The global contactless payment market revenue is expected to expand at a lucrative CAGR over the forecast period. Increasing frequency of purchases and the need for fast transaction time without any inconvenience of standing in long queues, are major factors expected to boost growth of the global contactless payment market over the forecast period.
The global contactless payment market report has been segmented on the basis of mode of payment, end-use industry, and region.
On the basis of mode of payment, the global contactless payment market is segmented into contactless card (NFC/RFID), wearable device, and contactless mobile payment. The wearable device segment is expected to contribute significant share in terms of revenue in the global market during the forecast period. The contactless mobile payment segment is estimated to register a lucrative growth rate over a long run.
On the basis of end-user industry, the global contactless payment market is segmented into hospitality, transport, media and entertainment, retail and healthcare.
On the basis of region, the global contactless payment market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
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North America market is dominated the global market, and is projected to maintain its position over the forecast period. Europe market is expected to witness a significant growth over the forecast period, due to technological advancement and increasing contactless smart card roll-outs in countries in the region. The contactless payment markets in Asia Pacific, Latin America and Middle East & Africa are projected to witness a moderate growth over the forecast period.
Prominent players in the global contactless payment market include Advanced Card Systems Holdings Limited, Chip & Pin Solutions Ltd. Mifare Pty Limited. Ingenico Corp.Gemalto N.V., VeriFone Holdings, Inc. Heartland Payment Systems, Inc., On Track Innovations Ltd., Castles Technology Co. Ltd., Bindo Labs Inc. Thales Group, Wire card AG., and Oberthur Technologies (OT) Morpho.