NFC POS Terminal Market Value Worth USD 11.50 Billion by 2027, Says The Insight Partners - Impact of COVID-19 and Global Analysis

Near-field communication (NFC) has emerged as one of the best-known technologies to be used in mobile payment options. These days, smartphones come embedded with NFC chips to enable transactions instead of using cash or credit cards. The technology provides a better experience to end users by eliminating the hassle of cash payment for in-store products. The NFC POS solutions allow store owners to showcase product details by making the billing process simpler and less time-consuming. Digital accessories are attached to the store items with a 'tap to pay' label that customers can use to pay directly while shopping. Retail owners and business partners use NFC to exchange documents, deals, plans, media files, etc.

According to The Insight Partners' research, the global NFC (near-field communication) POS (point of sale) terminal market was valued at US$ 3,390.47 million in 2019 and is forecasted to hit US$ 11,503.09 million by 2027 to rise at an annual growth rate of 16.8% from 2020 to 2027. The rising adoption of NFC POS solutions in the retail sector and increasing preference for NFC-compatible smartphones for payment are the critical factors bolstering the market expansion.

Sample PDF showcases the content structure and the nature of the information included in the report which presents a qualitative and quantitative analysis - https://www.theinsightpartners.com/sample/TIPTE100001222?utm_source=OpenPR&utm_medium=10051

Key players shaping the global NFC POS terminal market are 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., among others.
• In January 2020, Castles Technology partnered with SUZOHAPP, a cash management solutions provider. The latter will white label and resell Castles Technology's cashless payment hardware solutions with their products. In October 2020, the company acquired Spire Payments, one of the leading European EFTPOS terminal solutions providers.
• In October 2019, Equinox Payments announced that its Luxe 6200m and Luxe 8500i payment terminals and remote key injection (RKI) solutions got approved by the PCI security standards council.
• In February 2020, Fiserv, Inc completed first-of-its-kind pin on mobile transaction with Visa and Samsung Knox. This simplified the payment acceptance by allowing merchants to accept PIN-based contactless transactions without any requirement of separate card reader or PIN entry device.

Schedule a pre-sale discussion with the author team in a slot that you prefer to address queries on scope of the report, customization, introduction to methodology, assistance on technologies, and market definitions - https://www.theinsightpartners.com/inquiry/TIPTE100001222?utm_source=OpenPR&utm_medium=10051

Despite the driving elements, the concerns associated with the installation cost and transaction limit hurdle the growth of global NFC POS terminal market.

Based on product type, the market is divided into mobile and fixed. The latter occupied 57.7% market share in 2019 with a revenue total of US$ 1,957.2 million. It is estimated to garner US$ 6,309.3 million by 2027 to expand at 16.1% CAGR during 2020-2027.

According to application, the global NFC POS terminal market is segmented into entertainment, healthcare, hospitality, retail, and others. The retail segment held 37.4% share of the business in 2019. It amassed US$ 1,269.3 million in 2019 and is speculated to generate US$ 3,761.3 million by 2027 to grow at 14.9% CAGR along the forecast period.

Our regional analysis states that North America captured 33.8% share of the business in 2019, accounting for US$ 1,145.35 million. It is likely to reach US$ 3,224.85 million by 2027 to surge at 14.1% CAGR over the forecast period. The Asia Pacific market was evaluated at US$ 1,042.84 million in 2019 and is forecasted to be worth US$ 4,240.04 million by 2027.

After Philips and Sony jointly developed NFC technology in the mid-2000s, it has evolved to serve many purposes and applications over the years. Also, the smartphone penetration is at an all-time high, with almost 3.4 billion active phones in the world today, with over 2 billion NFC-enabled devices. The rising use of NFC-enabled smartphones increases the utility of NFC POS terminals for payment and digital transactions in transportation, retail, and healthcare sector. NFC-enabled smart cards are used for automated fare collection. Thus, the integration of NFC technology in smartphones and POS terminals fosters the global NFC POS terminal market.

Immediate delivery of our off-the-shelf reports and prebooking of upcoming studies, through flexible and convenient payment methods - https://www.theinsightpartners.com/buy/TIPTE100001222?utm_source=OpenPR&utm_medium=10051

Email: sales@theinsightpartners.com
Phone : +1-646-491-9876

About Us:
The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.

This release was published on openPR.