The "North America NFC POS Terminal Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Product Type and Application" report has been added to ResearchAndMarkets.com's offering.
The NFC POS terminal market in North America is expected to grow from US$ 1,145.4 million in 2019 to US$ 3,224.9 million by 2027; it is estimated to grow at a CAGR of 14.1% from 2020 to 2027.
Increase in preference for NFC-compatible smartphones for payment among global population is bolstering the growth of the market. While Near Field Communication or NFC, was jointly developed by Philips and Sony in the mid-2000s, the technology has evolved for various uses over the years. Smartphone penetration is at an all-time high, with 3.4 billion active smartphones in the world today. There are 2 billion devices that can be NFC-enabled, mostly tablets.
One of the key factors contributing to the North America NFC POS terminal market growth is increase in the penetration of NFC-based mobile handsets. Increasing use of NFC-enabled smartphones is likely to improve the use of NFC POS terminals in the transportation, retail, and healthcare industries for payments and digital exchange. Use of NFC payment infrastructure and popularity of NFC as a preferred payment mode for customers are fueling the growth of the market.
The NFC POS terminal market is seeing a rise in penetration of NFC POS terminals for ticketing transactions in the transportation field. Customer tendency to use NFC-enabled smart cards in automated fare collections is likely to fuel the growth of the North America NFC POS terminal market. In order to achieve short-range communication between electronic devices, the NFC technology offers high compatibility among platforms for easier and simpler transaction processes.
NFC technology offers a high degree of customer satisfaction and experience compared to its alternatives, as it is swift, which is influencing the demand for NFC POS systems. Value-added POS terminal services - such as loyalty cards and discounts - would ensure a smooth experience for consumers, thereby driving the NFC POS terminal market. The availability and integration of NFC technology into smartphones and POS terminals would help to achieve access control and ticketing benefits.
The best ticketing fare can be determined by modernized POS terminals based on travel duration, discounts, and previous journeys, resulting in many advantages for consumers and transport authorities, which is further driving the demand for NFC POS terminal. The increment in adoption of NFC POS solutions in the retail sector is among the other factors expected to positively influence their demand.
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.
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 key players operating in the North America NFC POS terminal market.
Key Topics Covered:
1.1 Study Scope
1.2 Research Report Guidance
1.3 Market Segmentation
2. Key Takeaways
3. Research Methodology
4. North America NFC POS Terminal Market Landscape
4.1 Market Overview
4.2 PEST Analysis
4.3 Ecosystem Analysis
4.4 Expert Opinion
5. North America NFC POS Terminal Market - Key Market Dynamics
5.1 Market Drivers
5.1.1 Rising Adoption of NFC POS Solutions in Retail Sector
5.1.2 Increasing Preference for NFC-Compatible Smartphones for Payment Among Population
5.2 Market Restraints
5.2.1 Concerns Associated with Installation Cost and Transaction Limit
5.3 Market Opportunities
5.3.1 Growth in Adoption of Contactless Payment
5.4 Future Trends
5.4.1 Surge in Mobile Payments Worldwide
5.5 Impact Analysis of Drivers and Restraints
6. NFC POS Terminal market -North America Analysis
6.1 North America NFC POS Terminal market Overview
6.2 North America NFC POS Terminal market - Revenue and Forecast to 2027 (US$ Million)
6.3 North America Market Positioning - Five Key Players
7. North America NFC POS Terminal Market Analysis - By Product Type
7.2 North America NFC POS Terminal market Breakdown, by Product Type, 2019 & 2027
8. North America NFC POS Terminal Market Analysis - By Application
8.2 North America NFC POS Terminal Market, by Application (2019 and 2027)
9. NFC POS Terminal Market - Country Analysis
9.1.1 North America: NFC POS Terminal Market - Revenue and Forecast to 2027 (US$ Million)
9.1.2 North America: NFC POS Terminal Market, by Product Type
9.1.3 North America: NFC POS Terminal Market, by Application
9.1.4 North America: NFC POS Terminal Market, by Key Country
10. Impact of COVID-19 Pandemic on North America NFC POS Terminal Market
10.1 North America: Impact Assessment of COVID-19 Pandemic
11. Industry Landscape
11.2 Market Initiative
11.3 Merger and Acquisition
12. Company Profiles
Heartland Payment Systems
PAX Global Technology
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