Will US healthcare be the fastest growing segment of a $17.56 Billion contactless payment market by 2021?

healthcareResearch and Markets has released a new report, titled “Contactless Payment Market – Global Forecast to 2021” that, according to their figures, shows the contactless payment market size is estimated to grow from USD 6.70 billion in 2016 to USD 17.56 billion by 2021, at a CAGR of 21.2%.

Wearables, ease of integration of contactless payment technology with existing cards and increased average transaction value is also driving the growth of the market.

In 2016, payment terminal solution is expected to dominate the contactless payment solutions market due to the increasing support and assistance required by the merchants who are readily deploying the contactless payment terminals in the businesses to support contactless payment transactions.

Healthcare is the fastest-growing vertical due to increasing adoption of contactless technology for bill payments in hospitals. Professional services commands the major share in contactless payment services market as these services are necessary for the successful implementation of contactless payment platforms and technologies.

Europe is expected to hold the largest market share of the contactless payment market in 2016 due to technological advancements and increasing contactless smart card roll-outs. APAC is expected to have the highest growth rate during the forecast period due to the increasing number of contactless payment technology enabled smart phones in countries such as China, Australia, Japan, and India.

Companies mentioned in the report include; Gemalto N.V., Giesecke & Devrient GmbH, Heartland Payment Systems, Inc., Ingenico Group, Inside Secure, Oberthur Technologies Sa, On Track Innovations, Proxama, PLC, Verifone Systems, Inc., Wirecard AG

You can find the report here.

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Categories: Contactless Payments

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