Rise in demand for contactless payments from customers as
well as small businesses is expected to drive the market growth.
Moreover, the rise in partnerships to launch contactless credit
cards specifically designed for small businesses drives the growth
of the market.
PORTLAND, Ore., Aug. 27,
2024 /PRNewswire/ -- Allied Market Research published
a report, titled, "Debit Card Market by
Type (Plastic and Metal), and Industry Vertical (Retail,
Hospitality, Transportation, Healthcare and Others): Global
Opportunity Analysis and Industry Forecast, 2024-2032".
According to the report, the debit card market was valued at
$95.7 billion in 2023, and is
estimated to reach $151.1 billion by
2032, growing at a CAGR of 5.5% from 2024 to 2032.
Get Your Sample Report & TOC Today:
https://www.alliedmarketresearch.com/request-sample/A323721
Prime determinants of growth
The global debit card market is experiencing growth due to
several factors such as the rise of contactless payments is a
notable trend shaping the global debit card market. With
technological advancements, contactless debit cards have gained
popularity, allowing users to make swift and secure transactions by
simply tapping their cards on payment terminals. This trend aligns
with the changing consumer preferences for quick and hassle-free
payment methods, driving the adoption of contactless technology in
debit card solutions. However, security concerns and concerns and
competition from alternative payment methods hinder the market
growth. Moreover, increase in digitalization and IoT integration in
the banking industry offer remunerative opportunities for the
expansion of the debit card market.
Report Coverage and Details
Forecast Period: "2024–2032"
Base Year: "2023"
Market Size in 2023: "$95.7
billion"
Market Size in 2032: "$151.1
billion"
CAGR: "5.5%"
No. of Pages in Report: "230"
Segments covered: "Type, Industry Vertical, and
Region"
Drivers: "Increase in digital payments adoption",
"Financial inclusion initiatives", "Technological advancements"
Opportunities: "Expansion in emerging markets"
Restraints: "Security concerns", "Competition from
alternative payment methods"
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https://www.alliedmarketresearch.com/request-for-customization/A323721
The plastic segment is expected to garner the highest revenue
during the forecast period.
Based on type, the metal segment held the highest market share
in 2023, accounting for more than half of the global debit card
market revenue and is likely to retain its dominance during the
forecast period. With rise of e-commerce and online transactions,
consumers are increasingly favoring electronic payment methods over
cash. However, the plastic segment is projected to attain the
highest CAGR from 2024 to 2032, owing to increasing adoption
of digital payments.
The transportation segment is expected to garner the highest
revenue during the forecast period.
Based on the industry vertical, the retail segment held the
highest market share in 2023, accounting for nearly one-third of
the global debit card market revenue and is likely to retain its
dominance during the forecast period. The retail sector's
stronghold in the market is driven by the increasing consumer
preference for cashless transactions, the widespread adoption of
point-of-sale (POS) systems, and the growth of e-commerce
platforms. These factors collectively boost the use of debit cards
in retail, solidifying the segment's leading position.
However, the transportation segment is projected to attain the
highest CAGR from 2024 to 2032. This can be attributed to the
increasing urbanization and infrastructure development.
Asia-Pacific to maintain its
dominance by 2032.
Based on region, Asia-Pacific
held the highest market share in terms of revenue in 2023,
accounting for three-fourths of the global debit card market
revenue and is expected to rule the roost in terms of revenue
throughout the forecast timeframe. The rapid adoption of digital
payment methods in the Asia-Pacific region, driven by government
initiatives, technological advancements, and the proliferation of
smartphones. Debit cards are a crucial component of this digital
payment ecosystem.
Players: -
- Thales Group
- IDEMIA
- Valid S.A
- Giesecke+Devrient GmbH
- Eastcompeace Technology Co., Ltd.
- DATANG
- Paragon Group Limited
- CPI Card Group Inc.
- Watchdata Co., Ltd.
- Wuhan Tianyu
The report provides a detailed analysis of these key players in
the global debit card market. These players have adopted different
strategies such as new product launches, collaborations, expansion,
joint ventures, agreements, and others to increase their market
share and maintain dominant shares in different regions. The
report is valuable in highlighting business
performance, operating segments, product portfolio, and strategic
moves of market players to showcase the competitive
scenario.
Suggestions:
Recent Industry Dev/Industry buzz/News
- In September 2022, India released its draft National Electricity
Plan, setting out ambitious targets for the development of battery
energy storage, with an estimated capacity of between 51 to 84 GW
installed by 2031-32.
- The Federal Reserve has proposed significant decreases in the
caps on debit card interchange fees. This regulatory action aims to
reduce the costs for merchants but could impact the revenue models
of card issuers.
- In February 2020, IDEX Biometrics
ASA, a smart card manufacturing company, introduced TrustedBio, a
solution built for reducing biometric smartcard costs. This cost
reduction is aimed at accelerating the adoption of smart dual
interface cards.
- In December 2020, PayTM and SBI
Card selected dzcard, a south Asian smart card manufacturer to
deliver the dual interface credit card. These cards will allow
customers to process contactless payments and gain cashbacks
through the Paytm application.
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Key Benefits for Stakeholders
- This report provides a quantitative analysis of the debit card
market outlook, debit card market segments, current trends,
estimations, and dynamics of the debit card market analysis from
2022 to 2032 to identify the prevailing debit card market
opportunities.
- Market research is offered along with information related to
key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers
and suppliers to enable stakeholders to make profit-oriented
business decisions and strengthen their supplier-buyer
network.
- In-depth analysis of the debit card market segmentation assists
to determine the prevailing debit card market size, debit card
market share, debit card market growth, and debit card market
opportunity.
- Major countries in each region are mapped according to their
revenue contribution to the global debit card market Statistics and
debit card market forecast.
- Market player positioning facilitates benchmarking and provides
a clear understanding of the present position of the market
players.
- The report includes the analysis of the regional as well as
global debit card market trends, key players, market segments,
application areas, and market growth strategies.
Debit Card Market Report Highlights
By Type
By Industry Vertical
- Retail
- Hospitality
- Transportation
- Healthcare
- Others
By Region
- North America (U.S.,
Canada)
- Europe (France, Germany, Italy, Spain,
UK, Rest of Europe)
- Asia-Pacific (China, Japan,
India, South Korea, Australia, Rest of Asia-Pacific)
- LAMEA (Latin America,
Middle East, Africa)
Purchase This Comprehensive 230-Page Report (PDF with
Insights, Charts, Tables, and Figures) @
https://bit.ly/3T4ln4E
Key Market Players
Cangzhou Datang Steel Pipe Co., Ltd., VALID, wuhan tianyu
information co. ltd, Eastcompeace Technology Co., Ltd., CPI Card
Group Inc., Paragon Group Limited, Giesecke+Devrient GmbH, Thales
Group, Watchdata Co., Ltd., IDEMIA
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