North America NFC POS Terminal Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Product Type and Application

North America NFC POS Terminal Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Product Type and Application

  • April 2021 •
  • 72 pages •
  • Report ID: 6065018 •
  • Format: PDF
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.

Based on product type, the fixed segment led the NFC POS terminal market in 2019.Fixed type is the traditional POS system deployed on counters or reception areas.

It is complex in nature and it requires continuous power supply.Moreover, the maintenance cost is high.

Fixed type allows the companies to have the benefits of robust management solutions such as strong inventory management and business functionality, a cash drawer, and the capability to handle the loyalty programs and gift cards.In the past, fixed type has been the most recognized and accepted way to process cash payments, checks, and debit/credit cards.

Fixed type is still a preferred product within brick-and-mortar stores, and it is a wide-ranging business management solution for merchants desiring a product with strong features. This, in turn, is ultimately driving the NFC POS terminal market.

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 overall North America NFC POS terminal market size has been derived using both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.

The process also serves the purpose of obtaining overview and forecast for the North America NFC POS terminal market with respect to all the segments pertaining to the region.Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic.

The participants who typically take part in such a process include industry experts, such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants, such as valuation experts, research analysts, and key opinion leaders specializing in the North America NFC POS terminal market. 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.
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