Global Contactless Payment Market By Device (Mobile Handsets, Point of Sale Terminals, NFC Chips, Smart Cards), Solution (Payment Terminal, Mobile Payment, Device Management, Transaction Management, Data Management, Security and Fraud Management, Hosted Point of Sale, Analytics), Service, Vertical
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The global Contactless Payment Market Size is expected to attain a market size of $21.1 billion by 2022, growing at a CAGR of 21.6% during the forecast period.
Contactless payment cards and devices are embedded with secure microprocessors and memory, and come with the ability to perform cryptographic processing, with multiple functions. With such high end technology, the system operates within much smaller distances as compared to RFID tags. With the aforementioned technological edge, the contactless payments devices and the associated payment processing networks have security standards that are way ahead of basic RFID applications. This form of security enhancement is integrated to offer a platform which is absolutely secure and protect the cardholder data and payment transactions.
The report highlights the adoption of Contactless Payment. Based on the device type, the Contactless Payment market is segmented into Mobile Handsets, Point of Sale Terminals, NFC Chips, Smart Cards and Others. Based on the Solutions type, the market is segmented across Payment Terminal Solution, Contactless Mobile Payment Solution, Device Management Solution, Transaction Management Solution, Data Management Solution, Security & Fraud Management Solution, Hosted Point of Sale Solution and Analytics Solution. Based on service Type, the market is segmented into Professional, Managed and Multi-Channel Payment & Value-Added Services. Professional Services are further sub divided into Consulting, Integration & Deployment Services and Support & Maintenance.
The verticals highlighted in this report include Government, Banking, Financial Services, & Insurance, Telecommunication & IT, Transportation & Logistics, Healthcare, Energy & Utilities, Retail, Hospitality and Others. Based on region, Contactless Payment market is segmented into North America (US, Canada, Mexico and Rest of North America), Europe (Germany, UK, France, Russia, Spain, Italy and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Singapore, Malaysia and Rest of Asia-Pacific) and Latin America, and Middle East & Africa. Europe remained the dominant region in the global Contactless Payment market in 2015. Asia-Pacific would witness highest CAGR during the forecast period (2016-2022).
The report covers the analysis of key stake holders of the Contactless Payment market. Key companies profiled in the report include Microsoft Corporation, Wirecard AG (until April 6, 2005: InfoGenie AG), Giesecke & Devrient GmbH, Ingenico Group S.A, Gemalto NV, Renesas Electronics Corporation, INSIDE Secure, Verifone Systems, Inc.