The contactless ticketing market saw a significant recovery in 2023, growing 16% Year-over-Year (YoY) as it rebounded from the challenges of prior years. Microcontroller-based ticketing stood out with a 30.4% increase, driven by transit authorities replenishing inventories. While 2024 is expected to bring moderated growth due to overstocked supplies, the market is on track to return to pre-pandemic levels by 2025, with shipments forecast at 441 million units. These developments reflect the market's resilience and its readiness to adapt to emerging technologies and evolving consumer demands.
Working in a competitive industry demands that you become a data-driven organization. As a technology solution provider, effectively leveraging data can unlock significant advantages, such as driving market expansion and fostering innovation. Unfortunately, all too many companies lack an analytical approach to decision-making.
A metal payment card is the Rolls-Royce of the banking industry. The mostly affluent consumers who gravitate toward these high-end cards seek products that reflect their premium lifestyle. When they check out at the jewelry store or pick up the tab at a five-star restaurant, these consumers want the world to see their exclusive status. A metal credit or debit card has no counterpart in terms of product design and sleekness. As ABI Research reports, the number of metal payment cards issued annually will increase from 36.1 million in 2022 to 85.1 million in 2028.
In the wake of the COVID-19 pandemic, consumers are shopping in person again at brick-and-mortar stores. The growth of in-store shopping means retailers, restauranters, and other shopping locations require more Point of Sale (POS) terminals to complete digital transactions, particularly through contactless solutions. ABI Research’s latest POS and mPOS Devices market data backs this claim up, reporting a +2.4% Year-over-Year (YoY) shipment growth for POS terminals in 2022, and expecting a further +3.8% YoY growth in 2023. The POS market size is worth US$5.84 billion today and will increase to US$6.46 billion in value by 2027.
Market research goes hand-in-hand with maximizing profits at a business enterprise. Whether you’re a vendor or an enterprise implementer of a new technology, in-depth, data-backed intelligence can safely guide your organization toward sustained success. Technology research deliverables identify potential roadblocks and lucrative revenue opportunities for organizations, while giving you a reliable partner to consult with when questions about your respective market inevitably arise. Take, for example, the technology market research case studies we recently compiled, showcasing how our forward-looking methodologies help some of our biggest clients with their digitization journeys. In this blog post, let’s review four of these case studies to give you a better idea of what kind of results you can expect from ABI Research as a technology intelligence partner.
Among worldwide central banks, offering Central Bank Digital Currency (CBDC) wallets is viewed as one fundamental way to overcome a two-fronted challenge they currently contend with. On the one hand, consumers are using less physical cash, which subverts public confidence in the fiat monetary system. At the same time, central banks are not oblivious to the fact that Meta, Facebook, Google, and other big tech juggernauts have or still have aspirations to issue their own currencies. Given these platforms' gigantic user bases, introducing their respective digital currencies would further destabilize economic influence.
More than 50,000 technology innovators and decision makers rely on ABI Research for deep insight and analysis of transformational technologies and key markets. In addition, we also provide an impartial and expert perspective on the companies that are shaping these technologies and industries.
Payment technologies are one of the most important things banks and financial services can pay attention to. These technologies are how customers make their transactions and bridge the consumer-brand bond. But it’s crucial to understand how consumer preferences evolve and how various market dynamics influence demand for physical and digital payment technologies. In this article, I’ll walk you through the following:
In the technology space, it’s vital that your organization stay on top of prevailing trends in your respective industry. This extends to keeping tabs on the competition or, if you’re seeking a solution provider, weighing your options. That’s why ABI Research released its 40 Technology Companies To Watch In 2023 whitepaper to better understand which tech firms are winning in terms of innovation and implementation of their technology products/software.