According to The Insight Partners latest market study on “NFC POS Terminal Market Forecast to 2027 – COVID-19 Impact and Global Analysis – by Product Type (Mobile and Fixed) and Application (Entertainment, Healthcare, Hospitality, Retail, and Others),” the market was valued at US$ 3,390.47 million in 2019 and is projected to reach US$ 11,503.09 million by 2027; it is expected to grow at a CAGR of 16.8% from 2020 to 2027. The report highlights key factors driving the market growth and prominent players with their developments in the market.
The global market for the NFC POS terminal is segmented into five major regions—North America, Europe, APAC, MEA, and SAM. In 2019, North America led the global NFC POS terminal market with more than 30% revenue share, followed by APAC and Europe. The rising use of NFC-enabled smartphones is accelerating the use of NFC POS terminals for payments in industries such as retail and healthcare in the region. The rising number of department stores in the US and growing demand for advanced technologies with an objective to gather real-time information is also surging the market in North America. The rising security concerns due to cyberattacks and increasing government initiatives are factors contributing to the growth of the NFC POS terminal market in the region. As contactless payments are becoming ubiquitous in several European countries, such as Germany and Russia, most of the NFC POS terminals are likely to ship at a high rate in the coming years. Advantages such as secure, fast, and swift transactions via NFC POS terminals have led consumers in Europe to opt for electronic payments; thus, the popularity of NFC in various countries is surging to meet the growing consumer needs. As per the Verifone study, ~27 million payment cards and ~6 million mobile phones are enabled for NFC in Germany, which is propelling the demand for NFC POS devices. The growth in investment in retail to adopt advanced solutions for better management of the outlets is likely to influence the growth of the market in Europe.
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APAC is likely to account for the highest CAGR during the forecast period. The rising adoption of advanced technologies in retail, entertainment, and healthcare industries in countries such as China, India, Japan, South Korea, and Australia drives the adoption rate of NFC POS. Companies are highly investing in mPOS to streamline their payment operations. The presence of fast-growing economics, mounting technology adoption, increasing penetration of NFC-enabled phones are among the prime factors expected to drive the growth of the NFC POS market. Other developing regions, such as MEA and SAM, are also projected to grow at a rapid pace due to increasing government initiatives to digitalize the economy with advanced technologies.
Impact of COVID–19 Pandemic on NFC POS Terminal Market
It is becoming apparent with the COVID-19 pandemic spreading across the US that a few can escape its scope, presenting significant challenges to all industries. The closedown of all retail outlets by the government authorities coupled with the social distancing norms laid down by them is negatively affecting the investments by retail outlets on any kind of technological advancements. For instance, the sales of the online grocery segments across the US recorded an increase by 210.1% in 2020 due to the pandemic. This rising online sales of consumables are decreasing the dependency of the region’s population on brick and mortar stores, which is restraining the growth of the NFC POS terminal market.
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Rising Adoption of NFC POS Solutions in Retail Sector
Over the years, near-field communication (NFC) as emerged as one of the best-known technologies used in many mobile payment solutions. Smartphones are fitted with NFC chips these days; therefore, while making store transactions, mobile consumers can use their devices instead of cash and credit cards. The technology may also be used to provide end-users with a better experience, in addition to removing the hassle of paying for in-store products. With the introduction of NFC POS solutions, store owners can smartly deliver product details to their shoppers by making the billing process across the store simpler and less time-consuming. These digital accessories are typically attached to a store item with a “tap to pay” label that customers can use to directly pay for the purchased item without any hassle.
NFC POS Terminal Product Type-Based Market Insights
Based on product type, the NFC POS terminal market is segmented into mobile and fixed. Rising usage of payments through credit or debit card with NFC technology is the significant factor driving the global market. NFC is one of the emerging wireless technologies, which is widely used for payments. Paying for groceries and transit fares through NFC POS device signifies a new cutting-edge technology for payment in various technologically advanced countries, such as the US, Canada, and Japan. In the mobile type of payment method, payment to a merchant is initiated from an NFC-enabled credit card reader, which is held close to the POS device.
The List of Companies – NFC POS Terminal Market
Castles Technology Co., Ltd, Equinox Payments LLC, Clover Network, Inc., Heartland Payroll Solutions, Inc., VeriFone, Inc., Fiserv, Inc., PAX Global Technology Limited, Ingenico Group S.A., NEC Corporation and SZZT Electronics Shenzhen Co., Ltd.
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In 2019, Equinox Payments LLC announced that their Luxe 6200m and Luxe 8500i payment terminals and its Remote Key Injection (RKI) solution were approved by PCI Security Standards Council..
In 2019, Verifone, a provider of self-service devices, POS terminals, and modular payment components acquired Zivelo, the companies confirmed to Kiosk Marketplace.
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