NFC POS Terminal Market Trends and Growth by 2031

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

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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

NFC POS Terminal Market Regional Insights

The regional trends and factors influencing the NFC POS Terminal Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses NFC POS Terminal Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

NFC POS Terminal Market Market Report Scope

Market Players Density: Understanding Its Impact on Business Dynamics

The NFC POS Terminal Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.

Major Companies operating in the NFC POS Terminal Market are:

1. Castles Technology Co., Ltd
2. Equinox Payments LLC
3. Clover Network, Inc.
4. Heartland Payroll Solutions, Inc.
5. VeriFone, Inc.
6. Fiserv, Inc.

Disclaimer: The companies listed above are not ranked in any particular order.

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.