Proximity Payment Market Expected to Garner $46.80 Billion By 2030 | Holdings Inc., Alphabet Inc

Proximity Payment Market Expected to Garner $46.80 Billion By 2030 | Holdings Inc., Alphabet Inc

PORTLAND, UNITED STATES, UNITED STATES, May 19, 2023 / -- According to the report published by Allied Market Research, the global proximity payment market generated $13.98 billion in 2020, and is expected to reach $46.80 billion by 2030, exhibiting a CAGR of 12.9% from 2021 to 2030. The report delivers in-depth data related to key players, restraints, key drivers, and opportunities with detailed impact analysis.

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Rise in penetration of smartphones, availability of high-speed internet, widespread adoption of proximity payments among merchants and customers, and attractive benefits offered by proximity payments are some of the factors driving the global proximity payment market growth.

Leading players of the global proximity payment market analyzed in the research include PayPal Holdings Inc., Alphabet Inc. (Google), Apple Inc., ACI Worldwide, Inc., FIS, Ingenico, Mastercard, IDEMIA, Square, Inc., and Visa Inc. These market players have adhered to several strategies including partnership, expansion, collaboration, joint ventures, and others to prove their flair in the industry.

However, difficulties in replacing point-of-sale (POS) solutions and increase in data breaches and security issues while performing payments hinder the market growth. On the other hand, factors such as increase in acceptance of proximity payments in developing economies and rapid digitalization are expected to open many doors of opportunities to the market.

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Based on application, the grocery stores segment contributed to the largest share in 2020, accounting for nearly one-third of the global proximity payment market. The same segment is expected to lead the market during the forecast period. However, the entertainment centre’s segment is expected to manifest the highest CAGR of 14.4% from 2021 to 2030.

Based on region, Europe contributed to the highest share in 2020, followed by Asia-Pacific and North America, holding nearly two-fifths of the total share. On the other hand, North America is anticipated to manifest the fastest CAGR of 14.3% during the forecast period.

Key Benefits for Stakeholders

The study provides in-depth analysis of the global proximity payment market share along with current trends and future estimations to illustrate the imminent investment pockets.
Information about key drivers, restrains, and opportunities and their impact analysis on the global proximity payment market size are provided in the report.
Porter’s five forces analysis illustrates the potency of buyers and suppliers operating in the proximity payment market.
An extensive analysis of the key segments of the industry helps to understand the proximity payment market trends.
The quantitative analysis of the global proximity payment market forecast from 2021 to 2030 is provided to determine the market potential.

Proximity Payment Market Report Highlights

Aspects Details
Grocery Stores
Bars & Restaurants
Drug Stores
Entertainment Centers
By Region
North America
Key Market Players ACI Worldwide, In, Alphabet Inc. (Google), APPLE INC., FIS, IDEMIA, INGENICO, Mastercard, PayPal Holdings Inc, SQUARE, INC, Visa Inc

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David Correa
Allied Analytics LLP
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