Dublin, April 14, 2021 (GLOBE NEWSWIRE) -- The "NFC POS Terminal Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Product Type and Application, and Geography" report has been added to ResearchAndMarkets.com's offering.
Growing Adoption of Contactless Payments to Support Market Growth during 2020-2027
NFC POS Terminal 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.
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 initiative are factors contributing to the growth of 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 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 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 the retail to adopt advanced solutions for better management of the outlets is likely to influence the growth of the market in Europe.
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 online grocery segment 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.
Key Topics Covered:
1.1 Study Scope
1.2 Research Report Guidance
1.3 Market Segmentation
2. Key Takeaways
3. Research Methodology
4. NFC POS Terminal Market Landscape
4.1 Market Overview
4.2 PEST Analysis
4.3 Ecosystem Analysis
4.4 Expert Opinion
5. NFC POS Terminal Market - Key Market Dynamics
5.1 Market Drivers
5.1.1 Rising Adoption of NFC POS Solutions in Retail Sector
5.1.2 Increasing Preference for NFC-Compatible Smartphones for Payment Among Global Population
5.2 Market Restraints
5.2.1 Concerns Associated with Installation Cost and Transaction Limit
5.3 Market Opportunities
5.3.1 Increasing Adoption of Contactless Payment
5.4 Future Trends
5.4.1 Increase in Mobile Payments Worldwide
5.5 Impact Analysis of Drivers and Restraints
6. NFC POS Terminal market - Global Analysis
6.1 NFC POS Terminal market Global Overview
6.2 NFC POS Terminal market - Revenue and Forecast to 2027 (US$ Million)
6.3 Global Market Positioning - Five Key Players
7. NFC POS Terminal Market Analysis - By Product Type
7.2 NFC POS Terminal market Breakdown, by Product Type, 2019 & 2027
8. NFC POS Terminal Market Analysis - By Application
8.2 NFC POS Terminal Market, by Application(2019 and 2027)
9. NFC POS Terminal Market - Geographic Analysis
10. Impact of COVID-19 Pandemic on Global NFC POS Terminal Market
11. Industry Landscape
11.2 Market Initiative
11.3 Merger and Acquisition
12. Company Profiles
12.1 Key Facts
12.2 Business Description
12.3 Products and Services
12.4 Financial Overview
12.5 SWOT Analysis
12.6 Key Developments
Castles Technology Co., Ltd
Equinox Payments LLC
Clover Network, Inc.
Heartland Payroll Solutions, Inc.
PAX Global Technology Limited
Ingenico Group S.A.
SZZT Electronics Shenzhen Co., Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/y4h0t
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