Rising Internet Penetration Worldwide to give Boost to the Contactless Payment Transaction Market

The contactless payment transaction market worldwide is expected to grow with a CAGR of 43.7% during the forecast period from 2023 to 2030, starting from US$ 39.84 Bn in 2021. Rising adoption of cashless transaction and growing internet penetration will drive the contactless payment transaction market worldwide. Introduction of new technologies such as NFC or RFID for safe and secure payments are one of the key factors for the market growth. Increasing adoption of smart devices includes smart watches, tablets, smartphones and others is one of the important factor for the market growth. Therefore, we suppose that the market will show huge growth throughout the forecast period.

Retail Industry to Continue Leading the Market

The contactless payment transaction market by end-use was dominated by retail segment in 2021. The retail segment garnered around 1/3rd market share in the same year. Rising retail industry worldwide is one of the major factor for the dominance of the segment. The global retail industry to grow at a CAGR of nearly 5.5% in years to come. Need for safe, secure, swift and easy access payment in the industry is one of the major factor for the segment growth. Rising e-commerce industry worldwide will also boost the segment growth in years to come. Subsequently, we are expecting that the retail segment will continue its majority stake in the contact payment transaction market.

Asia Pacific to be the Fastest Growing Region

In 2021, the contactless payment transaction market was led by North America and Europe with combined share of around 68% of the total revenue worldwide. North America and Europe are dominant owing to the highest internet penetration and early technological adoption, especially in terms of digital payment. Growing adoption of smart devices in these regions is another factor for their dominance. On the other flip of the coin, Asia Pacific will show fastest growth owing to rising internet penetration, growing disposable income, and increased government investments for digitization. As a result, we suppose that the region will show fastest growth during the forecast period.

Some of the prominent players operating in the contactless payment transaction market 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. among others.

Historical & Forecast Period

This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Contactless Payment Transaction market are as follows:

• Research and development budgets of manufacturers and government spending
• Revenues of key companies in the market segment
• Number of end users and consumption volume, price and value.
• Geographical revenues generate by countries considered in the report
• Micro and macro environment factors that are currently influencing the Contactless Payment Transaction market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of Contactless Payment Transaction market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2032.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the Contactless Payment Transaction market?
• Which is the largest regional market for Contactless Payment Transaction market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving Contactless Payment Transaction market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the Contactless Payment Transaction market worldwide?