Global Proximity Mobile Payments Market to Reach $1.5 Trillion by 2027

Amid the COVID-19 crisis, the global market for Proximity Mobile Payments estimated at US$121.9 Billion in the year 2020, is projected to reach a revised size of US$1.5 Trillion by 2027, growing at aCAGR of 42.9% over the period 2020-2027.

Near Field Communication (NFC), one of the segments analyzed in the report, is projected to record 45.7% CAGR and reach US$1.3 Trillion by the end of the analysis period.
After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the Barcode Payments segment is readjusted to a revised 27.2% CAGR for the next 7-year period.

The Proximity Mobile Payments market in the U.S. is estimated at US$37 Billion in the year 2020. China, the world`s second largest economy, is forecast to reach a projected market size of US$231.6 Billion by the year 2027 trailing a CAGR of 40.2% over the analysis period 2020 to 2027. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 39.3% and 36% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 28.7% CAGR.We bring years of research experience to this 8th edition of our report. The 109-page report presents concise insights into how the pandemic has impacted production and the buy side for 2020 and 2021. A short-term phased recovery by key geography is also addressed.