Contactless Payment Market to Reach $12,476.6 Billion, Globally, by 2032 at 18.3% CAGR: Allied Market Research
The growth of the contactless payment market is driven by the surge in demand for mobile & wearable payment devices and rise in adoption of contactless payments among merchants.
PORTLAND, Ore., Sept. 13, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Contactless Payment Market by Device Type (Smartphones and Wearables, Smart Cards, and PoS Terminals), and Application (Food and Groceries, Pharmacy and Drug Stores, Restaurants and Bars, Consumer Electronics, Media and Entertainment, and Others): Global Opportunity Analysis and Industry Forecast, 2022-2032". According to the report, the global contactless payment industry generated $2.4 trillion in 2022, and is anticipated to generate $ 12.5 trillion by 2032, witnessing a CAGR of 18.3% from 2023 to 2032.
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Contactless payments have become very popular, especially since the pandemic. It is a secure method for consumers to buy goods and services using a debit, credit, smartcard, or another payment device.
Prime determinants of growth
Surge in demand for mobile & wearable payment devices, rise in adoption of contactless payments among merchants, and numerous benefits provided by contactless payments fuel the contactless payment market growth. However, difficulties in the replacement process of POS terminal and security issues associated with technology are expected to hamper the market growth. On the contrary, integration of IoT in contactless payment technology and untapped potential of emerging economies are some of the factors expected to create lucrative opportunities for the contactless payments market growth in the upcoming years.
Report coverage & details:
The smartphones and wearables segment to maintain its leadership status throughout the forecast period
Based on device type, the smartphones and wearables segment held the highest market share in 2022, accounting for nearly three-fifths of the global contactless payment industry revenue, and is estimated to maintain its leadership status throughout the forecast period, owing to the rising penetration of smartphone devices used for making payments among the youth population across the globe. The use of digital wallets for making contactless payments through smartphones has increased the usage of smartphones in everyday tasks and activities. Furthermore, innovations in wearables, such as payment watches for making contactless payments, are expected to propel the segment's growth. However, the smart cards segment is projected to manifest the highest CAGR of 21.0% from 2023 to 2032, owing to the growing adoption of contactless cards, such as credit and debit cards for making payments in sectors such as BSFI, retail, transportation, and hospitality.
The food and groceries segment to maintain its leadership status throughout the forecast period
Based on application, the food and groceries segment held the highest market share in 2022, accounting for more than one-fourth of the global contactless payment market revenue, owing to the fact that contactless payment systems are being used by several merchants in emerging markets such as India, Mexico, and Brazil due to several benefits such as enhanced operational efficiencies, improved customer satisfaction, and lower operating costs. The increase in online payment penetration among end-users in various food and grocery stores contributes to market expansion. However, the restaurants and bars segment is projected to manifest the highest CAGR of 22.5% from 2023 to 2032, owing to a rise in the adoption of contactless payment technology such as NFC and RFID across the restaurants and bars industry, which drives the growth of the market.
Europe to maintain its dominance by 2032
Based on region, Europe held the highest market share in terms of revenue in 2022, accounting for more than one-third of the global contactless payment market revenue. This is attributed to the fact that contactless payment technology is used by various firms in European countries including the UK, Germany, and France to enable business transactions between counterparties and drive operational efficiency, which drives the market growth. In addition, the 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 influence the growth of the contactless payment market in Europe. However, Asia-Pacific is expected to witness the fastest CAGR of 21.1% from 2023 to 2032, and is estimated to maintain its leadership status throughout the forecast period. This is attributed to the fact that several consumers have adopted contactless payments for day-to-day transactions and due to the increased government support toward investment in technologies.
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Leading Market Players: -
The report provides a detailed analysis of these key players of the global contactless payment market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
Key Benefits for Stakeholders
Contactless Payment Market Key Segments:
By Device Type:
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