Connect with us

Artificial Intelligence

Contactless Payments Market Size is projected to reach USD 12.24 Billion by 2030, growing at a CAGR of 20.8%: Straits Research

Published

on

New York, United States, Aug. 11, 2022 (GLOBE NEWSWIRE) — The contactless payment system is secured by numerous levels of security in coordination with Radio-frequency Identification (RFID) and Near Field Communication (NFC) technologies for making a secure payment. In addition, it permits tapping contactless cards or payment-enabled devices for administrative expenses. Moreover, contactless payments are employed in BFSI, retail, energy & utilities, and several other sectors due to benefits supplied by this technology, including reduced transaction time, greater convenience, and leveraging of customers’ experience at POS terminal during the transaction.

The rise in smartphone adoption, enhanced convenience & reduced transaction time given by contactless payments, and rising demand for mobile & wearable payment devices boost the market growth. Moreover, the integration of IoT and contactless payments technology and an increase in acceptance in emerging economies will likely enhance the market growth in the following years.

Get a Free Sample Copy of This Report @ https://straitsresearch.com/report/contactless-payment-market/request-sample

Surge in Demand for Mobile & Wearable Payment Devices Boost the Market Demand

The market is experiencing a constant increase in demand for mobile & wearable payments due to a significant shift in consumer payment preferences and behavior. Therefore, this mobile & wearable device usage surge encourages contactless payment methods. In addition, users are rapidly linking their bank accounts to mobile wallets and other devices, which drives the market need for contactless payments. Increased awareness of advanced payment devices and a surge in technology adoption also promote market expansion.

Emerging Economies Create New Growth Opportunities for the Global Contactless Payments Market

Developing economies have substantial potential for contactless solution providers to grow their products as consumers increasingly use contactless payment methods and merchants integrate advanced technology into their business operations. In addition, benefits associated with cashless technology, such as reduced tax evasion and enhanced monetary policy flexibility in payment systems, are anticipated to drive market expansion.

High expenditures in expanding and converting existing product lines, enhancing operations to meet client requests, and boosting the productivity of business operations are anticipated to be the primary factors driving market expansion. In addition, India, China, Australia, Singapore, and South Korea are becoming critical consumers of contactless payments systems. The rise in smartphone adoption in these economies is anticipated to offer lucrative market opportunities in the future.

Report Scope

Report Metric Details
Market Size USD 12.24 Billion by 2030
CAGR 20.8% (2022-2030)
Historical Data 2019-2020
Base Year 2021
Forecast Period 2022-2030
Forecast Units Value (USD Billion)
Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered By Device Type, Application, Region
Geographies Covered North America, Europe, Asia-Pacific, LAME and Rest of the World
Key Companies Profiled/Vendors Gemalto, Giesecke+Devrient, Ingenico, InsideSecure, Oberthur Technologies S.A., On Track Innovations, PAX Technology Inc., Proxama Plc., Verifone, Wirecard
Key Market Opportunities Untapped Potential of Emerging Economies
Key Market Drivers Surge in Demand for Mobile & Wearable Payment Devices
Rise in Adoption of Technology by Merchants for Small Value Transactions

Buy Now Full Report @ https://straitsresearch.com/buy-now/contactless-payment-market

Regional Insights

Europe is the highest revenue contributor and is estimated to grow at a CAGR of 19.3% during the forecast period. Companies in several European nations, including the United Kingdom, Germany, and France, use contactless payments technology to expedite business transactions between counterparts and improve operational efficiencies. In addition, the proliferation of new technologies such as machine learning and artificial intelligence is bringing about significant enhancements to the market for contactless payments, thereby assisting banks and financial institutions in streamlining their payment services. An increase in consumer demand for smartphones & wearables and smart cards is also anticipated to present a tremendous opportunity for the market in the following years.

Asia-Pacific is the second-largest region and is projected to reach USD 3,740 billion by 2030, growing at a CAGR of 22.3%. The Asia-Pacific market is analyzed across China, India, Japan, Australia, Singapore, and the Rest of Asia-Pacific. Asia-Pacific is regarded as a rising market and is anticipated to hold the largest market share in the years to come. China, India, and Singapore are the leading contributors to expanding the region’s contactless payments sector. In addition, governments in Japan, Malaysia, and Indonesia are promoting contactless payments technology in the banking and financial sector.

North America is the third-largest region. The market is anticipated to expand due to technological advances and breakthroughs in contactless payment technologies. Additionally, using contactless payment solutions by banks and financial institutions is a factor in the market’s expansion. In addition, several organizations have begun offering contactless payment solutions, which is anticipated to expand their existing product offerings. This is also expected to increase Point-of-Sale terminals across numerous end-use verticals. This is considered a primary growth driver for North American contactless payments.

Key Highlights

  • The global contactless payments market was valued at USD 2,235 billion in 2021. It is projected to reach USD 12,245 billion by 2030, growing at a CAGR of 20.8% during the forecast period (2022–2030). 
  • By device type, the global contactless payment market is divided into Smartphones & Wearables, Smart Cards, and Point-of-Sale (POS) Terminals. The Smartphones & Wearables segment is the highest contributor to the market and is estimated to grow at a CAGR of 19.7% during the forecast period. 
  • By application, the global contactless payment market is segmented into Food & Grocery, Pharmacy & Drug Stores, Restaurants & Bars, Consumer Electronics, Media & Entertainment, and Others. The Food & Grocery segment is the highest contributor to the market and is estimated to grow at a CAGR of 18.2% during the forecast period. 
  • By region, the global contactless payment market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Europe acquires the highest market share.

Get a Free Sample Copy of This Report @ https://straitsresearch.com/report/contactless-payment-market/request-sample

Competitive Players

  • Gemalto
  • Giesecke+Devrient
  • Ingenico
  • InsideSecure
  • Oberthur Technologies S.A.
  • On Track Innovations
  • PAX Technology, Inc.
  • Proxama Plc, Verifone
  • Wirecard

Global Contactless Payments Market: Segmentation

By Device Type

  • Smartphones & Wearables
  • Smart Cards
  • PoS Terminals

By Application

  • Food & Grocery
  • Pharmacy & Drug Stores
  • Restaurants & Bars
  • Consumer Electronics
  • Media & Entertainment
  • Others

By Regions

  • North America
  • Europe 
  • Asia-Pacific
  • LAMEA

TABLE OF CONTENT

  1. Introduction
    1. Market Definition
    2. Market Scope
  2. Research Methodology
    1. Primary Research
    2. Research Methodology
    3. Assumptions & Exclusions
    4. Secondary Data Sources
  3. Market Overview
    1. Report Segmentation & Scope
    2. Value Chain Analysis: Global Contactless Payments Market
    3. Key Market Trends
      1. Drivers
      2. Restraints
      3. Opportunities
    4. Porter’s Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of Substitution
      4. Threat of New Entrants
      5. Competitive Rivalry
    5. Market Share Analysis
  4. Type Overview
    1. Introduction
      1. Market Size & Forecast
    2. Marine, Aviation, & Transport (MAT)
      1. Market Size & Forecast
    3. Political Risk & Credit Insurance
      1. Market Size & Forecast
  5. Distribution Channel Overview
    1. Introduction
      1. Market Size & Forecast
    2. Brokers
      1. Market Size & Forecast
    3. Non-Brokers
      1. Market Size & Forecast
  6. Regional Overview
    1. Introduction
      1. Market Size & Forecast
    2. America
      1. North America
      2. U.S.
        1. By Type
        2. By Distribution Channel
      3. Canada
        1. By Type
        2. By Distribution Channel
      4. Mexico
        1. By Type
        2. By Distribution Channel
      5. Latin America
        1. By Type
        2. By Distribution Channel
    3. Europe
      1. Market Size & Forecast
      2. Germany
        1. By Type
        2. By Distribution Channel
      3. France
        1. By Type
        2. By Distribution Channel
      4. U.K.
        1. By Type
        2. By Distribution Channel
      5. Italy
        1. By Type
        2. By Distribution Channel
      6. Spain
        1. By Type
        2. By Distribution Channel
      7. Rest of Europe
        1. By Type
        2. By Distribution Channel
    4. Asia Pacific
      1. Market Size & Forecast
      2. Japan
        1. By Type
        2. By Distribution Channel
      3. China
        1. By Type
        2. By Distribution Channel
      4. Australia
        1. By Type
        2. By Distribution Channel
      5. India
        1. By Type
        2. By Distribution Channel
      6. South Korea
        1. By Type
        2. By Distribution Channel
      7. Rest of Asia-Pacific
        1. By Type
        2. By Distribution Channel
    5. Middle East & Africa
      1. Market Size & Forecast
      2. Saudi Arabia
        1. By Type
        2. By Distribution Channel
      3. South Africa
        1. By Type
        2. By Distribution Channel
      4. Kuwait
        1. By Type
        2. By Distribution Channel
      5. Rest of Middle East & Africa
        1. By Type
        2. By Distribution Channel
  7. Company Profile
    1. AXA
      1. Company Overview
      2. Financial Performance
      3. Recent Developments
      4. Product Portfolio
    2. American International Group Inc
      1. Company Overview
      2. Financial Performance
      3. Recent Developments
      4. Product Portfolio
    3. Allianz
      1. Company Overview
      2. Financial Performance
      3. Recent Developments
      4. Product Portfolio
  8. Conclusion & Recommendation
  9. Acronyms & Abbreviations

Table of Content and Figure @ https://straitsresearch.com/report/contactless-payment-market/toc

Market News

  • In June 2022, A leading provider of security technologies, Giesecke+Devrient (G+D), announced the purchase of Valid USA’s payment and identification solutions division. With this move, G+D hopes to hasten expansion in the United States, one of the world’s most significant payments and identification markets. The increased business scale will benefit G+D clients facing ongoing supply chain issues affecting the whole industry.
  • In June 2022, G+D Ventures, the venture capital arm of Giesecke+Devrient (G+D), partnered with the European Investment Bank to invest in European startups working on solutions for greater security and trust in the digital world.
  • In May 2022, Giesecke+Devrient (G+D) presented a new type of banknote at the Global Currency Forum. The innovative “Green Banknote” acts as a blueprint for using ecological, resource-saving materials and production processes­ for banknotes. Coupled with durability and state-of-the-art security features, it contributes to a more environmentally friendly and efficient cash cycle.
  • In February 2022, PAX Technology, Inc., one of the world’s largest global payment solution providers and the #2 mobile POS provider, was entrusted with providing contactless and secure ways to pay at the WM Phoenix Open.

News Media     

Top 8 Mobile Banking Applications

IoT Sensor Technology to Revolutionize Smart Parking Technology

Have a Look at the Related Research Report

Smart Card Market: Information by Type (Contact, Contactless), Component (Software, Hardware), Access Type (Physical, Logical), Industry Vertical, and Region — Forecast till 2030

Biometric Authentication and Identification Market: Information by End-user (Government & Border Management Bodies), Function (Contact and Contactless), and Region — Forecast till 2030

Voice-based Payments Market: Information by Component (Software, Hardware), Enterprise Size (Large, Small & Medium-sized), End-User (BFSI, Automotive), and Region — Forecast till 2030

Biometric Payment Cards Market: Information by Card Type (Credit Cards and Debit Cards), End-User (Retail, Transportation), and Region — Forecast till 2030

B2B Payments Market: Information by Type (Domestic, Cross-Border), Payment Mode (Traditional, Digital), Enterprise Size (Large Enterprises), Industry Vertical, and Region — Forecast till 2030

About Straits Research Pvt. Ltd.

Straits Research is a market intelligence company providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision-makers. Straits Research Pvt. Ltd. provides actionable market research data, especially designed and presented for decision making and ROI.

Whether you are looking at business sectors in the next town or crosswise over continents, we understand the significance of being acquainted with the client’s purchase. We overcome our clients’ issues by recognizing and deciphering the target group and generating leads with utmost precision. We seek to collaborate with our clients to deliver a broad spectrum of results through a blend of market and business research approaches.

For more information on your target market, please contact us below:

Phone: +1 646 480 7505 (the U.S.)

+91 8087085354 (APAC)

+44 208 068 9665 (the U.K.)

Email: [email protected]

Follow Us: LinkedIn | Facebook | Instagram | Twitter

GlobeNewswire is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.

Artificial Intelligence

oToBrite Unveils Automotive-Grade 5MP/8MP Camera Modules to Meet Soaring Demand for High-Level ADAS/Autonomous Driving

Published

on

otobrite-unveils-automotive-grade-5mp/8mp-camera-modules-to-meet-soaring-demand-for-high-level-adas/autonomous-driving

HSINCHU, Sept. 28, 2023 /PRNewswire/ — oToBrite, a prominent provider of Vision-AI ADAS/AD solutions, has unveiled its latest offering in response to the surging demand for high-level Advanced Driver Assistance Systems (ADAS) and Autonomous Driving (AD) applications. With the need for enhanced perception technology, particularly for heavy commercial vehicles, as the heavier the vehicle is, the longer it will take to stop, oToBrite has successfully introduced automotive-grade 5MP/8MP camera modules. These cutting-edge modules can improve the visibility and perception capabilities of ADAS/AD systems, and have been adopted among clients in North America.

oToBrite has been a leading tier-1 player for vision-AI ADAS/AD solution in the automotive industry, leveraging its full-stack capabilities spanning camera module production technology, edge-computing system design, and vision-AI model development. The company offers flexible business model and comprehensive vision-AI technology stack, enabling it to provide system solutions, camera modules, or AI IP licensing to cater to diverse customer requirements. Its automotive-grade camera modules have already garnered the trust of prominent clients and entered the supply chain of car OEMs such as Luxgen, SONY, Toyota, XPENG, etc. with over 1 million automotive-grade camera modules deployed. To learn more about oToBrite’s offerings, please visit https://www.otobrite.com/en.
The newly launched 5MP/8MP camera modules from oToBrite feature high-sensitivity CMOS sensors. oToBrite’s 5MP camera module series is equipped with Sony IMX490 Sensor and has multiple viewing angles, including 30°, 60°, 90°, and 120°. The 8MP camera module series employs Sony IMX728 sensors and also offers various viewing angles. Both 5MP and 8MP series are equipped with GMSL2 interfaces and tested with waterproof and dustproof standards of IP67/69K. They can operate within a temperature range of -40°C to +85°C, ensuring the utmost reliability and stability for customers.
oToBrite holds a distinct advantage in camera production technology, with 1K class clean room factory certified with IATF16949 and endorsed by several leading car OEMs. Additionally, the in-house developed 5/6-axis active alignment machine for high-end camera modules exhibits the capability to manufacture over 60 SKU variants of camera modules.
About oToBrite
oToBrite is a leading vison-AI ADAS/AD solutions provider. Based in Hsinchu Science Park, oToBrite has IATF 16949 certified clean room factory and several years of experience as an automotive Tier-1 supplier. Through comprehensive research and development capabilities, oToBrite provides vision-AI algorithm, ECU/domain controller and automotive-grade/special purpose camera products.
Photo – https://mma.prnewswire.com/media/2221257/oToBrite_Automotive_grade_5MP8MP.jpg

View original content:https://www.prnewswire.co.uk/news-releases/otobrite-unveils-automotive-grade-5mp8mp-camera-modules-to-meet-soaring-demand-for-high-level-adasautonomous-driving-301939956.html

Continue Reading

Artificial Intelligence

CFOs are the change agents driving shift to servitized business model to harness growth, cost efficiency and technology opportunities

Published

on

cfos-are-the-change-agents-driving-shift-to-servitized-business-model-to-harness-growth,-cost-efficiency-and-technology-opportunities

Time for action is now: Customer expectations for servitization already exist (61%) and projected to increase (70%) in the next three years, in terms of value, service and reliability.
LONDON, Sept. 28, 2023 /PRNewswire/ — IFS, the global cloud enterprise software company, has shared the latest findings of its recent global research polling 2,000 senior decision-makers – VP and above – in France, Germany, Japan, Nordics, UK, USA and the UAE –across Manufacturing, Services, Telecoms, Energy & Resources, Construction & Engineering, and A&D industries. In its last overview, the company highlighted the overarching dependence on AI to create and accelerate business value from servitization.  

The survey points to specific executives as drivers or enablers to successfully make the shift and align the organization behind it. The survey highlights the CFO (21%) behind the CEO (35%) as the guardian of business resilience, financial health and as the purse string holder for technology investments. CFOs recognize that the move to servitization is essential in providing predictability in revenues, expenditure and third-party costs, and are aligning themselves to becoming stewards of identifying cross-business strategies that will build competitive advantage. 
At the heart of the business case for servitization, the CFO is focused on three elements: Faster and more cost-efficient time to market, visibility and predictability into revenues and CAPEX, accelerating organization alignment across people, processes and technology, to support not only the processes but also to provide the insights required to assess and optimize as they go within their business and intra-company.  
CFOs exhibit the greatest urgency in implementing a servitized model out of all C-level respondents (CIOs, CHROs and CTOs), with (32%) prioritizing adoption within the next 18 months. This implies change is not only necessary but will deliver business benefits, with progress and success measured by a fully servitized P&L. CFOs are also most likely (26%) to say their role is the one driving the shift within the organization, as they understand how technology capabilities will reach deep into their organization and enable it to become more technology-driven with regards to the design and delivery of products and services: Product R&D (34%) and service R&D (32%) are two areas CFOs prioritized when looking at servitized business processes.  
The priority outcome CFOs want to achieve from servitization is enhancing insight-driven decision-making capabilities (32%) – pointing to why AI is their #1 essential technology choice (49%) as it will fuel faster, more accurate and more data-led inputs into the strategic choices that impact the bottom line.   
Technology as a revenue growth enhancer makes wise fiscal sense. For example, EAM is a must-have for servitization success (34%)– assets that are predictively maintained will last longer, have less downtime and result in less expenditure. FSM (40%) maximizes profitable revenue streams and enables significant cost savings across the service lifecycle through optimized workforce scheduling and planning. Similarly, the wealth of connected asset data that can be harnessed through the application of automation, ML, IoT, end-to-end connectivity – all CFO “must-implements” – explain why CFOs have emerged as such strong proponents of technology and servitization.   
The CFO’s confidence about the organizational readiness is high at (42%) indicating they have the processes mapped out and are progressing well in their move to servitization, but still have either organizational impacts on people and processes (23%) or technology needs to overcome, making the CHRO the second most significant executive to drive and enable the transformation. 
CHROs are more cautious about servitization readiness within the organization, being acutely aware that shifting from a product-focused to a service-focused mindset within their organizations is a barrier to implementing servitization (42%). However, CHROs are in alignment with the CFO on customer expectations for servitization, which are high now, and are set to increase. They also agree that technology is essential to success, with AI their top pick (50%).  
Alex Rumble, SVP of Corporate Communications, Product Marketing, AR, & CI at IFS, commented: “The CFO’s remit has evolved hugely in the last decade away from financial reporting to understanding and influencing business-wide strategies and aiding transformation.” Rumble added, “Our research illustrates this very well and that CFOs not only understand the positive impact of aligning a business behind the customer’s expectations, but also the much broader business value of doing so.” She concluded: “Today CFOs are visionary advocates of change and digital transformation and will help build predictability in revenue and costs, ultimately the holy grail for CFOs but still technology dependent.” 
Together, CFOs and CHROs can partner to be a powerful force to not only accelerate servitization, but also ensure that the whole organization is primed for success. CHROs must act as a secondary catalyst to mobilize cultural change, acting as a bridge between the business and ensuring the communication and implementation of the overall strategy is not siloed to the C-level. 
About IFS 
IFS develops and delivers cloud enterprise software for companies around the world who manufacture and distribute goods, build, and maintain assets, and manage service-focused operations. Within our single platform, our industry specific products are innately connected to a single data model and use embedded digital innovation so that our customers can be their best when it really matters to their customers – at the Moment of Service™. The industry expertise of our people and of our growing ecosystem, together with a commitment to deliver value at every single step, has made IFS a recognized leader and the most recommended supplier in our sector. Our team of over 5,500 employees every day live our values of agility, trustworthiness, and collaboration in how we support our thousands of customers. Learn more about how our enterprise software solutions can help your business today at ifs.com. 
CONTACT: IFS Press Contacts: EUROPE / MEA / APJ: Adam Gillbe IFS, Director of Corporate & Executive Communications Email: [email protected] Phone: +44 7775 114 856
NORTH AMERICA / LATAM: Mairi Morgan IFS, Director of Corporate & Executive Communications Email: [email protected] Phone: +1 520 396 2155
The following files are available for download:
https://news.cision.com/ifs/i/cfos-are-the-change-agents-driving-shift-to-servitized-business-model-to-harness-growth–cost-effici,c3220272
CFOs are the change agents driving shift to servitized business model to harness growth, cost efficiency and technology opportunities
 

View original content:https://www.prnewswire.co.uk/news-releases/cfos-are-the-change-agents-driving-shift-to-servitized-business-model-to-harness-growth-cost-efficiency-and-technology-opportunities-301941481.html

Continue Reading

Artificial Intelligence

Breaking language barriers: thebigword’s AI workflows enhance translation delivery on time to 99% while significantly reducing turnaround times

Published

on

breaking-language-barriers:-thebigword’s-ai-workflows-enhance-translation-delivery-on-time-to-99%-while-significantly-reducing-turnaround-times

LEEDS, England, Sept. 27, 2023 /PRNewswire/ — thebigword, a leading provider of language solutions, is proud to announce an improvement in its on-time delivery performance and significant reduction of turnaround times. This has been made possible through a strategic fusion of human expertise and state-of-the-art AI and Machine Translation technologies.

 
This exciting achievement reaffirms the company’s commitment to delivering accurate and timely translations to clients worldwide, setting new industry standards.
With the ever-growing demand for rapid and high-quality translations, thebigword has taken numerous steps, including the ability to create and implement self-driving AI workflows, to ensure their clients are receiving the highest quality of translation and customer service.
Through the enhanced integration of AI and Machine Translation solutions into its translation workflows, thebigword has achieved remarkable outcomes, such as the significant reduction in turnaround times and this notable increase in on-time deliveries. With 99% of translation projects across various languages and industries delivered on time to clients, with shorter turnaround times.
thebigword’s collaborative approach leverages the strengths of their human translators with the power of AI technologies to allow for faster translation turnaround times, while maintaining the highest levels of accuracy. Their technology platform also enables quick resource allocation, ensuring that translation projects are assigned, executed and delivered quickly to reduce delivery times.
Joshua Gould, Chief Executive Officer of thebigword Group said: “thebigword is delivering a very human service with the utilisation of next-generation AI. These innovations represent an ongoing effort to enhance the overall client experience through our ability to deliver accurate, high-speed translations at an affordable price for any budget.”
Mark Daley, Global Managing Director of thebigword Translation said: “thebigword understands how crucial timely delivery of accurate translations are for the global success of our clients, and some of the latest technological integrations we have enabled have allowed us to achieve an impressive 99% as well as faster turnaround times.”
As thebigword celebrates this achievement, it looks forward to building on its success with other translation milestones and continuing to provide high-quality translation services – further enabling its mission of eradicating the final barrier of global communication.
About thebigword:
As one of the largest language service providers globally, thebigword utilises the greatest minds and boundary-shattering technology to deliver phenomenal quality at scale to both our clients and linguist network.
thebigword provides the best translation, interpretation, localisation and language technology solutions for businesses, the public sector and individuals – handling up to 50,000 worldwide assignments every day.
For more information about thebigword’s innovative AI and Machine Translation solutions, please visit www.thebigword.com.
Logo – https://mma.prnewswire.com/media/2161341/4179684/thebigword_logo.jpg
For media enquiries, please contact:Lauren HockneyGlobal Head of [email protected]

View original content:https://www.prnewswire.co.uk/news-releases/breaking-language-barriers-thebigwords-ai-workflows-enhance-translation-delivery-on-time-to-99-while-significantly-reducing-turnaround-times-301940669.html

Continue Reading
Advertisement

Latest News

Trending