NFC POS Terminal Market Trends and Growth by 2031

NFC POS Terminal Market Size and Forecast (2021 - 2031), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Product Type (Mobile and Fixed); By Application (Entertainment, Healthcare, Hospitality, Retail, and Others); and Geography

  • Report Code : TIPTE100001222
  • Category : Banking, Financial Services, and Insurance
  • No. of Pages : 150
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The NFC POS terminal market is projected to grow from US$ 6.31 billion in 2023 to US$ 22.52 billion by 2031; it is expected to expand at a CAGR of 17.2% from 2023 to 2031. Multiple factors, such as the increasing global emphasis on digitalization and cashless transactions, the proliferation of NFC-enabled smartphones and wearables, and the growing demand for convenient and secure payment options, are driving the market. Additionally, the market is being expanded in functionality and reach by the ongoing evolution of NFC technology and its integration with other developing technologies like mobile wallets and the Internet of Things (IoT).

NFC POS Terminal Market Analysis

Within the larger electronic payment industry, the NFC POS (Near Field Communication Point of Sale) market is a dynamic segment that includes the deployment and utilization of NFC technology for safe and convenient financial transactions at the point of sale. NFC stands for “near field communication”; it's a kind of technology that lets two devices in close proximity communicate with each other and exchange data. In order for NFC payments to work, merchants need an NFC-enabled point of sales/POS system (with wifi) and the consumer's smartphone or card.

NFC POS Terminal Market Overview

  • Near Field Communication (NFC) is a wireless communication technique that allows devices to share data when they are brought near together, usually within a few centimetres. Within the NFC point-of-sale (POS) industry, this technology is mainly employed to enable contactless payment processing. It provides customers with an effective way to finish transactions using their smartphones, smart cards, or other NFC-capable gadgets.
  • Key components of the NFC POS market include the infrastructure of NFC-enabled payment terminals, compatible mobile devices, and the supporting ecosystem of payment service providers, financial institutions, and merchants. NFC POS systems rely on secure encryption and tokenization protocols to ensure the confidentiality and integrity of payment data, which safeguards users from fraudulent activities.

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NFC POS Terminal Market: Strategic Insights

NFC POS Terminal Market

  • CAGR (2023 - 2031)
    17.2%
  • Market Size 2023
    US$ 6.31 Billion
  • Market Size 2031
    US$ 22.52 Billion

Market Dynamics

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FUTURE TRENDS
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OPPORTUNITIES
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Key Players

  • 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

Regional Overview

  • North America
  • Europe
  • Asia-Pacific
  • South and Central America
  • Middle East and Africa

Market Segmentation

Product Type
  • Mobile and Fixed
Application
  • Entertainment
  • Healthcare
  • Hospitality
  • Retail
  • Others
  • Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.

NFC POS Terminal Market Driver

Proliferation of Contactless Payments to Drive the NFC POS Terminal Market

  • NFC-enabled contactless payments are quickly gaining traction because of their speed, security, and convenience.
  • The expanding popularity of wearables and smartphones, along with increased knowledge of the advantages of contactless payments, are the main drivers of this trend.
  • Because of this, NFC point-of-sale (POS) terminals are becoming more and more common, and retailers are using them to satisfy consumer needs.

NFC POS Terminal Market Report Segmentation Analysis

  • The NFS POS Terminal market is divided into product type, application, and geography.
  • Based on product type, the market is divided into mobile and fixed segments. Based on application, the market is divided into entertainment, healthcare, hospitality, retail, and others.
  • Several industries are moving towards streamlined transaction processes, and they are integrating NFC POS terminals to deliver personalized solutions to their customers. Thus, the demand for NFC POS terminals is expected to grow during the forecast period.

NFC POS Terminal Market Share Analysis By Geography

The scope of the NFC POS Terminal market is primarily divided into five regions - North America, Europe, Asia Pacific, Middle East & Africa, and South America. North America dominated the NFC POS Terminal market share in 2023. North America has the highest adoption of advanced technologies. Further, favorable government initiatives and the presence of major market players in the region are projected to boost the growth of the NFC POS terminal market during the forecast period.

NFC POS Terminal Market Report Scope

Report Attribute Details
Market size in 2023 US$ 6.31 Billion
Market Size by 2031 US$ 22.52 Billion
Global CAGR (2023 - 2031) 17.2%
Historical Data 2021-2022
Forecast period 2023-2031
Segments Covered By Product Type
  • Mobile and Fixed
By Application
  • Entertainment
  • Healthcare
  • Hospitality
  • Retail
  • Others
Regions and Countries Covered North America
  • US
  • Canada
  • Mexico
Europe
  • UK
  • Germany
  • France
  • Russia
  • Italy
  • Rest of Europe
Asia-Pacific
  • China
  • India
  • Japan
  • Australia
  • Rest of Asia-Pacific
South and Central America
  • Brazil
  • Argentina
  • Rest of South and Central America
Middle East and Africa
  • South Africa
  • Saudi Arabia
  • UAE
  • Rest of Middle East and Africa
Market leaders and key company profiles
  • 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
    • Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.

    The "NFC POS Terminal Market Analysis" was carried out based on type, mode, distribution channel, and geography. On the basis of product type, the market is segmented into mobile and fixed segments. On the basis of application, the market is segmented into healthcare, entertainment, hospitality, retail, and others. On the basis of geography, the market is divided into North America, Europe, Asia Pacific, the Middle East & Africa, and South America.

     

    NFC POS Terminal Market News and Recent Developments

    Companies adopt inorganic and organic strategies such as mergers and acquisitions in the NFC POS Terminal market. Some of the recent key market developments are listed below:

    • In 2022, a leading R&D/Manufacturing company focused on delivering commerce solutions to the payment industry, XAC Automation Corporation, introduced its novel series of Smart POS Terminals Platform(E6), which includes various latest Android Smart Terminals and with strong ability of integration and connectivity. XAC Smart POS Terminal Platform “E6” is designed with secured Android 12 OS; powered by Quad-core SOC, certified with XAC PCI PTS 6.x, for secure transactions of MSR, EMV chip & PIN, and NFC/contactless payments. [Source: XAC Automation Corporation, Company Website]

    NFC POS Terminal Market Report Coverage & Deliverables

    The NFC POS terminal market forecast is estimated based on various secondary and primary research findings, such as key company publications, association data, and databases. The market report "NFC POS Terminal Market Size and Forecast (2021–2031)" provides a detailed analysis of the market covering below areas-

    • Market size & forecast at global, regional, and country levels for all the key market segments covered under the scope.
    • Market dynamics such as drivers, restraints, and key opportunities.
    • Key future trends.
    • Detailed PEST & SWOT analysis
    • Global and regional market analysis covering key market trends, key players, regulations, and recent market developments.
    • Industry landscape and competition analysis covering market concentration, heat map analysis, key players, and recent developments.
    • Detailed company profiles.
    Report Coverage
    Report Coverage

    Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

    Segment Covered
    Segment Covered

    Product Type and Application , and Geography

    Regional Scope
    Regional Scope

    North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

    Country Scope
    Country Scope

    Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States

    Frequently Asked Questions


    What are the future trends of the global NFC POS terminal market?

    Technological advancements and product innovation in the NFC POS terminal market are anticipated to play a significant role in the global NFC POS Terminal market in the coming years.

    Which are the key players holding the major market share of the NFC POS terminal market?

    The major players holding majority shares in the NFC POS Terminal market are Ingenico, VeriFone, PAX Technology, NEC, and Equinox.

    What are the driving factors impacting the global NFC POS terminal market?

    The growing adoption of NFC POS Terminal in the retail sector and growing awareness about contactless payment cards are the major factors that propel the global NFC POS terminal market.

    What is the estimated market size for the global NFC POS terminal market in 2023?

    The global NFC POS terminal market was estimated to grow at a CAGR of 17.2% during 2023 - 2031.

    The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

    1. 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.

    1. 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:

    Research Methodology

    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.

    1. 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.

    1. 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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