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The contactless payment market will grow from $38.55 billion in 2022 to $162.56 billion by 2030 at a compound annual growth rate of 19.71%, according to research from Spherical Insights LLP. COVID-19 played a key role in driving growth of this market, according to a press release.
Key market trends include:
- Smartphone-based payments will hold the largest revenue share.
- Wearables will drive growth.
- Retail will see strong growth.
- RFID will hold the largest market share.
- North America will hold a market share of more than 30% during the forecasted period.
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