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.

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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.

 Key Segments Studied in the Global Contactless Payment  Market: Report Coverage

COVID-19 – Next Thoughts: In this piece, we have shared key data and numbers that shine a spotlight on the current scale of the crisis and the economic fallout.

A combination of factors, including COVID-19 containment situation, end-use market recovery & Recovery Timeline of 2020/ 2021

Under COVID-19 Outbreak Impact Analysis:
We analyzed industry trends in the context of COVID-19. We analyzed the impact of COVID-19 on the product industry chain based on the upstream and downstream markets. We analyze the impact of COVID-19 on various regions and major countries. The impact of COVID-19 on the future development of the industry is pointed out.

Study Explore :

• Market Behavior/ Level of Risk and Opportunity
• End Industry Behavior/ Opportunity Assessment
• Expected Industry Recovery Timeline

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In-Depth Qualitative COVID 19 Outbreak Impact Analysis Include Identification And Investigation Of The Following Aspects:

Informational Takeaways from the Market Study: The report includes the completely examined and evaluated data
of the noticeable companies and their situation in the market considering impact of Coronavirus. The measured tools including SWOT analysis, Porter’s five powers analysis, and assumption return debt were utilized while separating the improvement of the key players performing in the market.

Key Development’s in the Market: This report fuses the major developments of the market that contains confirmations, composed endeavors, R&D, new thing dispatch, joint endeavours, and relationship of driving members working in the market.

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The study objectives of this report are:

Important Features that are under offering & key highlights of the report:
– Detailed overview of market
– Changing market dynamics of the industry
– In-depth market segmentation by Type, Application etc
– Historical, current and projected market size in terms of volume and value
– Recent industry trends and developments
– Competitive landscape of market
– Strategies of key players and product offerings
– Potential and niche segments/regions exhibiting promising growth
– A neutral perspective towards market performance
– Market players information to sustain and enhance their footprint

The Study Explore COVID 19 Outbreak Impact Analysis

• 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 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?

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Key Points Covered in Contactless Payment  Market Report:

Chapter 1, About Executive Summary to describe Definition, Specifications and Classification of Contactless Payment  market, Applications, Market Segment by Regions North America, Europe or Asia;
Chapter 2, objective of the study.
Chapter 3, to display Research methodology and techniques.
Chapter 4 and 5, to show the Overall Market Analysis, segmentation analysis, characteristics;
Chapter 6 and 7, to show the Market size, share and forecast; Five forces analysis (bargaining Power of buyers/suppliers),
Threats to new entrants and market condition;
Chapter 8 and 9, to show analysis by regional segmentation, comparison, leading countries and opportunities; Regional Marketing Type Analysis, Supply Chain Analysis
Chapter 10, focus on identifying the key industry influencer’s, overview of decision framework accumulated through Industry experts and strategic decision makers;
Chapter 11 and 12, Market Trend Analysis,
Drivers, Challenges by consumer behavior, Marketing Channels and demand & supply.
Chapter 13 and 14, describe about the vendor landscape (classification and Market Positioning)
Chapter 15, deals with Contactless Payment   Market sales channel, distributors, traders, dealers, Research Findings and Conclusion, appendix and data source.

……..and
view more in complete table of Contents

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