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$50+ Billion Contactless Payment Terminals Markets - Global Growth, Trends, and Forecasts to 2025 - ResearchAndMarkets.comThe "Contactless Payment Terminals Market - Growth, Trends, and Forecasts (2020 - 2025)" report has been added to ResearchAndMarkets.com's offering. The global contactless payment terminals market was valued at USD 13.23 billion in 2019 and is expected to reach USD 51.07 billion by the end of 2025, growing at a CAGR of 25.86% during the forecast year (2020 - 2025). The global landscape of payments and transactions is changing rapidly, owing to the growing enterprises and consumer propensity toward digital transformation and proliferation of smartphones. The technological advancements in the space of smartphones, digital payment cards, and POS at retail terminals are fueling the market growth. More and more countries are moving toward becoming cashless economies, thus, encouraging digital payment providers by incentivizing the digital form of payments by their consumers. For instance, according to a new report from HSBC, in the UK, contactless card transactions revealed that the volume of commercial card payments, both debit, and credit, increased by 24% during 2018 and 2019, while commercial credit card cash advances slumped by 14% during the year, signaling a decline in businesses' use of 'petty cash' as corporates make the shift to corporate cards. In addition to this, the global consumer inclination toward payment methods involving smartphones is increasing in the form of contactless methods of payment at POS systems, owing to which card and financial service providers are either offering their card solutions on smartphones or via third-party vendors. For instance, Goldman Sachs issued an Apple (News - Alert) Card, which can be used for purchases on Apple devices. The stores and services across the world are rapidly adopting and are integrating mobile payment applications, such as PayPal, Samsung (News - Alert) Pay, Apple Pay, AliPay, and WeChat Pay, to accept payments. Due to the changing lifestyles, daily commerce, and rapid growth in online retailing, this trend is expected to continue over the forecasted period.
Additionally, the rising financial fraudsacross the world have influenced the government regulatory bodies to secure payment transactions over the past few years. With customers demanding safe and reliable digital transactions, the need for using secure payment processes has increased. These regulatory bodies, therefore, have impacted the adoption of POS terminals positively. With the increasing mobility trends across the world, mobile POS systems are gaining traction. With the advent of cashless transactional technologies, POS is expected to witness an increase in adoption rates.
Key Market Trends Retail Industry to Hold Major Share The use of POS terminals across the retail outlets and preference for mobile wallets while checking out from physical stores are primary drivers for this segment. According to Blackhawk Network, the mobile wallet adoption is expected to create nearly USD 190 billion as the transactional value in the US by 2021 Europe to Have Largest Share in the Contactless Payment Terminals Market Owing to increasing smart card rollouts and technological advancements, Europe is expected to lead the market with the largest share. According to the Electronic Transactions Association (ETA), contactless payments on the Mastercard and Maestro networks grew by 145% in Europe in 2018. Growth in contactless payments was robust across multiple countries in Europe, thus driving interest in wearable payments. Competitive Landscape The contactless payment terminals market is consolidated due to few players are having the significant share of the market. Moreover, the lack of awareness of consumers towards contactless cards and concern over the security issue makes the market tough to enter for new players. Some of the key players in the market are Thales Group (Gemalto (News - Alert) NV), OTI, VeriFone Systems Inc., Hewlett Packard, Ingenico Group SA, among others. Key Topics Covered: 1 INTRODUCTION 2 RESEARCH METHODOLOGY 3 EXECUTIVE SUMMARY 4 MARKET INSIGHTS 4.1 Market Overview (includes the impact of COVID-19 on the market) 4.2 Industry Attractiveness - Porter's Five Force Analysis 4.3 Market Drivers 4.3.1 Reduction in Queuing Time and Quicker Checkout Time 4.3.2 Convenience and Ease Associated with Contactless Payments 4.4 Market Restraints 4.4.1 Security Concerns Regarding Digital Payment 5 MARKET SEGMENTATION 5.1 By Technology** 5.1.1 Bluetooth 5.1.2 Infrared 5.1.3 Carrier-based 5.1.4 Wi-Fi 5.1.5 Other Technologies 5.2 By Payment Method 5.2.1 Account-based 5.2.2 Credit/Debit Card 5.2.3 Stored Value 5.2.4 Smart Card 5.2.5 Other Payment Modes 5.3 By Device 5.3.1 Integrated POS 5.3.2 mPOS 5.3.3 PDA 5.3.4 Unattended Terminal 5.3.5 Contactless Reader 5.3.6 Other Devices 5.4 By End User 5.4.1 Retail 5.4.2 Transportation 5.4.3 Banking 5.4.4 Government 5.4.5 Healthcare 5.4.6 Other End-user Industries 5.5 By Geography 6 COMPETITIVE LANDSCAPE 6.1 Company Profiles 6.1.1 Thales (News - Alert) Group (Gemalto NV) 6.1.2 OTI Ltd. 6.1.3 VeriFone Systems Inc 6.1.4 Visiontek Products LLC 6.1.5 Ingenico Group SA 6.1.6 Hewlett Packard Enterprise 6.1.7 Castles Technologies 6.1.8 ID Tech Solutions 6.1.9 NEC (News - Alert) Corporation 7 INVESTMENT ANALYSIS 8 FUTURE OF THE MARKET For more information about this report visit https://www.researchandmarkets.com/r/flonnz
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