$4550
$2730
The NFC POS Terminal market was valued at US$ 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.
NFC is a wireless data transfer method that enables data to be exchanged in close proximity by smartphones, laptops, tablets, and other devices. Via mobile wallets such as Apple Pay, Android Pay, as well as contactless cards, NFC technology powers contactless payments. The rising number of the supermarket, specialty store, and hypermarket are raising demand for the NFC POS terminal across them. US, China, Germany, France, and Japan are five major countries contributing to the highest revenue share in the NFC POS terminal market. Some of the factors stimulating the market for NFC POS terminal include an increasing preference for NFC-compatible smartphones for payment among global population. While in the mid-2000s, Near Field Communication or NFC was developed jointly by Philips and Sony, over the years, the technology has evolved for different use cases. With 3.4 billion active smartphones in the world today, mobile penetration is at an all-time high. There are 2 billion computers, mostly tablets that can be NFC-enabled. Increased penetration of NFC-based mobile handsets is one of the main factors contributing to the growth of the NFC POS terminal industry. The increasing use of NFC-enabled smartphones is likely to expand the use of NFC POS terminals for payments and digital exchange in the transportation, retail, and healthcare industries.
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.
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Published Report - NFC POS Terminal Market: Strategic Insights
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Customize Research To Suit Your Requirement
We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
Published Report - NFC POS Terminal Market: Strategic Insights
Naveen
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Naveen will walk you through a 15-minute call to present the report’s content and answer all queries if you have any.
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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.
Market Insights
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.
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 mobile type of payment method, payment to a merchant is initiated from a NFC-enabled credit card reader, which is held close to the POS device.
Application -Based Market Insights
Based on application, the NFC POS terminal market is segmented into entertainment, healthcare, hospitality, and retail. Several industries are moving toward streamlined transaction procedures and they are integrating POS to provide a unique, interactive, and personalized solution to their customers. Further, focusing on investing in advanced technology is expected to play a crucial part in accelerating the demand for NFC POS during the forecast period.
NFC POS Terminal Market Report Scope
Product development is the commonly adopted strategy by companies to expand their product portfolio. Castles Technology Co., Ingenico Sa, NEC Technology, Verifone Systems,, among others are the key players implementing strategies to enlarge the customer base and gain significant share in the global NFC POS Terminal market, which in turn permits them to maintain their brand name. A few of the recent key developments are:
- 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.
NFC POS Terminal Market Segmentation:
By Product Type
- Mobile
- Fixed
By Application
- Entertainment
- Healthcare
- Hospitality
- Retail
- Others
Company Profiles
- Castles Technology Co.
- Cybernet, Inc.
- Equinox Payments
- First Data Corp
- Heartland Payment Systems
- Paz Technology Ltd.
- Ingenico SA
- NEC Technology
- Szzt Electronics Co., Ltd.
- Verifone Systems
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
This text is related
to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
Frequently Asked Questions
The NFC POS terminal market is led fixed segment with highest share and is expected to dominate in the forecast period. 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.
The growth of the NFC POS terminal market is primarily attributed rising adoption of NFC POS Solutions in retail sector. Moreover, increasing preference for NFC-Compatible smartphones for payment among global population, thereby substantially driving the NFC POS terminal market.
The NFC technology makes it possible for devices to interact within a 4-cm radius. Using certificates, tags or even stickers, these transactions can be completed. This is influencing the adoption of contactless payment across both developed and developing countries, such as the US, the UK, Germany, France, China, and Australia. This is influencing the adoption of NFC POS systems across retail outlets to offer variety of payment options to the customers. Thus, the above-mentioned factors are expected to influence the growth of the market over the years.
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
- SZZT Electronics Shenzhen Co., Ltd.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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