Fixed Segment to Dominate North America NFC POS Terminal market during 2019–2027
According to The Insight Partners market research study on North America 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$ 3224.9 Mn by 2027 from US$ 1145.4 Mn in 2019. The market is estimated to grow at a CAGR of 14.1% from 2020 to 2027. The report provides trends prevailing in the North America NFC POS Terminal market along with the drivers and restraints pertaining to the market growth. Rising Adoption of NFC POS Solutions in Retail Sector are the major factor driving the growth of the North America NFC POS Terminal market. However, Concerns Associated with Installation Cost and Transaction Limit hinder the growth of North America NFC POS Terminal market.
The market for North America 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 North America NFC POS Terminal market. Based on application type market is segmented into entertainment, healthcare, hospitality, retail and others
North America has the highest adoption and growth rate of new technologies owing to favorable government policies to boost innovation and strengthen the infrastructural capabilities. Hence, any impact on industries is expected to affect the economic growth of the region in a negative manner. Presently, the US is the world’s worst affected country due to COVID-19 outbreak thereby influencing the high adoption of online shopping across the country. For instance, according to studies, Amazon recorded an increase in sales by 37% owing to the covid-19 pandemic. It is becoming apparent with the COVID-19 pandemic spreading across the United States that few can escape its scope, presenting significant challenges to all industries. The close down of all retail outlets by the government authorities coupled with the social distancing norms laid down by them is affecting the investments by retail outlets on any kind of technological advancements. For instance, the sales of online grocery segment across the United States, recorded an increase by 210.1% due to the pandemic. This rise in online sales of consumables is decreasing the dependency of the region’s population on brick and mortar stores. Thus, the above-mentioned factors are adversely affecting the NFC POS terminal market over the years.
Castles Technology, Equinox Payments, Clover Network, Heartland Payment Systems, VeriFone, Inc, Fiserv, Inc, NFC POS Terminal Company (MICC) Ltd., Thermocoax Group, Thermon, and Valin are among the leading companies in the North America 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, in 2020, Castles Technology Co., Ltd one of the leading POS provides announced and JR’s POS Depot announced an official distribution agreement. Under the agreement, the JR’s POS Depot, South Florida-based distributor will promote and resell Castles Technology Co., Ltd products to its customer base.
North America has the highest adoption and growth rate of new technologies owing to favorable government policies to boost innovation and strengthen the infrastructural capabilities. Hence, any impact on industries is expected to affect the economic growth of the region in a negative manner. Presently, the US is the world’s worst affected country due to COVID-19 outbreak, which is influencing the adoption of online shopping across the country. For instance, according to studies, Amazon recorded an increase in sales by 37% owing to the COVID-19 pandemic. It is becoming apparent with the COVID-19 pandemic spreading across the US that few can escape its scope, presenting significant challenges to all industries. The shutdown of all retail outlets by the government authorities, coupled with the social distancing norms laid down by them, is affecting the investments by retail outlets on any kind of technological advancements. For instance, the sales of online grocery segment across the US recorded an increase by 210.1% due to the pandemic. This rise in online sales of consumables is decreasing the dependency of the region’s population on brick-and-mortar stores. Thus, the above-mentioned factors are adversely affecting the NFC POS terminal market over the years.
The report segments the North America NFC POS Terminal market as follows:
North America NFC POS Terminal market – By Cable Type
- Fixed
- Mobile
North America NFC POS Terminal market – By Application Type
- Retail
- Hospitality
- Entertainment
- Healthcare
- Others
North America NFC POS Terminal market – By Country
- US
- Canada
- Mexico
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