Fixed Segment to Dominate MEA NFC POS Terminal market during 2019–2027
According to The Insight Partners market research study on “Middle East & Africa NFC POS Terminal Market Forecast to 2027 – COVID-19 Impact and Regional Analysis by Product Type (Mobile and Fixed); Application (Entertainment, Healthcare, Hospitality, Retail, and Others), and Country” is expected to reach US$ 980.1 Mn by 2027 from US$ 261.4 Mn in 2019. The market is estimated to grow at a CAGR of 18.3% from 2020 to 2027. The report provides trends prevailing in the MEA NFC POS Terminal market along with the drivers and restraints pertaining to the market growth. Boom in Adoption of NFC POS Solutions in Retail Sector are the major factor driving the growth of the MEA NFC POS Terminal market. However, Concern Associated with Installation Cost and Transaction Limit hinder the growth of MEA NFC POS Terminal market.
The market for MEA NFC POS Terminal market is segmented into product type, application and country. Based on product type, the market is segmented into mobile and fixed. In 2019, the Fixed segment held the largest share MEA NFC POS Terminal market. Based on application type market is segmented into entertainment, healthcare, hospitality, retail and others.
The other major countries facing the economic consequences of COVID-19 in the Middle East and African region are Saudi Arabia, the UAE, Egypt, Morocco, and Kuwait. With the COVID-19 pandemic spreading through the countries mentioned above, it is becoming clear that few can escape its impact, presenting major challenges for all sectors. According to studies, the GCC countries have experienced a hike of 500% of online sales due to covid-19. During the coronavirus pandemic, the e-commerce market emerged as one of the resilient industries in the region. People have been avoiding public locations, including supermarkets, since the onset of the health crisis, and making their purchases online instead. This shift in online sales is thus expected to negatively affect the NFC POS terminal market in the region over the forecast period.
Castles Technology, VeriFone, Inc, Fiserv, Inc, Ingenico Group, NEC Corporation are among the leading companies in the MEA NFC POS Terminal market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, Castles Technology Co., Ltd one of the leading POS provides announced it has acquired Spire Payments, one of the leading European EFTPOS terminal solutions provider.
Saudi Arabia, the UAE, Egypt, Morocco, and Kuwait are among the major countries in the Middle East and African region facing the economic consequences of COVID-19 outbreak. With the COVID-19 pandemic spreading through the countries mentioned above, it is becoming clear that few can escape its impact, presenting major challenges for all sectors. According to studies, the GCC countries have experienced a hike of 500% of online sales due to COVID-19. During the COVID-19 pandemic, the e-commerce market emerged as one of the resilient industries in the region. People have been avoiding public locations, including supermarkets, since the onset of the health crisis, and making their purchases online instead. This shift in online sales is, thus, expected to negatively affect the NFC POS terminal market in the region over the forecast period.
The report segments the MEA NFC POS Terminal market as follows:
MEA NFC POS Terminal market – By Cable Type
- Fixed
- Mobile
MEA NFC POS Terminal market – By Application Type
- Retail
- Hospitality
- Entertainment
- Healthcare
- Others
MEA NFC POS Terminal market – By Country
- UAE
- Saudi Arabia
- South Africa
- Rest of MEA
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