Innovations in technologies such as Internet of Things (IoT) may act as major drivers of this growth. The ongoing trend of making payments through QR codes and mobile devices will also play a significant part and drive market demand. Benefits such as reduction in transaction time and improved service delivery offered by contactless payments have resulted in a significant rise in the number of users.
North America is expected to emerge as one of the key regional markets over the forecast period. The growth is mainly attributed to the increasing deployment of cloud-based contactless payment technologies in various verticals such as transportation.
Europe is expected to be another major region for contactless payments owing to the growing number of smart card rollouts. Countries in the Asia Pacific region, such as Australia, Taiwan, and Japan, have witnessed a higher penetration rate of contactless payments compared to other countries.
Contactless payments are widely used in several sectors such as retail, transportation, healthcare, and hospitality. Smartphones and wearables emerged as the largest device segment in 2016.
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