LONDON, Feb. 22, 2017 /PRNewswire/ -- generation payment technology market is growing steadily owing to the need of secure and simple payment transactions in the present day. The next generation payment technology ecosystem has been supportive in addressing security, authenticity, and latency, inconvenience issues of the individuals doing payments through timely, accurate and convenient deployment of payment technology solutions.
The development in the market is accredited to the enormous demand of stringent payment security regulations, innovation by technology companies, reforming payments landscape, speed of transactions, ease of use, secure and robust systems against potential attackers to systems among others. By virtue of this development, technology companies, financial institutions, e-commerce companies, payment service providers and payment hardware suppliers among others have adopted payment technology products to ensure simplified and time saving transactions.
The increasing proliferation of smartphones, popularity of wearable technology, increasing adoption of e-commerce & m-commerce, embrace by banking & financial services, government initiatives, entry of leading technology companies and availability of a diverse range of payment technology products & solutions are expected to keep driving the industry despite the financial, technological and security challenges restraining the ecosystem in several key market regions.
Therefore, the global payment technology market estimation and forecast has been initiated with an exhaustive set of assumptions, following which market size information for both key geographical areas and key payment technology types & applications have been provided.
The report on 'Next Generation Payment Technology is a meticulous compilation of the various facets of the payment technology market including a thorough analysis of the different technology types of payment technology mapped across different applications and geographical regions. The Porter's Five Forces analysis, value chain analysis, key regulations & industry initiatives, business models and key developments have also been included in the report to understand the overall attractiveness of this industry.
The report deals with all the driving factors, challenges, opportunities and market restraints with respect to the next generation payment technology market, which are helpful in identifying trends and key success factors for the industry. The market values form a quintessential part of the report; herein the transaction value from various payment technology systems and services provided in the payment technology market is tracked in order to calculate the market size. The study additionally presents a detailed analysis of the key push and pull forces prevailing in the next generation payment technology market and the estimation and forecast for market size over the time period, 2016 to 2022.
While highlighting the key driving and restraining forces for this market, the report also provides a detailed summary of the payment technology products & solutions. It also includes the key participants involved in the industry at the relevant sections. This report also focuses on the value & volume of payment transactions done in the payment technology market based on business segments and geographical regions by the market participants.
The report answers the following questions about the next generation payment technology market:
- What are the key factors driving the payment technology market and how will the impact change through the forecast period?
- What are the major factors challenging the growth of next generation payment technology market and how can they be addressed through the forecast period?
- How will the market players leverage on key developments such as acquisitions, partnerships & collaborations, business expansions and product developments among others?
- What kind of new strategies are being adopted by existing market players to position themselves better in the payment technology industry?
- How will the payment technologies evolve through the forecast period?
- Which factors will affect the growth of the payment technology market for individual payment technology such as EMV Chip, NFC, BLE, MST and QR Code during the forecast period?
- Which factors will affect the growth of the payment technology market for different application areas like retail, healthcare, enterprise, hospitality and other applications during the forecast period?
- Which factors will affect the growth of the payment technology market for platforms such as mobile point-of-sale and mobile app during the forecast period?
- Which region will dominate the global payment technology market by the end of the forecast period?
The report puts special emphasis on the payment transactions by value or by volume in this market, owing to the changing paradigms in the financial services & technology industry. In spite of this, due to the instances of failures in integration of payment technology with existing company's systems, mobile applications and financial pressure in development & deployment of payment technology solutions in market, majority of companies have adopted diverse forms of technology and payment platforms.
Further, the report provides an exhaustive study of the global next generation payment technology market and the trends across geographical regions such as North America, Europe, APAC, and Rest of the World. The company profile section has been broken down into the publically traded companies and private companies. While the global companies have been chosen on the basis of their market developments and revenue generation, best-selling payment technology companies have also been profiled in the report. Some of the established payment technology players in this market are Apple, Samsung, Google, MasterCard, Visa, PayPal, Ingenico, Alipay, Square, Verifone, First Data, Cayan, Adyen and Worldpay etc.
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With the exponential growth of mobile and digital payments, service providers and customers have expressed interest in next generation payment technology, mostly due to change in spending pattern and increased convenience. The massive infrastructure changes required to upgrade outdated and legacy payment systems and the increasingly high number of security standards imposed by the regulatory bodies have given impetus to usage of latest payment technology. Technology companies and financial institutions have laid a foundation to create a simple, global and secure payment solution which will enable customers to make payments easily. There is a dynamic shift in the security requirements and that has boosted overall business of companies from every vertical or sector.
The advent of digitalization in the payment transactions have caught the attention of global industrial ecosystem and it is expected to drastically change the dynamics of the payment technology market by creating new participants across mobile network carriers, handset original equipment manufacturer (OEM), terminal and readers' manufacturers, near field communication (NFC) technology enablers, Europay MasterCard Visa (EMV) chip makers and financial institutions among others. All major players from each payment technology aim to record good share of revenues from payment technology products and solutions. Traditional stakeholders such as issuers, payment networks, and acquiring banks will need to focus on maintaining their current share of revenue from card transactions to newer forms of payment transactions such as mobile app and mobile wallet.
Next generation payment technology has helped to deliver secure financial services in various circumstances where threat to login data and financial information prevails. Latest payment technologies such as Europay MasterCard Visa (EMV) Chip, Near Field Communication (NFC), Bluetooth Low Energy (BLE), Quick Response Code (QR Code) and Magnetic Secure Transmission (MST) have made the payment transactions both technically and commercially feasible.
Evident transformation has taken place in the world of digital and mobile payments in the last 4 years (2013-2016). The rise of internet, the success of mobile point-of-sale devices and smartphones in terms of usage by various applications and the availability of large unbanked population in emerging economies have created new and exciting opportunities for service providers. These opportunities have been sensed by technology, and commercial organizations and by even telecommunication players. Banks and other financial institutions in the financial transaction ecosystem have developed in-house payment products in order to preserve their payments revenues and take advantage of emerging payment platforms such as mPOS, mobile wallets, virtual terminals, mobile apps and mobile money.
The next generation payment technology market is expected to progress at a significant rate since the end customers belong from diversified application portfolio ranging from retail to healthcare.
The growth for this market is being driven by factors such as:
- Massive proliferation of smartphones and tablets with payment technology capabilities
- Growing popularity of wearable technology
- Increasing adoption of e-commerce and m-commerce services
The payment technology market is expected to grow in the coming future due to its convenience, cost effectiveness, durability, portability and reliability.
However, the payment technology market consists of certain negative challenges which are inhibiting the overall growth for this market:
- Cost of deployment of emerging payment technology
- Integration of payment technology
- Misuse of stored data/privacy breach
The payment technology market consists of certain opportunities which can lead to augmentation of the payment technology market and its overall growth:
- Future in e-commerce
- Global adoption of digitalization services
The payment technology market consists of certain market restraints which may stagnate the payment technology and hinder the overall growth for this market:
- Pressure of big players
- Lack of innovative business models
The cost of implementation of next generation payment technology solutions is expected to decline substantially due to the technological advancement and increasing number of business expansions, acquisitions, collaborations and product developments, the market will witness a gradual decrease in the cost of such products. Also the devices and applications have improved to a better acceptance rate among the end-user. Further advancement is expected in the design and concept of payment technology as more established technology players such as Apple, Samsung, Google, MasterCard, Visa, PayPal, Ingenico, Alipay, Square, Verifone, First Data, Cayan, Adyen, and Worldpay etc. launch their product in the market.
With associated advantages of multi-level security, convenience and advanced quality, the global next generation payment technology market will witness unprecedented growth and is anticipated to have double digit growth rate in the forecast period. The total transaction value through payment transactions from latest payment technology is estimated to grow over $14,000 billion by 2022 at a CAGR of 35.98% through the forecast period.
The retail application segment is expected to grow at a CAGR of 36.64% from 2016 to 2022 as the demand for payment technology integrated smartphones, tablets, and wearable devices and demand of terminals, beacons, readers, point-of-sale devices for merchants is increasing. Also, the mobile payments and mobile point-of-sale entitled transactions are more accepted when compared to payment transactions using fixed POS devices, magnetic strip cards, and bank account transfer as they are more convenient to carry out transactions.
The NFC payment technology market size is growing at the highest rate due to increasing adoption of contactless payment technology in mobile handsets and wearables while EMV will dominate the payment technology market by 2022. Ease of integration of NFC payment technology with existing payment systems and increase in payment transaction is driving the growth of the market.
North America accounted for highest share in global payment technology market with robust growth in transaction value throughout the forecast period. North America is expected to grow at a CAGR of 58.26% in the forecast period from 2016 to 2022. Asia Pacific is the next region leading the payment technology market and will under-go a fast growth rate of 41.58% throughout the forecast period.
Europe is expected to have largest market share of the contactless payment technology market in 2016 due to technological advancements and increasing contactless smart cards such as NFC enabled cards adoption. APAC is anticipated to have the highest growth rate during the forecast period due to increasing number of contactless payment technology enabled smartphones and mobile devices in countries such as China, Australia, Japan and India.
Next generation payment technology has a huge potential market since it is one of the fastest growing markets globally, progressing with rapid integration of technology and financial services such as wearable products and consumer electronics among others. The global payment technology market is expanding and exploring new avenues where it can be deployed, implemented and integrated with existing systems. The government of most countries are formulating regulations and directives and organizations are encouraging heavy investments in major research and development projects to support advanced innovations in payment technology market. As the future of prominent applications and sectors becomes increasingly coupled with payment technology, it has given impetus to investors to direct more funds towards financing more next generation payment technology initiatives and strategies.
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