Middle East & Africa Contactless Payments Market Forecast to 2031 - Regional Analysis - by Payment Mode, Components, and Industry Verticals

Description

List of Tables

The Middle East & Africa contactless payments market was valued at US$ 2,505.03 million in 2023 and is expected to reach US$ 5,554.05 million by 2031; it is estimated to register a CAGR of 10.5% from 2023 to 2031.

Voice-Based Payments with Voice Match Confirmation Bolster Middle East & Africa Contactless Payments Market

Powered by machine learning (ML), artificial intelligence (AI), and neural language processing (NLP), voice assistants help accomplish tasks more easily in everyday life. Voice interaction is heading toward the finance industry. Voice payment is the process of speaking to an AI-powered device, such as a smartphone or speaker, and requesting it to make a payment. The device will identify the verbal request, act on it, and react with a confirmation.

A unique voice model is created on Google's servers and stored only on the devices where one has enabled Voice Match. Without a match, the device will treat the query as a guest query and will not provide any personal results. Google has introduced a new "confirm with Voice Match" payment feature in the Google Assistant for smart speakers and displays, redefining contactless payments. Thus, voice-based payments with Voice Match confirmation are expected to be a new trend in the contactless payment market.

Middle East & Africa Contactless Payments Market Overview

Contactless payment is also prevailing in the MEA. According to the Emirates NBD, as of 2021, contactless payments accounted for 84% of all face-to-face card payment transactions in the UAE. Per the UAE Banks Federation, all banks in the UAE offer contactless chip cards and mobile wallets.

According to a 2021 report by Mastercard, over 85% of consumers in the Middle East & Africa (MEA) have experimented with new payment methods, including mobile wallets and devices that facilitate payments. In the evolving retail landscape, digital payments have transitioned from being a luxury to a necessity. Even before the COVID-19 pandemic, tech-savvy consumers were using their mobile phones for in-store purchases. However, the pandemic accelerated the shift to digital payments, as people sought to minimize physical touch points and cash usage. Consequently, governments in the MEA have introduced initiatives to promote touch-free payments, which is further driving the contactless payments market in the region.

Middle East & Africa Contactless Payments Market Revenue and Forecast to 2031 (US$ Million)

Middle East & Africa Contactless Payments Market Segmentation

The Middle East & Africa contactless payments market is categorized into payment mode, components, industry verticals, and country.

Based on payment mode, the Middle East & Africa contactless payments market is divided into smartphones, smart cards, pos terminals, and others. The smartphones segment held the largest Middle East & Africa contactless payments market share in 2023.

In terms of components, the Middle East & Africa contactless payments market is segmented into hardware, solutions, and services. The hardware segment held the largest Middle East & Africa contactless payments market share in 2023.

By industry verticals, the Middle East & Africa contactless payments market is divided into retail, hospitality, healthcare, transportation and logistics, media and entertainment, and others. The retail segment held the largest Middle East & Africa contactless payments market share in 2023.

Based on country, the Middle East & Africa contactless payments market is categorized into South Africa, the UAE, Saudi Arabia, and the Rest of Middle East & Africa. The Rest of Middle East & Africa dominated the Middle East & Africa contactless payments market share in 2023.

Thales SA, Infineon Technologies AG, Ingenico Group SA, IDEMIA France SAS, PAX Technology, Visa Inc, and Mastercard Inc are some of the leading companies operating in the Middle East & Africa contactless payments market.

Product Code: BMIRE00031189

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. Middle East & Africa 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. Middle East & Africa Contactless Payments Market - Key Market Dynamics

5.1 Market Drivers
- 5.1.1 Increase in Government Initiatives to Promote Digital Payments
- 5.1.2 Efficiency and Cost-Effectiveness of Contactless Payments
5.2 Market Restraints
- 5.2.1 Potential Security Concerns and Limitations
5.3 Market Opportunities
- 5.3.1 Technological Advancements in Contactless Payments
- 5.3.2 IoT-Embedded Contactless Payment
5.4 Future Trends
- 5.4.1 Voice-Based Payments with Voice Match Confirmation
5.5 Impact of Drivers and Restraints:

6. Contactless Payments Market - Middle East & Africa Analysis

6.1 Middle East & Africa Contactless Payments Market Revenue (US$ Million), 2021-2031
6.2 Middle East & Africa Contactless Payments Market Forecast Analysis

7. Middle East & Africa 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. Middle East & Africa 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. Middle East & Africa 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. Middle East & Africa Contactless Payments Market - Country Analysis

10.1 Middle East & Africa
- 10.1.1 Middle East & Africa: Contactless Payments Market - Revenue and Forecast Analysis - by Country
  - 10.1.1.1 Middle East & Africa: Contactless Payments Market - Revenue and Forecast Analysis - by Country
  - 10.1.1.2 South Africa: Contactless Payments Market - Revenue and Forecast to 2031 (US$ Million)
    - 10.1.1.2.1 South Africa: Contactless Payments Market Breakdown, by Payment Mode
    - 10.1.1.2.2 South Africa: Contactless Payments Market Breakdown, by Components
    - 10.1.1.2.3 South Africa: Contactless Payments Market Breakdown, by Industry Verticals
  - 10.1.1.3 Saudi Arabia: Contactless Payments Market - Revenue and Forecast to 2031 (US$ Million)
    - 10.1.1.3.1 Saudi Arabia: Contactless Payments Market Breakdown, by Payment Mode
    - 10.1.1.3.2 Saudi Arabia: Contactless Payments Market Breakdown, by Components
    - 10.1.1.3.3 Saudi Arabia: Contactless Payments Market Breakdown, by Industry Verticals
  - 10.1.1.4 United Arab Emirates: Contactless Payments Market - Revenue and Forecast to 2031 (US$ Million)
    - 10.1.1.4.1 United Arab Emirates: Contactless Payments Market Breakdown, by Payment Mode
    - 10.1.1.4.2 United Arab Emirates: Contactless Payments Market Breakdown, by Components
    - 10.1.1.4.3 United Arab Emirates: Contactless Payments Market Breakdown, by Industry Verticals
  - 10.1.1.5 Rest of Middle East & Africa: Contactless Payments Market - Revenue and Forecast to 2031 (US$ Million)
    - 10.1.1.5.1 Rest of Middle East & Africa: Contactless Payments Market Breakdown, by Payment Mode
    - 10.1.1.5.2 Rest of Middle East & Africa: Contactless Payments Market Breakdown, by Components
    - 10.1.1.5.3 Rest of Middle East & Africa: 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 IDEMIA France SAS
- 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 PAX Technology
- 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 Visa Inc
- 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 Mastercard 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

14. Appendix

14.1 Word Index
14.2 About The Insight Partners