The NFC POS terminal market in Europe is expected to grow from US$ 759. 8 million in 2019 to US$ 2,423. 2 million by 2027; it is estimated to grow at a CAGR of 15. 9% from 2020 to 2027. Increase in preference for NFC-compatible smartphones for payment among global population is bolstering the growth of the market.
New York, April 27, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Europe NFC POS Terminal Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Product Type and Application" - https://www.reportlinker.com/p06064956/?utm_source=GNW
While Near Field Communication or NFC, was jointly developed by Philips and Sony in the mid-2000s, the technology has evolved for various uses over the years. Smartphone penetration is at an all-time high, with 3.4 billion active smartphones in the world today. There are 2 billion devices that can be NFC-enabled, mostly tablets. One of the key factors contributing to the Europe NFC POS terminal market growth is the increase in penetration of NFC-based mobile handsets. Increasing use of NFC-enabled smartphones is likely to improve the use of NFC POS terminals in the transportation, retail, and healthcare industries for payments and digital exchange. Use of NFC payment infrastructure and popularity of NFC as a preferred payment mode for customers are fueling the growth of the market.
The NFC POS terminal market is seeing a rise in penetration of NFC POS terminals for ticketing transactions in the transportation field.Customer tendency to use NFC-enabled smart cards in automated fare collections is likely to fuel the growth of the Europe NFC POS terminal market.
In order to achieve short-range communication between electronic devices, the NFC technology offers high compatibility among platforms for easier and simpler transaction processes.
NFC technology offers a high degree of customer satisfaction and experience compared to its alternatives, as it is swift, which is influencing the demand for NFC POS systems.Value-added POS terminal services—such as loyalty cards and discounts—would ensure a smooth experience for consumers, thereby driving the NFC POS terminal market.
The availability and integration of NFC technology into smartphones and POS terminals would help to achieve access control and ticketing benefits.The best ticketing fare can be determined by modernized POS terminals based on travel duration, discounts, and previous journeys, resulting in many advantages for consumers and transport authorities, which is further driving the demand for NFC POS terminal.
The increment in adoption of NFC POS solutions in the retail sector is among the other factors expected to positively influence their demand.
Based on product type, the fixed segment led the NFC POS terminal market in 2019.Fixed type is the traditional POS system deployed on counters or reception areas.
It is complex in nature and it requires continuous power supply.Moreover, the maintenance cost is high.
Fixed type allows the companies to have the benefits of robust management solutions such as strong inventory management and business functionality, a cash drawer, and the capability to handle the loyalty programs and gift cards.In the past, fixed type has been the most recognized and accepted way to process cash payments, checks, and debit/credit cards.
Fixed type is still a preferred product within brick-and-mortar stores, and it is a wide-ranging business management solution for merchants desiring a product with strong features. This, in turn, is ultimately driving the NFC POS terminal market.
As selected countries observed a rise in the number of reported cases and subsequently attracted strict as well as longer lockdown periods or social isolation, the effect of COVID-19 varied from country to country throughout the European region.However, due to the strong healthcare system, Western European countries such as Germany, France, Russia, and the UK have seen a comparatively modest decrease in their development activities.
The retail sector in the country has been severely affected due to the outbreak of the coronavirus across the region.According to the association of retailers and landlords in the London’s West End, the shopping across the region was down 75% compared to last year.
Europe’s consumer behavior has also experienced a shift to buying goods online and from local areas (mom and pop stores) to avoid crowd.For instance, according to studies, 46% of consumers across Europe aim to shop more locally in the long term than they did before the pandemic.
This, in turn, is reducing the investments of the region in retail infrastructures and their technological advancements, thereby reducing the demand for any point-of-sale systems across the region. These factors are expected to negatively affect the growth of the MFC POS terminal market across the region.
The overall Europe NFC POS terminal market size has been derived using both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.
The process also serves the purpose of obtaining overview and forecast for the Europe NFC POS terminal market with respect to all the segments pertaining to the region.Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic.
The participants who typically take part in such a process include industry experts, such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants, such as valuation experts, research analysts, and key opinion leaders specializing in the Europe NFC POS terminal market. Castles Technology; VeriFone, Inc; Fiserv, Inc; NFC POS Terminal Company (MICC) Ltd.; Thermocoax Group; Thermon; and Valin are among key players operating in the Europe NFC POS terminal market.
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