Contactless Payment Transaction Market will be growing at a CAGR of 43.7% during the forecast 2019 To 2027

According to a new market research report published by Acute Market Reports “Contactless Payment Transaction Market – Growth, Future Prospects, and Competitive Analysis, 2019 – 2027”, the global market for contactless payment transaction was valued at US$ 14.8 billion in 2018 and is set to grow by 43.7 percent during the forecast period.

Market Insights

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

Browse Full Report Originally Published by Acute Market Reports at https://www.acutemarketreports.com/report/contactless-payment-transaction-market

Based on end-use, the market for contactless payment transactions is segmented transport, media & entertainment, hospitality, healthcare, retail and other services (government, energy & utilities, etc.). The retail segment was the market leader in 2018, accounting for almost 34% of the world’s revenue share in the same year. Rising retail industry around the world and the need for easy, secure and secure transactions in the industry. The global retail sector was valued at around USD 25.7 billion in 2018 and is expected to grow at a CAGR of around 5.5 percent in the coming years. Growing e-commerce retail and an increasing number of retail stores worldwide are other factors in the growth of the market. As a result, we assume that the segment will show huge growth during the forecast period.

Geographically based, North America and Europe were the major contributors to value in 2018. North America and Europe contributed to around 68 percent of global market revenue in the same year. Developed countries, the highest penetration of the Internet and early technological adoption are key reasons for the dominance of North America and Europe. On the other hand, Asia Pacific is the fastest-growing region in the contactless payment transaction market during the forecast period. Rising internet penetration, the adoption of new technologies and a tendency towards digitalization are the main reasons for the region’s growth. Rising government investments for digitization and increasing disposable income in the region are some of the other factors for the fastest growth.

List of Companies Covered:

• 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.

Market Segmentation

By Mode of Payment Type

 • Wearable Devices

 • Contactless Mobile Payment

 • Contactless Card (NFC/RFID)

 By End-use Type

 • Transport

 • Media & Entertainment

 • Hospitality

 • Healthcare

 • Retail

 • Others (Government, Energy & Utilities, etc.)

By Geography Segment Type

• North America (the U.S., Rest of North America)
• Europe (U.K., Germany, France, Rest of Europe)
• Asia Pacific (China, Japan, India, Rest of Asia Pacific)
• Rest of the World (the Middle East & Africa, Latin America)

Key questions answered in this report

• What was the market size of the contactless payment transactions in 2018 and forecast up to 2027?
• Which is the largest regional market for contactless payment transactions?
• What are the major trends followed in overall contactless payment transactions across different regions?
• Who are the key contactless payment transaction companies leading the market?
• What are the key strategies adopted by the leading contactless payment transaction companies in the market?