.4. India
10.3.4.1. Market Revenue and Forecast, by Solution (2020-2032)
10.3.4.2. Market Revenue and Forecast, by Application (2020-2032)
10.3.4.3. Market Revenue and Forecast, by Device (2020-2032)
10.3.5. China
10.3.5.1. Market Revenue and Forecast, by Solution (2020-2032)
10.3.5.2. Market Revenue and Forecast, by Application (2020-2032)
10.3.5.3. Market Revenue and Forecast, by Device (2020-2032)
10.3.6. Japan
10.3.6.1. Market Revenue and Forecast, by Solution (2020-2032)
10.3.6.2. Market Revenue and Forecast, by Application (2020-2032)
10.3.6.3. Market Revenue and Forecast, by Device (2020-2032)
10.3.7. Rest of APAC
10.3.7.1. Market Revenue and Forecast, by Solution (2020-2032)
10.3.7.2. Market Revenue and Forecast, by Application (2020-2032)
10.3.7.3. Market Revenue and Forecast, by Device (2020-2032)
10.4. MEA
10.4.1. Market Revenue and Forecast, by Solution (2020-2032)
10.4.2. Market Revenue and Forecast, by Application (2020-2032)
10.4.3. Market Revenue and Forecast, by Device (2020-2032)
10.4.4. GCC
10.4.4.1. Market Revenue and Forecast, by Solution (2020-2032)
10.4.4.2. Market Revenue and Forecast, by Application (2020-2032)
10.4.4.3. Market Revenue and Forecast, by Device (2020-2032)
10.4.5. North Africa
10.4.5.1. Market Revenue and Forecast, by Solution (2020-2032)
10.4.5.2. Market Revenue and Forecast, by Application (2020-2032)
10.4.5.3. Market Revenue and Forecast, by Device (2020-2032)
10.4.6. South Africa
10.4.6.1. Market Revenue and Forecast, by Solution (2020-2032)
10.4.6.2. Market Revenue and Forecast, by Application (2020-2032)
10.4.6.3. Market Revenue and Forecast, by Device (2020-2032)
10.4.7. Rest of MEA
10.4.7.1. Market Revenue and Forecast, by Solution (2020-2032)
10.4.7.2. Market Revenue and Forecast, by Application (2020-2032)
10.4.7.3. Market Revenue and Forecast, by Device (2020-2032)
10.5. Latin America
10.5.1. Market Revenue and Forecast, by Solution (2020-2032)
10.5.2. Market Revenue and Forecast, by Application (2020-2032)
10.5.3. Market Revenue and Forecast, by Device (2020-2032)
10.5.4. Brazil
10.5.4.1. Market Revenue and Forecast, by Solution (2020-2032)
10.5.4.2. Market Revenue and Forecast, by Application (2020-2032)
10.5.4.3. Market Revenue and Forecast, by Device (2020-2032)
10.5.5. Rest of LATAM
10.5.5.1. Market Revenue and Forecast, by Solution (2020-2032)
10.5.5.2. Market Revenue and Forecast, by Application (2020-2032)
10.5.5.3. Market Revenue and Forecast, by Device (2020-2032)
Chapter 11. Company Profiles
11.1. Verifone
11.1.1. Company Overview
11.1.2. Product Offerings
11.1.3. Financial Performance
11.1.4. Recent Initiatives
11.2. Ingenico Group SA
11.2.1. Company Overview
11.2.2. Product Offerings
11.2.3. Financial Performance
11.2.4. Recent Initiatives
11.3. Gemalto
11.3.1. Company Overview
11.3.2. Product Offerings
11.3.3. Financial Performance
11.3.4. Recent Initiatives
11.4. Visa Inc.
11.4.1. Company Overview
11.4.2. Product Offerings
11.4.3. Financial Performance
11.4.4. Recent Initiatives
11.5. Giesecke & Devrient GmbH
11.5.1. Company Overview
11.5.2. Product Offerings
11.5.3. Financial Performance
11.5.4. Recent Initiatives
11.6. Heartland Payment Systems, Inc.
11.6.1. Company Overview
11.6.2. Product Offerings
11.6.3. Financial Performance
11.6.4. Recent Initiatives
11.7. Thales Group
11.7.1. Company Overview
11.7.2. Product Offerings
11.7.3. Financial Performance
11.7.4. Recent Initiatives
11.8. Wirecard AG
11.8.1. Company Overview
11.8.2. Product Offerings
11.8.3. Financial Performance
11.8.4. Recent Initiatives
11.9. On Track Innovations Ltd.
11.9.1. Company Overview
11.9.2. Product Offerings
11.9.3. Financial Performance
11.9.4. Recent Initiatives
11.10. IDEMIA
11.10.1. Company Overview
11.10.2. Product Offerings
11.10.3. Financial Performance
11.10.4. Recent Initiatives
Chapter 12. Research Methodology
12.1. Primary Research
12.2. Secondary Research
12.3. Assumptions
Chapter 13. Appendix
13.1. About Us
13.2. Glossary of Terms
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