CAGR of 22.12%, Contactless Payment Terminals Market is expected to grow (2019-2023) Consumer research, Report includes – Future innovations, Research Report Analysis
The Contactless Payment Terminals Market Report 2019-2023 focuses on the global Contactless Payment Terminals status, future forecast, growth opportunity, key market, and key players.
The Contactless Payment Terminals Market report studies the global market size of Contactless Payment Terminals in key regions like North America, Europe, Asia Pacific, Central & South America, and the Middle East & Africa focuses on the consumption of Contactless Payment Terminals in these regions. This research report categorizes the global Contactless Payment Terminals market by players/brands, region, type, and application. This report also studies the global market status, competition landscape, market share, growth rate, future trends, market drivers, opportunities and challenges, sales channels, distributors and Porters Five Forces Analysis.
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The various contributors involved in the value chain of Contactless Payment Terminals include manufacturers, suppliers, distributors, intermediaries, and customers.
The Key Players covered in this study:-
- Hewlett Packard
- Castles Technologies
- ID Tech Solutions
- Revel Systems
Overview of Contactless Payment Terminals Market Research Report 2019-2023:-
The contactless payment terminals market was valued at USD 8.6 billion in 2017 and is projected to reach USD 28.7 billion by the end of 2023, growing at a CAGR of 22.12% over the forecast period of 2019-2023. The scope of the report is limited to the type of technology, payment modes, and devices used in contactless payment. The regions considered in the scope of the report include – North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa.
The pace with which the payments can be processed is making contactless payment lucrative for businesses and the faster checkout times, along with the ease of payments, are making users upgrade their cards to contactless ones. While increasing internet penetration is driving the growth of the contactless payment terminals market, concerns over the security of information that is visible through such terminals is set to hinder the growth to some extent.
Increasing Internet Penetration
The growth of the contactless payment terminals market will be driven by internet penetration as a strong internet connection is the backbone of this payment method.
The number of internet users in 2019 reached more than 4 billion, depicting a 7% year-on-year growth rate. Moreover, with increasing digitization and smart cities, people will be more inclined towards contactless payment methods as they offer convenience and quicker checkout time. Also, smartphone manufacturers are coming out with contactless payment methods such as Samsung Pay. All this will aid the contactless payment terminals market to grow.
Contactless payments have become one of the hottest ways to pay globally. A contactless payment is a payment transaction that does not require physical contact between a consumerâs payment device and a point-of-sale terminal. The introduction of NFC-enabled mobile payments with Apple Pay, Android Pay, and Samsung Pay, and the use of contactless bank cards for transit â are increasing the value of contactless payments for consumers, issuers, and merchants.
Contactless payments provide merchants and issuers an opportunity to improve payments security, transaction speeds, and the customer experience. With the move to EMV chip technology, the POS infrastructure can also be enabled to support contactless payments, which delivers a host of benefits to merchants, issuers, and their customers.
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Reasons to Purchase the Report
Key questions answered in the Contactless Payment Terminals Market Report are.
- What will the market size be in 2023 and what will the growth rate be?
- What are the key market trends?
- What is driving this market?
- What are the challenges to market growth?
- Who are the key vendors in this market space?
- What are the market opportunities and threats faced by the key vendors?
- What are the strengths and weaknesses of the key vendors?
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This report includes the estimation of market size for value (million US$) and volume (K Units). Both top-down and bottom-up approaches have been used to estimate and validate the market size of Contactless Payment Terminals market, to estimate the size of various other dependent submarkets in the overall market. Key players in the market have been identified through secondary research, and their market shares have been determined through primary and secondary research. All percentage shares, splits, and breakdowns have been determined using secondary sources and verified primary sources.
Major Points from TOC of Contactless Payment Terminals Market Research Report 2019-2023:
1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
- RESEARCH METHODOLOGY
- EXECUTIVE SUMMARY
- MARKET DYNAMICS
4.1.1 Rise in Defence Expenditure of Many Countries
4.1.2 Increasing Demand of Lightweight Materials in the Industry
4.2.1 Need for High Investments in R&D
4.2.2 Other Restraints
4.3 Industry Value-Chain Analysis
4.4 Porters 5 Force Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Consumers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
4.5 Price Analysis
- MARKET SEGMENTATION
1 By Application
5.2 End-user Sector
5.3.2 North America
5.3.4 South America
5.3.5 the Middle East & Africa
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