NEW YORK, Jan. 27, 2022 /PRNewswire/ -- The increasing acceptance of contactless payments globally has significantly contributed to the growth of the global contactless POS terminals market. Customers are increasingly making transactions through smartphones, cards, and other devices with NFC technologies.
In 2018, more than 2.5 billion smart payment cards were shipped globally. A three-fourth of this share was occupied by contactless cards. Merchants across various industries are also increasingly adopting contactless POS terminals to facilitate easy payments, eliminate queuing processes, and enhance customer experience.
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Key Contactless PoS Terminals Market Report Highlights:
Contactless PoS Terminals Market: Segmentation
By end-users, the retail industry exhibited significant demand for contactless PoS terminals in 2021. The segment is driven by the increasing acceptance of contactless payments across hypermarkets, supermarkets, drug stores, gas stations, specialty stores, and mass merchandise stores. Besides, increased operational efficiency and customer experience offered by contactless PoS terminals are driving the growth of the segment.
With 47% of the growth originating from APAC, this region will record a faster growth rate during 2019-2024.
The increased adoption of contactless payment methods in countries such as Australia, China, India, and Indonesia is driving the growth of the contactless PoS terminals market in APAC. Also, the increasing popularity of e-wallets for payments at PoS terminals in the retail and hospitality sectors is contributing to the regional market growth.
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Key Vendors and Vendor Strategies
Some of the major vendors of the contactless pos terminals market include Bluebird Inc., Fiserv Inc., Honeywell International Inc., Ingenico Group SA, NCR Corp., Newland Payment Technology, PAX Global Technology Ltd., Spire Payments Ltd., SZZT Electronics Shenzhen Co. Ltd., and VeriFone Inc. To help businesses improve their market position, Technavio's report provides a detailed analysis of around 25 vendors operating in the market. To leverage the current opportunities, market vendors must strengthen their foothold in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The contactless PoS terminals market is fragmented due to the presence of several regional and international players. Vendors are focusing on introducing new products and collaborating with other players to expand their presence in the market.
For instance:
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Key Market Drivers
Our analysts have extensively outlined the information on the key market drivers and their impact on the contactless PoS terminals market.
Contactless PoS terminals optimize operational efficiency for retailers and merchants. The value proposition created by them is beneficial for both users as well as the merchants owing to the reduced transaction time. They are also easy to use and ensure highly secure payments compared with traditional PoS systems. Many such benefits are increasing the adoption of contactless payment software applications among merchants, especially at established retail stores such as Walmart. All these factors will fuel the growth of the global contactless PoS terminals market during the forecast period.
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Contactless PoS Terminals Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2019 |
Forecast period |
2020-2024 |
Growth momentum & CAGR |
Accelerate at a CAGR of 15.56% |
Market growth 2020-2024 |
USD 5.54 billion |
Market structure |
Fragmented |
YoY growth (%) |
8.23 |
Regional analysis |
APAC, North America, Europe, South America, and MEA |
Performing market contribution |
APAC at 47% |
Key consumer countries |
China, US, India, Japan, and Germany |
Competitive landscape |
Leading companies, competitive strategies, consumer engagement scope |
Companies profiled |
Bluebird Inc., Fiserv Inc., Honeywell International Inc., Ingenico Group SA, NCR Corp., Newland Payment Technology, PAX Global Technology Ltd., Spire Payments Ltd., SZZT Electronics Shenzhen Co. Ltd., and VeriFone Inc. |
Market Dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and future consumer dynamics, market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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SOURCE Technavio
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