The contactless payments market size is projected to reach US$ 91.80 billion by 2031 from US$ 33.27 billion in 2023. The market is expected to register a CAGR of 13.5% during 2023–2031. Voice-based payment with voice match confirmation is likely to remain a key trend in the market.
Contactless Payments Market Analysis
Various governments across the globe are promoting the use of digital payments. Governments of various countries in Asia Pacific have been actively promoting digital payments and financial technology. They have implemented policies and initiatives to encourage the adoption of contactless payments. The IoT contains a vast network of interconnected devices, each embedded with sensors and software, capable of collecting and exchanging data over the Internet. Wearable devices, such as smartwatches, contactless payment cards, and mobile apps embedded with IoT technology, allow users to make payments with a simple tap or by holding their device near a point-of-sale (PoS) terminal. The elimination of physical cards or cash streamlines the transaction process and minimizes the risk of loss or theft. Security concerns have long been a central focus in financial transactions.
Contactless Payments Market Overview
Contactless payment is a secure and convenient way of paying for goods and services with a smartphone, debit card, or credit card that uses radio frequency identification (RFID) technology and near-field communication (NFC). Contactless payment works by tapping or waving the payment device over a point-of-sale terminal that has contactless payment technology. Contactless payment has several benefits, such as reduced transaction time and friction, as customers do not have to enter their PIN or handle cash at the checkout. It improves customer experience and trust, as contactless payment is safe and encrypted to prevent any fraudulent purchases. It offers flexibility for payment devices, as customers can use their NFC-enabled smartphone, wearable device, or contactless card to make payments. It provides loyalty benefits, as some contactless payment systems are integrated with loyalty programs that offer discounts and rewards to customers.
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Contactless Payments Market: Strategic Insights
Market Size Value in US$ 33.26 billion in 2022 Market Size Value by US$ 91.80 billion by 2030 Growth rate CAGR of 13.5% from 2022 to 2030 Forecast Period 2022-2030 Base Year 2022
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Contactless Payments Market: Strategic Insights
| Market Size Value in | US$ 33.26 billion in 2022 |
| Market Size Value by | US$ 91.80 billion by 2030 |
| Growth rate | CAGR of 13.5% from 2022 to 2030 |
| Forecast Period | 2022-2030 |
| Base Year | 2022 |
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Contactless Payments Market Drivers and Opportunities
Efficiency and Cost-Effectiveness of Contactless Payments to Favor Market
Contactless payment technologies enable transactions through contactless chips embedded in payment cards, tags, wearables, and mobile phones. The contactless payment offers quick approvals from banks, and the money is transferred to the account instantly. This reduces the waiting time and hassle for both consumers and merchants and improves the efficiency and convenience of payments. The contactless payment allows the automation of monthly payments to save time and effort and get cashback. Also, the contactless payment option has low processing fees.
Technological Advancements in Contactless Payments
NFC is used for contactless payments. The process of holding a chipped card or smartphone directly against the reader provides an extra layer of security, making contactless payments safe and secure. NFC is the technology used by smartphones that have enabled mobile wallets, such as ApplePay. Contactless payment enables faster transactions and increased customer satisfaction and loyalty, as well as the adoption of new payment technologies, such as NFC and others, which facilitate machine-to-machine communication and IoT integration.
Contactless Payments Market Report Segmentation Analysis
Key segments that contributed to the derivation of the contactless payments market analysis are payment mode, component, and industry vertical.
- Based on payment mode, the contactless payments market is divided into smartphones, smart cards, PoS terminals, and others. The smartphones segment held the largest market share in 2023. Contactless payment with smartphones involves utilizing a mobile device, such as a smartphone, to securely store credit and debit card information. This allows users to make purchases by tapping their device on a compatible card reader, eliminating the need for cash or physical card swiping.
- By component, the market is segmented into hardware, solutions, and services. The hardware segment held the largest share of the market in 2023. Contactless payment hardware encompasses the physical devices and technology utilized to facilitate secure transactions without requiring physical contact between the payment device and the point-of-sale (POS) terminal.
- In terms of industry vertical, the market is segmented into retail, hospitality, healthcare, transportation & logistics, and media & entertainment, and others. The retail segment held a significant share of the market in 2023. Contactless payment in retail refers to a secure and convenient payment method that enables customers to conduct transactions by tapping a payment card or another device near a point-of-sale terminal equipped with contactless payment technology.
Contactless Payments Market Share Analysis by Geography
The geographic scope of the contactless payments market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
Contactless payments are already increasing in popularity in the US. The COVID-19 pandemic has significantly boosted the use of various touch-free payment methods among Americans. In November 2023, as reported by the Mastercard Contactless Consumer Polling, more than half (51%) of Americans were utilizing some form of contactless payment, such as tap-to-go credit cards and mobile wallets, such as Apple Pay. The rising popularity of contactless payments can be attributed, at least in part, to the growing apprehension about the hygiene of signing at the point of sale (PoS) or using cash. According to the survey, 50% of US consumers have concerns about the cleanliness of signature touchpads, and 72% of US consumers opt to forgo signatures entirely.
The European Central Bank (ECB) oversees the euro area payments market to ensure the smooth operation of payment systems and the availability of diverse payment methods. By examining payment statistics, the ECB tracks current trends, such as the increasing usage of contactless card payments. This data has been gathered since the first half of 2022 and has recently been made public. In the second half of 2022, 53.8% of all card-based payments in the euro area were contactless. Furthermore, in 13 out of the 19 euro area countries at that time, over half of all card payments were contactless, indicating a strong demand for this technology throughout the euro area. These stats highlight the emergence of contactless payments in Europe.
Contactless Payments Market Report Scope
Contactless Payments Market News and Recent Developments
The contactless payments market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the contactless payments market are listed below:
- Ingenico, a global leader in payment acceptance and services, has announced a strategic partnership with Cybersource, Visa's agnostic global payment and fraud management platform. The partnership will create a global unified commerce solution for use in Asia Pacific first, followed by other regions.
(Source: Ingenico, Press Release, January 2024)
- Mastercard and AF Payments, Inc. (AFPI), the company behind Beep cards, have announced a strategic partnership to enable contactless acceptance of Mastercard cards in the Metro Rail Transit Line 3 (MRT-3 Line) and buses for the first time in the Philippines. In support of the government's goal to accelerate the digitization of payments, and in line with the Bangko Sentral ng Pilipinas' Digital Payments Transformation Roadmap, the 'Mastercard-Beep EMV Contactless Acceptance in Transport Partnership' aims to broaden contactless payments acceptance in the Philippines. This initiative will bring greater convenience to the consumer commuting experience, simplifying access and enabling travelers to tap in and tap out with their Mastercard.
(Source: Mastercard, Press Release, February 2024)
Contactless Payments Market Report Coverage and Deliverables
The "Contactless Payments Market Size and Forecast (2021–2031)" report provides a detailed analysis of the market covering below areas:
- Contactless payments market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Contactless payments market trends, as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST and SWOT analysis
- Contactless payments market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the contactless payments market
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Payment Mode, Component, and Industry Vertical
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
Frequently Asked Questions
Visa, Mastercard, Giesecke+Devrient GmbH, Ingenico, and IDEMIA are major players in the market.
The market is expected to reach a value of US$ 91.80 billion by 2031.
Voice-based payments with voice match confirmation is a key trend in the market.
The market is anticipated to expand at a CAGR of 13.5% during 2023-2031.
Asia Pacific dominated the contactless payments market in 2023.
Increase in government initiatives to promote digital payments and efficiency & cost-effectiveness of contactless payments are driving the market growth.
1. Introduction
1.1 The Insight Partners Research Report Guidance
1.2 Market Segmentation
2. Executive Summary
2.1 Key Insights
2.2 Market Attractiveness
3. Research Methodology
3.1 Secondary Research
3.2 Primary Research
3.2.1 Hypothesis formulation:
3.2.2 Macro-economic factor analysis:
3.2.3 Developing base number:
3.2.4 Data Triangulation:
3.2.5 Country level data:
4. Contactless Payments Market Landscape
4.1 Overview
4.2 PEST Analysis
4.3 Ecosystem Analysis
4.3.1 Hardware Providers
4.3.2 Solution and Service Providers
4.3.3 Logistics and Supply Chain Management Providers
4.3.4 End Users
4.3.5 List of Vendors in the Value Chain
5. Contactless Payments Market – Key Market Dynamics
5.1 Contactless Payments Market – Key Market Dynamics
5.2 Market Drivers
5.2.1 Increase in Government Initiatives to Promote Digital Payments
5.2.2 Efficiency and Cost-Effectiveness of Contactless Payments
5.3 Market Restraints
5.3.1 Potential Security Concerns and Limitations
5.4 Market Opportunities
5.4.1 Technological Advancements in Contactless Payments
5.4.2 IoT-Embedded Contactless Payment
5.5 Future Trends
5.5.1 Voice-Based Payments with Voice Match Confirmation
5.6 Impact of Drivers and Restraints:
6. Contactless Payments Market – Global Market Analysis
6.1 Contactless Payments Market Revenue (US$ Million), 2021–2031
6.2 Contactless Payments Market Forecast Analysis
7. Contactless Payments Market Analysis – by Payment Mode
7.1 Smartphones
7.1.1 Overview
7.1.2 Smartphones: Contactless Payments Market – Revenue and Forecast to 2031 (US$ Million)
7.2 Smart Cards
7.2.1 Overview
7.2.2 Smart Cards: Contactless Payments Market – Revenue and Forecast to 2031 (US$ Million)
7.3 PoS Terminals
7.3.1 Overview
7.3.2 PoS Terminals: Contactless Payments Market – Revenue and Forecast to 2031 (US$ Million)
7.4 Others
7.4.1 Overview
7.4.2 Others: Contactless Payments Market – Revenue and Forecast to 2031 (US$ Million)
8. Contactless Payments Market Analysis – by Components
8.1 Hardware
8.1.1 Overview
8.1.2 Hardware: Contactless Payments Market – Revenue and Forecast to 2031 (US$ Million)
8.2 Solutions
8.2.1 Overview
8.2.2 Solutions: Contactless Payments Market – Revenue and Forecast to 2031 (US$ Million)
8.3 Services
8.3.1 Overview
8.3.2 Services: Contactless Payments Market – Revenue and Forecast to 2031 (US$ Million)
9. Contactless Payments Market Analysis – by Industry Verticals
9.1 Retail
9.1.1 Overview
9.1.2 Retail: Contactless Payments Market – Revenue and Forecast to 2031 (US$ Million)
9.2 Hospitality
9.2.1 Overview
9.2.2 Hospitality: Contactless Payments Market – Revenue and Forecast to 2031 (US$ Million)
9.3 Healthcare
9.3.1 Overview
9.3.2 Healthcare: Contactless Payments Market – Revenue and Forecast to 2031 (US$ Million)
9.4 Transportation and Logistics
9.4.1 Overview
9.4.2 Transportation and Logistics: Contactless Payments Market – Revenue and Forecast to 2031 (US$ Million)
9.5 Media and Entertainment
9.5.1 Overview
9.5.2 Media and Entertainment: Contactless Payments Market – Revenue and Forecast to 2031 (US$ Million)
9.6 Others
9.6.1 Overview
9.6.2 Others: Contactless Payments Market – Revenue and Forecast to 2031 (US$ Million)
10. Contactless Payments Market – Geographical Analysis
10.1 Overview
10.2 North America
10.2.1 North America Contactless Payments Market Overview
10.2.2 North America: Contactless Payments Market – Revenue and Forecast to 2031 (US$ Million)
10.2.3 North America: Contactless Payments Market Breakdown, by Payment Mode
10.2.3.1 North America: Contactless Payments Market – Revenue and Forecast Analysis – by Payment Mode
10.2.4 North America: Contactless Payments Market Breakdown, by Components
10.2.4.1 North America: Contactless Payments Market – Revenue and Forecast Analysis – by Components
10.2.5 North America: Contactless Payments Market Breakdown, by Industry Verticals
10.2.5.1 North America: Contactless Payments Market – Revenue and Forecast Analysis – by Industry Verticals
10.2.6 North America: Contactless Payments Market – Revenue and Forecast Analysis – by Country
10.2.6.1 North America: Contactless Payments Market – Revenue and Forecast Analysis – by Country
10.2.6.2 United States: Contactless Payments Market – Revenue and Forecast to 2031 (US$ Million)
10.2.6.2.1 United States: Contactless Payments Market Breakdown, by Payment Mode
10.2.6.2.2 United States: Contactless Payments Market Breakdown, by Components
10.2.6.2.3 United States: Contactless Payments Market Breakdown, by Industry Verticals
10.2.6.3 Canada: Contactless Payments Market – Revenue and Forecast to 2031 (US$ Million)
10.2.6.3.1 Canada: Contactless Payments Market Breakdown, by Payment Mode
10.2.6.3.2 Canada: Contactless Payments Market Breakdown, by Components
10.2.6.3.3 Canada: Contactless Payments Market Breakdown, by Industry Verticals
10.2.6.4 Mexico: Contactless Payments Market – Revenue and Forecast to 2031 (US$ Million)
10.2.6.4.1 Mexico: Contactless Payments Market Breakdown, by Payment Mode
10.2.6.4.2 Mexico: Contactless Payments Market Breakdown, by Components
10.2.6.4.3 Mexico: Contactless Payments Market Breakdown, by Industry Verticals
10.3 Europe
10.3.1 Europe Contactless Payments Market Overview
10.3.2 Europe: Contactless Payments Market – Revenue and Forecast to 2031 (US$ Million)
10.3.3 Europe: Contactless Payments Market Breakdown, by Payment Mode
10.3.3.1 Europe: Contactless Payments Market – Revenue and Forecast Analysis – by Payment Mode
10.3.4 Europe: Contactless Payments Market Breakdown, by Components
10.3.4.1 Europe: Contactless Payments Market – Revenue and Forecast Analysis – by Components
10.3.5 Europe: Contactless Payments Market Breakdown, by Industry Verticals
10.3.5.1 Europe: Contactless Payments Market – Revenue and Forecast Analysis – by Industry Verticals
10.3.6 Europe: Contactless Payments Market – Revenue and Forecast Analysis – by Country
10.3.6.1 Europe: Contactless Payments Market – Revenue and Forecast Analysis – by Country
10.3.6.2 Germany: Contactless Payments Market – Revenue and Forecast to 2031 (US$ Million)
10.3.6.2.1 Germany: Contactless Payments Market Breakdown, by Payment Mode
10.3.6.2.2 Germany: Contactless Payments Market Breakdown, by Components
10.3.6.2.3 Germany: Contactless Payments Market Breakdown, by Industry Verticals
10.3.6.3 United Kingdom: Contactless Payments Market – Revenue and Forecast to 2031 (US$ Million)
10.3.6.3.1 United Kingdom: Contactless Payments Market Breakdown, by Payment Mode
10.3.6.3.2 United Kingdom: Contactless Payments Market Breakdown, by Components
10.3.6.3.3 United Kingdom: Contactless Payments Market Breakdown, by Industry Verticals
10.3.6.4 France: Contactless Payments Market – Revenue and Forecast to 2031 (US$ Million)
10.3.6.4.1 France: Contactless Payments Market Breakdown, by Payment Mode
10.3.6.4.2 France: Contactless Payments Market Breakdown, by Components
10.3.6.4.3 France: Contactless Payments Market Breakdown, by Industry Verticals
10.3.6.5 Italy: Contactless Payments Market – Revenue and Forecast to 2031 (US$ Million)
10.3.6.5.1 Italy: Contactless Payments Market Breakdown, by Payment Mode
10.3.6.5.2 Italy: Contactless Payments Market Breakdown, by Components
10.3.6.5.3 Italy: Contactless Payments Market Breakdown, by Industry Verticals
10.3.6.6 Russian Federation: Contactless Payments Market – Revenue and Forecast to 2031 (US$ Million)
10.3.6.6.1 Russian Federation: Contactless Payments Market Breakdown, by Payment Mode
10.3.6.6.2 Russian Federation: Contactless Payments Market Breakdown, by Components
10.3.6.6.3 Russian Federation: Contactless Payments Market Breakdown, by Industry Verticals
10.3.6.7 Rest of Europe: Contactless Payments Market – Revenue and Forecast to 2031 (US$ Million)
10.3.6.7.1 Rest of Europe: Contactless Payments Market Breakdown, by Payment Mode
10.3.6.7.2 Rest of Europe: Contactless Payments Market Breakdown, by Components
10.3.6.7.3 Rest of Europe: Contactless Payments Market Breakdown, by Industry Verticals
10.4 Asia Pacific
10.4.1 Asia Pacific Contactless Payments Market Overview
10.4.2 Asia Pacific: Contactless Payments Market – Revenue and Forecast to 2031 (US$ Million)
10.4.3 Asia Pacific: Contactless Payments Market Breakdown, by Payment Mode
10.4.3.1 Asia Pacific: Contactless Payments Market – Revenue and Forecast Analysis – by Payment Mode
10.4.4 Asia Pacific: Contactless Payments Market Breakdown, by Components
10.4.4.1 Asia Pacific: Contactless Payments Market – Revenue and Forecast Analysis – by Components
10.4.5 Asia Pacific: Contactless Payments Market Breakdown, by Industry Verticals
10.4.5.1 Asia Pacific: Contactless Payments Market – Revenue and Forecast Analysis – by Industry Verticals
10.4.6 Asia Pacific: Contactless Payments Market – Revenue and Forecast Analysis – by Country
10.4.6.1 Asia Pacific: Contactless Payments Market – Revenue and Forecast Analysis – by Country
10.4.6.2 Australia: Contactless Payments Market – Revenue and Forecast to 2031 (US$ Million)
10.4.6.2.1 Australia: Contactless Payments Market Breakdown, by Payment Mode
10.4.6.2.2 Australia: Contactless Payments Market Breakdown, by Components
10.4.6.2.3 Australia: Contactless Payments Market Breakdown, by Industry Verticals
10.4.6.3 China: Contactless Payments Market – Revenue and Forecast to 2031 (US$ Million)
10.4.6.3.1 China: Contactless Payments Market Breakdown, by Payment Mode
10.4.6.3.2 China: Contactless Payments Market Breakdown, by Components
10.4.6.3.3 China: Contactless Payments Market Breakdown, by Industry Verticals
10.4.6.4 India: Contactless Payments Market – Revenue and Forecast to 2031 (US$ Million)
10.4.6.4.1 India: Contactless Payments Market Breakdown, by Payment Mode
10.4.6.4.2 India: Contactless Payments Market Breakdown, by Components
10.4.6.4.3 India: Contactless Payments Market Breakdown, by Industry Verticals
10.4.6.5 Japan: Contactless Payments Market – Revenue and Forecast to 2031 (US$ Million)
10.4.6.5.1 Japan: Contactless Payments Market Breakdown, by Payment Mode
10.4.6.5.2 Japan: Contactless Payments Market Breakdown, by Components
10.4.6.5.3 Japan: Contactless Payments Market Breakdown, by Industry Verticals
10.4.6.6 South Korea: Contactless Payments Market – Revenue and Forecast to 2031 (US$ Million)
10.4.6.6.1 South Korea: Contactless Payments Market Breakdown, by Payment Mode
10.4.6.6.2 South Korea: Contactless Payments Market Breakdown, by Components
10.4.6.6.3 South Korea: Contactless Payments Market Breakdown, by Industry Verticals
10.4.6.7 Rest of APAC: Contactless Payments Market – Revenue and Forecast to 2031 (US$ Million)
10.4.6.7.1 Rest of APAC: Contactless Payments Market Breakdown, by Payment Mode
10.4.6.7.2 Rest of APAC: Contactless Payments Market Breakdown, by Components
10.4.6.7.3 Rest of APAC: Contactless Payments Market Breakdown, by Industry Verticals
10.5 Middle East and Africa
10.5.1 Middle East and Africa Contactless Payments Market Overview
10.5.2 Middle East and Africa: Contactless Payments Market – Revenue and Forecast to 2031 (US$ Million)
10.5.3 Middle East and Africa: Contactless Payments Market Breakdown, by Payment Mode
10.5.3.1 Middle East and Africa: Contactless Payments Market – Revenue and Forecast Analysis – by Payment Mode
10.5.4 Middle East and Africa: Contactless Payments Market Breakdown, by Components
10.5.4.1 Middle East and Africa: Contactless Payments Market – Revenue and Forecast Analysis – by Components
10.5.5 Middle East and Africa: Contactless Payments Market Breakdown, by Industry Verticals
10.5.5.1 Middle East and Africa: Contactless Payments Market – Revenue and Forecast Analysis – by Industry Verticals
10.5.6 Middle East and Africa: Contactless Payments Market – Revenue and Forecast Analysis – by Country
10.5.6.1 Middle East and Africa: Contactless Payments Market – Revenue and Forecast Analysis – by Country
10.5.6.2 South Africa: Contactless Payments Market – Revenue and Forecast to 2031 (US$ Million)
10.5.6.2.1 South Africa: Contactless Payments Market Breakdown, by Payment Mode
10.5.6.2.2 South Africa: Contactless Payments Market Breakdown, by Components
10.5.6.2.3 South Africa: Contactless Payments Market Breakdown, by Industry Verticals
10.5.6.3 Saudi Arabia: Contactless Payments Market – Revenue and Forecast to 2031 (US$ Million)
10.5.6.3.1 Saudi Arabia: Contactless Payments Market Breakdown, by Payment Mode
10.5.6.3.2 Saudi Arabia: Contactless Payments Market Breakdown, by Components
10.5.6.3.3 Saudi Arabia: Contactless Payments Market Breakdown, by Industry Verticals
10.5.6.4 United Arab Emirates: Contactless Payments Market – Revenue and Forecast to 2031 (US$ Million)
10.5.6.4.1 United Arab Emirates: Contactless Payments Market Breakdown, by Payment Mode
10.5.6.4.2 United Arab Emirates: Contactless Payments Market Breakdown, by Components
10.5.6.4.3 United Arab Emirates: Contactless Payments Market Breakdown, by Industry Verticals
10.5.6.5 Rest of Middle East and Africa: Contactless Payments Market – Revenue and Forecast to 2031 (US$ Million)
10.5.6.5.1 Rest of Middle East and Africa: Contactless Payments Market Breakdown, by Payment Mode
10.5.6.5.2 Rest of Middle East and Africa: Contactless Payments Market Breakdown, by Components
10.5.6.5.3 Rest of Middle East and Africa: Contactless Payments Market Breakdown, by Industry Verticals
10.6 South and Central America
10.6.1 South and Central America Contactless Payments Market Overview
10.6.2 South and Central America: Contactless Payments Market – Revenue and Forecast to 2031 (US$ Million)
10.6.3 South and Central America: Contactless Payments Market Breakdown, by Payment Mode
10.6.3.1 South and Central America: Contactless Payments Market – Revenue and Forecast Analysis – by Payment Mode
10.6.4 South and Central America: Contactless Payments Market Breakdown, by Components
10.6.4.1 South and Central America: Contactless Payments Market – Revenue and Forecast Analysis – by Components
10.6.5 South and Central America: Contactless Payments Market Breakdown, by Industry Verticals
10.6.5.1 South and Central America: Contactless Payments Market – Revenue and Forecast Analysis – by Industry Verticals
10.6.6 South and Central America: Contactless Payments Market – Revenue and Forecast Analysis – by Country
10.6.6.1 South and Central America: Contactless Payments Market – Revenue and Forecast Analysis – by Country
10.6.6.2 Brazil: Contactless Payments Market – Revenue and Forecast to 2031 (US$ Million)
10.6.6.2.1 Brazil: Contactless Payments Market Breakdown, by Payment Mode
10.6.6.2.2 Brazil: Contactless Payments Market Breakdown, by Components
10.6.6.2.3 Brazil: Contactless Payments Market Breakdown, by Industry Verticals
10.6.6.3 Argentina: Contactless Payments Market – Revenue and Forecast to 2031 (US$ Million)
10.6.6.3.1 Argentina: Contactless Payments Market Breakdown, by Payment Mode
10.6.6.3.2 Argentina: Contactless Payments Market Breakdown, by Components
10.6.6.3.3 Argentina: Contactless Payments Market Breakdown, by Industry Verticals
10.6.6.4 Rest of South and Central America: Contactless Payments Market – Revenue and Forecast to 2031 (US$ Million)
10.6.6.4.1 Rest of South and Central America: Contactless Payments Market Breakdown, by Payment Mode
10.6.6.4.2 Rest of South and Central America: Contactless Payments Market Breakdown, by Components
10.6.6.4.3 Rest of South and Central America: Contactless Payments Market Breakdown, by Industry Verticals
11. Competitive Landscape
11.1 Company Positioning & Concentration
11.2 Heat Map Analysis by Key Players
12. Industry Landscape
12.1 Overview
12.2 Market Initiative
12.3 Product Development
13. Company Profiles
13.1 Thales SA
13.1.1 Key Facts
13.1.2 Business Description
13.1.3 Products and Services
13.1.4 Financial Overview
13.1.5 SWOT Analysis
13.1.6 Key Developments
13.2 Infineon Technologies AG
13.2.1 Key Facts
13.2.2 Business Description
13.2.3 Products and Services
13.2.4 Financial Overview
13.2.5 SWOT Analysis
13.2.6 Key Developments
13.3 Ingenico Group SA
13.3.1 Key Facts
13.3.2 Business Description
13.3.3 Products and Services
13.3.4 Financial Overview
13.3.5 SWOT Analysis
13.3.6 Key Developments
13.4 Giesecke+Devrient GmbH
13.4.1 Key Facts
13.4.2 Business Description
13.4.3 Products and Services
13.4.4 Financial Overview
13.4.5 SWOT Analysis
13.4.6 Key Developments
13.5 IDEMIA France SAS
13.5.1 Key Facts
13.5.2 Business Description
13.5.3 Products and Services
13.5.4 Financial Overview
13.5.5 SWOT Analysis
13.5.6 Key Developments
13.6 PAX Technology
13.6.1 Key Facts
13.6.2 Business Description
13.6.3 Products and Services
13.6.4 Financial Overview
13.6.5 SWOT Analysis
13.6.6 Key Developments
13.7 SumUp Inc.
13.7.1 Key Facts
13.7.2 Business Description
13.7.3 Products and Services
13.7.4 Financial Overview
13.7.5 SWOT Analysis
13.7.6 Key Developments
13.8 Visa Inc
13.8.1 Key Facts
13.8.2 Business Description
13.8.3 Products and Services
13.8.4 Financial Overview
13.8.5 SWOT Analysis
13.8.6 Key Developments
13.9 Mastercard Inc
13.9.1 Key Facts
13.9.2 Business Description
13.9.3 Products and Services
13.9.4 Financial Overview
13.9.5 SWOT Analysis
13.9.6 Key Developments
13.10 CPI Card Group Inc
13.10.1 Key Facts
13.10.2 Business Description
13.10.3 Products and Services
13.10.4 Financial Overview
13.10.5 SWOT Analysis
13.10.6 Key Developments
14. Appendix
14.1 Word Index
14.2 About The Insight Partners
List of Tables
Table 1. Contactless Payments Market Segmentation
Table 2. List of Vendors
Table 3. Contactless Payments Market – Revenue and Forecast to 2031 (US$ Million)
Table 4. Contactless Payments Market – Revenue and Forecast to 2031 (US$ Million) – by Payment Mode
Table 5. Contactless Payments Market – Revenue and Forecast to 2031 (US$ Million) – by Components
Table 6. Contactless Payments Market – Revenue and Forecast to 2031 (US$ Million) – by Industry Verticals
Table 7. North America: Contactless Payments Market – Revenue and Forecast to 2031(US$ Million) – by Payment Mode
Table 8. North America: Contactless Payments Market – Revenue and Forecast to 2031(US$ Million) – by Components
Table 9. North America: Contactless Payments Market – Revenue and Forecast to 2031(US$ Million) – by Industry Verticals
Table 10. North America: Contactless Payments Market – Revenue and Forecast to 2031(US$ Million) – by Country
Table 11. United States: Contactless Payments Market – Revenue and Forecast to 2031(US$ Million) – by Payment Mode
Table 12. United States: Contactless Payments Market – Revenue and Forecast to 2031(US$ Million) – by Components
Table 13. United States: Contactless Payments Market – Revenue and Forecast to 2031(US$ Million) – by Industry Verticals
Table 14. Canada: Contactless Payments Market – Revenue and Forecast to 2031(US$ Million) – by Payment Mode
Table 15. Canada: Contactless Payments Market – Revenue and Forecast to 2031(US$ Million) – by Components
Table 16. Canada: Contactless Payments Market – Revenue and Forecast to 2031(US$ Million) – by Industry Verticals
Table 17. Mexico: Contactless Payments Market – Revenue and Forecast to 2031(US$ Million) – by Payment Mode
Table 18. Mexico: Contactless Payments Market – Revenue and Forecast to 2031(US$ Million) – by Components
Table 19. Mexico: Contactless Payments Market – Revenue and Forecast to 2031(US$ Million) – by Industry Verticals
Table 20. Europe: Contactless Payments Market – Revenue and Forecast to 2031(US$ Million) – by Payment Mode
Table 21. Europe: Contactless Payments Market – Revenue and Forecast to 2031(US$ Million) – by Components
Table 22. Europe: Contactless Payments Market – Revenue and Forecast to 2031(US$ Million) – by Industry Verticals
Table 23. Europe: Contactless Payments Market – Revenue and Forecast to 2031(US$ Million) – by Country
Table 24. Germany: Contactless Payments Market – Revenue and Forecast to 2031(US$ Million) – by Payment Mode
Table 25. Germany: Contactless Payments Market – Revenue and Forecast to 2031(US$ Million) – by Components
Table 26. Germany: Contactless Payments Market – Revenue and Forecast to 2031(US$ Million) – by Industry Verticals
Table 27. United Kingdom: Contactless Payments Market – Revenue and Forecast to 2031(US$ Million) – by Payment Mode
Table 28. United Kingdom: Contactless Payments Market – Revenue and Forecast to 2031(US$ Million) – by Components
Table 29. United Kingdom: Contactless Payments Market – Revenue and Forecast to 2031(US$ Million) – by Industry Verticals
Table 30. France: Contactless Payments Market – Revenue and Forecast to 2031(US$ Million) – by Payment Mode
Table 31. France: Contactless Payments Market – Revenue and Forecast to 2031(US$ Million) – by Components
Table 32. France: Contactless Payments Market – Revenue and Forecast to 2031(US$ Million) – by Industry Verticals
Table 33. Italy: Contactless Payments Market – Revenue and Forecast to 2031(US$ Million) – by Payment Mode
Table 34. Italy: Contactless Payments Market – Revenue and Forecast to 2031(US$ Million) – by Components
Table 35. Italy: Contactless Payments Market – Revenue and Forecast to 2031(US$ Million) – by Industry Verticals
Table 36. Russian Federation: Contactless Payments Market – Revenue and Forecast to 2031(US$ Million) – by Payment Mode
Table 37. Russian Federation: Contactless Payments Market – Revenue and Forecast to 2031(US$ Million) – by Components
Table 38. Russian Federation: Contactless Payments Market – Revenue and Forecast to 2031(US$ Million) – by Industry Verticals
Table 39. Rest of Europe: Contactless Payments Market – Revenue and Forecast to 2031(US$ Million) – by Payment Mode
Table 40. Rest of Europe: Contactless Payments Market – Revenue and Forecast to 2031(US$ Million) – by Components
Table 41. Rest of Europe: Contactless Payments Market – Revenue and Forecast to 2031(US$ Million) – by Industry Verticals
Table 42. Asia Pacific: Contactless Payments Market – Revenue and Forecast to 2031(US$ Million) – by Payment Mode
Table 43. Asia Pacific: Contactless Payments Market – Revenue and Forecast to 2031(US$ Million) – by Components
Table 44. Asia Pacific: Contactless Payments Market – Revenue and Forecast to 2031(US$ Million) – by Industry Verticals
Table 45. Asia Pacific: Contactless Payments Market – Revenue and Forecast to 2031(US$ Million) – by Country
Table 46. Australia: Contactless Payments Market – Revenue and Forecast to 2031(US$ Million) – by Payment Mode
Table 47. Australia: Contactless Payments Market – Revenue and Forecast to 2031(US$ Million) – by Components
Table 48. Australia: Contactless Payments Market – Revenue and Forecast to 2031(US$ Million) – by Industry Verticals
Table 49. China: Contactless Payments Market – Revenue and Forecast to 2031(US$ Million) – by Payment Mode
Table 50. China: Contactless Payments Market – Revenue and Forecast to 2031(US$ Million) – by Components
Table 51. China: Contactless Payments Market – Revenue and Forecast to 2031(US$ Million) – by Industry Verticals
Table 52. India: Contactless Payments Market – Revenue and Forecast to 2031(US$ Million) – by Payment Mode
Table 53. India: Contactless Payments Market – Revenue and Forecast to 2031(US$ Million) – by Components
Table 54. India: Contactless Payments Market – Revenue and Forecast to 2031(US$ Million) – by Industry Verticals
Table 55. Japan: Contactless Payments Market – Revenue and Forecast to 2031(US$ Million) – by Payment Mode
Table 56. Japan: Contactless Payments Market – Revenue and Forecast to 2031(US$ Million) – by Components
Table 57. Japan: Contactless Payments Market – Revenue and Forecast to 2031(US$ Million) – by Industry Verticals
Table 58. South Korea: Contactless Payments Market – Revenue and Forecast to 2031(US$ Million) – by Payment Mode
Table 59. South Korea: Contactless Payments Market – Revenue and Forecast to 2031(US$ Million) – by Components
Table 60. South Korea: Contactless Payments Market – Revenue and Forecast to 2031(US$ Million) – by Industry Verticals
Table 61. Rest of APAC: Contactless Payments Market – Revenue and Forecast to 2031(US$ Million) – by Payment Mode
Table 62. Rest of APAC: Contactless Payments Market – Revenue and Forecast to 2031(US$ Million) – by Components
Table 63. Rest of APAC: Contactless Payments Market – Revenue and Forecast to 2031(US$ Million) – by Industry Verticals
Table 64. Middle East and Africa: Contactless Payments Market – Revenue and Forecast to 2031(US$ Million) – by Payment Mode
Table 65. Middle East and Africa: Contactless Payments Market – Revenue and Forecast to 2031(US$ Million) – by Components
Table 66. Middle East and Africa: Contactless Payments Market – Revenue and Forecast to 2031(US$ Million) – by Industry Verticals
Table 67. Middle East and Africa: Contactless Payments Market – Revenue and Forecast to 2031(US$ Million) – by Country
Table 68. South Africa: Contactless Payments Market – Revenue and Forecast to 2031(US$ Million) – by Payment Mode
Table 69. South Africa: Contactless Payments Market – Revenue and Forecast to 2031(US$ Million) – by Components
Table 70. South Africa: Contactless Payments Market – Revenue and Forecast to 2031(US$ Million) – by Industry Verticals
Table 71. Saudi Arabia: Contactless Payments Market – Revenue and Forecast to 2031(US$ Million) – by Payment Mode
Table 72. Saudi Arabia: Contactless Payments Market – Revenue and Forecast to 2031(US$ Million) – by Components
Table 73. Saudi Arabia: Contactless Payments Market – Revenue and Forecast to 2031(US$ Million) – by Industry Verticals
Table 74. United Arab Emirates: Contactless Payments Market – Revenue and Forecast to 2031(US$ Million) – by Payment Mode
Table 75. United Arab Emirates: Contactless Payments Market – Revenue and Forecast to 2031(US$ Million) – by Components
Table 76. United Arab Emirates: Contactless Payments Market – Revenue and Forecast to 2031(US$ Million) – by Industry Verticals
Table 77. Rest of Middle East and Africa: Contactless Payments Market – Revenue and Forecast to 2031(US$ Million) – by Payment Mode
Table 78. Rest of Middle East and Africa: Contactless Payments Market – Revenue and Forecast to 2031(US$ Million) – by Components
Table 79. Rest of Middle East and Africa: Contactless Payments Market – Revenue and Forecast to 2031(US$ Million) – by Industry Verticals
Table 80. South and Central America: Contactless Payments Market – Revenue and Forecast to 2031(US$ Million) – by Payment Mode
Table 81. South and Central America: Contactless Payments Market – Revenue and Forecast to 2031(US$ Million) – by Components
Table 82. South and Central America: Contactless Payments Market – Revenue and Forecast to 2031(US$ Million) – by Industry Verticals
Table 83. South and Central America: Contactless Payments Market – Revenue and Forecast to 2031(US$ Million) – by Country
Table 84. Brazil: Contactless Payments Market – Revenue and Forecast to 2031(US$ Million) – by Payment Mode
Table 85. Brazil: Contactless Payments Market – Revenue and Forecast to 2031(US$ Million) – by Components
Table 86. Brazil: Contactless Payments Market – Revenue and Forecast to 2031(US$ Million) – by Industry Verticals
Table 87. Argentina: Contactless Payments Market – Revenue and Forecast to 2031(US$ Million) – by Payment Mode
Table 88. Argentina: Contactless Payments Market – Revenue and Forecast to 2031(US$ Million) – by Components
Table 89. Argentina: Contactless Payments Market – Revenue and Forecast to 2031(US$ Million) – by Industry Verticals
Table 90. Rest of South and Central America: Contactless Payments Market – Revenue and Forecast to 2031(US$ Million) – by Payment Mode
Table 91. Rest of South and Central America: Contactless Payments Market – Revenue and Forecast to 2031(US$ Million) – by Components
Table 92. Rest of South and Central America: Contactless Payments Market – Revenue and Forecast to 2031(US$ Million) – by Industry Verticals
Table 93. Heat Map Analysis by Key Players
Table 94. List of Abbreviation
List of Figures
Figure 1. Contactless Payments Market Segmentation, by Geography
Figure 2. PEST Analysis
Figure 3. Impact Analysis of Drivers and Restraints
Figure 4. Contactless Payments Market Revenue (US$ Million), 2021–2031
Figure 5. Contactless Payments Market Share (%) – by Payment Mode (2023 and 2031)
Figure 6. Smartphones: Contactless Payments Market – Revenue and Forecast to 2031 (US$ Million)
Figure 7. Smart Cards: Contactless Payments Market – Revenue and Forecast to 2031 (US$ Million)
Figure 8. PoS Terminals: Contactless Payments Market – Revenue and Forecast to 2031 (US$ Million)
Figure 9. Others: Contactless Payments Market – Revenue and Forecast to 2031 (US$ Million)
Figure 10. Contactless Payments Market Share (%) – by Components (2023 and 2031)
Figure 11. Hardware: Contactless Payments Market – Revenue and Forecast to 2031 (US$ Million)
Figure 12. Solutions: Contactless Payments Market – Revenue and Forecast to 2031 (US$ Million)
Figure 13. Services: Contactless Payments Market – Revenue and Forecast to 2031 (US$ Million)
Figure 14. Contactless Payments Market Share (%) – by Industry Verticals (2023 and 2031)
Figure 15. Retail: Contactless Payments Market – Revenue and Forecast to 2031 (US$ Million)
Figure 16. Hospitality: Contactless Payments Market – Revenue and Forecast to 2031 (US$ Million)
Figure 17. Healthcare: Contactless Payments Market – Revenue and Forecast to 2031 (US$ Million)
Figure 18. Transportation and Logistics: Contactless Payments Market – Revenue and Forecast to 2031 (US$ Million)
Figure 19. Media and Entertainment: Contactless Payments Market – Revenue and Forecast to 2031 (US$ Million)
Figure 20. Others: Contactless Payments Market – Revenue and Forecast to 2031 (US$ Million)
Figure 21. Contactless Payments Market Breakdown by Region, 2023 and 2031 (%)
Figure 22. North America: Contactless Payments Market – Revenue and Forecast to 2031(US$ Million)
Figure 23. North America: Contactless Payments Market Breakdown, by Payment Mode (2023 and 2031)
Figure 24. North America: Contactless Payments Market Breakdown, by Components (2023 and 2031)
Figure 25. North America: Contactless Payments Market Breakdown, by Industry Verticals (2023 and 2031)
Figure 26. North America: Contactless Payments Market Breakdown, by Key Countries, 2023 and 2031 (%)
Figure 27. United States: Contactless Payments Market – Revenue and Forecast to 2031(US$ Million)
Figure 28. Canada: Contactless Payments Market – Revenue and Forecast to 2031(US$ Million)
Figure 29. Mexico: Contactless Payments Market – Revenue and Forecast to 2031(US$ Million)
Figure 30. Europe: Contactless Payments Market – Revenue and Forecast to 2031(US$ Million)
Figure 31. Europe: Contactless Payments Market Breakdown, by Payment Mode (2023 and 2031)
Figure 32. Europe: Contactless Payments Market Breakdown, by Components (2023 and 2031)
Figure 33. Europe: Contactless Payments Market Breakdown, by Industry Verticals (2023 and 2031)
Figure 34. Europe: Contactless Payments Market Breakdown, by Key Countries, 2023 and 2031 (%)
Figure 35. Germany: Contactless Payments Market – Revenue and Forecast to 2031(US$ Million)
Figure 36. United Kingdom: Contactless Payments Market – Revenue and Forecast to 2031(US$ Million)
Figure 37. France: Contactless Payments Market – Revenue and Forecast to 2031(US$ Million)
Figure 38. Italy: Contactless Payments Market – Revenue and Forecast to 2031(US$ Million)
Figure 39. Russian Federation: Contactless Payments Market – Revenue and Forecast to 2031(US$ Million)
Figure 40. Rest of Europe: Contactless Payments Market – Revenue and Forecast to 2031(US$ Million)
Figure 41. Asia Pacific: Contactless Payments Market – Revenue and Forecast to 2031(US$ Million)
Figure 42. Asia Pacific: Contactless Payments Market Breakdown, by Payment Mode (2023 and 2031)
Figure 43. Asia Pacific: Contactless Payments Market Breakdown, by Components (2023 and 2031)
Figure 44. Asia Pacific: Contactless Payments Market Breakdown, by Industry Verticals (2023 and 2031)
Figure 45. Asia Pacific: Contactless Payments Market Breakdown, by Key Countries, 2023 and 2031 (%)
Figure 46. Australia: Contactless Payments Market – Revenue and Forecast to 2031(US$ Million)
Figure 47. China: Contactless Payments Market – Revenue and Forecast to 2031(US$ Million)
Figure 48. India: Contactless Payments Market – Revenue and Forecast to 2031(US$ Million)
Figure 49. Japan: Contactless Payments Market – Revenue and Forecast to 2031(US$ Million)
Figure 50. South Korea: Contactless Payments Market – Revenue and Forecast to 2031(US$ Million)
Figure 51. Rest of APAC: Contactless Payments Market – Revenue and Forecast to 2031(US$ Million)
Figure 52. Middle East and Africa: Contactless Payments Market – Revenue and Forecast to 2031(US$ Million)
Figure 53. Middle East and Africa: Contactless Payments Market Breakdown, by Payment Mode (2023 and 2031)
Figure 54. Middle East and Africa: Contactless Payments Market Breakdown, by Components (2023 and 2031)
Figure 55. Middle East and Africa: Contactless Payments Market Breakdown, by Industry Verticals (2023 and 2031)
Figure 56. Middle East and Africa: Contactless Payments Market Breakdown, by Key Countries, 2023 and 2031 (%)
Figure 57. South Africa: Contactless Payments Market – Revenue and Forecast to 2031(US$ Million)
Figure 58. Saudi Arabia: Contactless Payments Market – Revenue and Forecast to 2031(US$ Million)
Figure 59. United Arab Emirates: Contactless Payments Market – Revenue and Forecast to 2031(US$ Million)
Figure 60. Rest of Middle East and Africa: Contactless Payments Market – Revenue and Forecast to 2031(US$ Million)
Figure 61. South and Central America: Contactless Payments Market – Revenue and Forecast to 2031(US$ Million)
Figure 62. South and Central America: Contactless Payments Market Breakdown, by Payment Mode (2023 and 2031)
Figure 63. South and Central America: Contactless Payments Market Breakdown, by Components (2023 and 2031)
Figure 64. South and Central America: Contactless Payments Market Breakdown, by Industry Verticals (2023 and 2031)
Figure 65. South and Central America: Contactless Payments Market Breakdown, by Key Countries, 2023 and 2031 (%)
Figure 66. Brazil: Contactless Payments Market – Revenue and Forecast to 2031(US$ Million)
Figure 67. Argentina: Contactless Payments Market – Revenue and Forecast to 2031(US$ Million)
Figure 68. Rest of South and Central America: Contactless Payments Market – Revenue and Forecast to 2031(US$ Million)
Figure 69. Company Positioning & Concentration
The List of Companies - Contactless Payments Market
- Thales SA
- Infineon Technologies AG
- Ingenico Group SA
- Giesecke+Devrient GmbH
- IDEMIA France SAS
- PAX Technology
- SumUp Inc.
- Visa Inc
- Mastercard Inc
- CPI Card Group Inc
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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