Virtual Payment (POS) Market [2021-2031] - Size, Share, and Analysis
The virtual payment (POS) market size is expected to grow at a CAGR of 28.2% from 2023 to 2031. The virtual payment (POS) market includes growth prospects owing to the current virtual payment (POS) market trends and their foreseeable impact during the forecast period. The virtual payment (POS) market is growing due to factors such as the rising penetration of smartphones and the growing trend of a cashless economy. Technological integration and the rise of digital wallets provide lucrative opportunities for the virtual payment (POS) market growth.
Virtual Payment (POS) Market Analysis
A virtual point of sale (POS) is a software-based system that allows businesses to process transactions without using physical hardware such as cash registers or card readers. A virtual POS means businesses can enter payment details, such as debit or credit card information, into a web interface or application. Typically, virtual POS systems are accessible via a computer, tablet, or smartphone with an internet connection.
Virtual Payment (POS) Market Industry Overview
- The virtual payment (POS) market is a booming sector where consumers use their smartphones or other mobile devices to make payments. It's rapidly growing due to its convenience and accessibility.
- Various players, such as tech giants, banks, and startups, compete in this market to offer secure and user-friendly payment solutions.
- Consumer adoption of mobile payments has also been steadily increasing, fuelled by the proliferation of smartphones and a growing acceptance of digital transactions.
- With the rise of digital wallets and contactless payment methods, the industry continues to evolve, presenting opportunities for innovation and growth.
Virtual Payment (POS) Market Driver
Rising Penetration Of Smartphones To Drive The Virtual Payment (POS) Market
- The increasing popularity of smartphones is a major driving force behind the growth of the virtual payment (POS) market. As more people around the world own smartphones, they have access to convenient and versatile payment options right at their fingertips. Smartphones enable users to store payment information securely, making transactions quick and hassle-free.
- Moreover, the widespread availability of mobile internet connections allows consumers to make payments anytime and anywhere without the need for physical cash. This convenience appeals to and encourages the adoption of the virtual payment (POS) market.
- Businesses also benefit from the rise in smartphone usage, as they can offer mobile-friendly payment methods to attract customers and enhance their shopping experience. Additionally, the integration of mobile payments into various apps and platforms streamlines the checkout process, reducing abandoned carts and increasing sales.
Virtual Payment (POS) Market Report Segmentation Analysis
- Based on type, the virtual payment (POS) market is segmented into solution and services. The solution segment is expected to hold a substantial virtual payment (POS) market share in 2023.
Virtual Payment (POS) Market Share Analysis By Geography
The scope of the virtual payment (POS) market is primarily divided into five regions - North America, Europe, Asia Pacific, Middle East & Africa, and South America. North America is experiencing rapid growth and is anticipated to hold a significant virtual payment (POS) market share. With the widespread use of smartphones and advanced banking infrastructure, consumers are increasingly turning to virtual payment solutions for their transactions. Major players in North America, including tech companies, financial institutions, and retailers, are investing in and expanding their virtual payment offerings to meet the growing demand.
Virtual Payment (POS) Market Report Scope
The "Virtual Payment (POS) Market Analysis" was carried out based on component, vertical and geography. On the basis of component, the market is segmented into solution and services. Based on vertical, the market is segmented into retail, hospitality, consumer electronics, food & beverages, healthcare, entertainment, and others. Based on geography, the market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South America.
Virtual Payment (POS) Market News and Recent Developments
Companies adopt inorganic and organic strategies such as mergers and acquisitions in the virtual payment (POS) market. A few recent key market developments are listed below:
- In July 2022, Electronic Merchant Systems announced the acquisition of paysley, an omnichannel payment solution. Under this acquisition, Paysley combined the physical and virtual payment worlds to provide omnichannel capabilities to merchants of all sizes and allowed merchants to send secure, contactless, tap-to-pay requests to customers over text and email.
[Source: Electronic Merchant Systems, Press Release]
Virtual Payment (POS) Market Report Coverage & Deliverables
The virtual payment (POS) market forecast is estimated based on various secondary and primary research findings, such as key company publications, association data, and databases. The market report "Virtual Payment (POS) 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.
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
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- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
- Request discounts available for Start-Ups & Universities
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
- Request discounts available for Start-Ups & Universities
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
This text is related
to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
TABLE OF CONTENTS
1. INTRODUCTION
1.1. SCOPE OF THE STUDY
1.2. THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE
1.3. MARKET SEGMENTATION
1.3.1 Virtual Payment (POS) Market - By Component
1.3.2 Virtual Payment (POS) Market - By End-user
1.3.3 Virtual Payment (POS) Market - By Region
1.3.3.1 By Country
2. KEY TAKEAWAYS
3. RESEARCH METHODOLOGY
4. VIRTUAL PAYMENT (POS) MARKET LANDSCAPE
4.1. OVERVIEW
4.2. PEST ANALYSIS
4.2.1 North America - Pest Analysis
4.2.2 Europe - Pest Analysis
4.2.3 Asia-Pacific - Pest Analysis
4.2.4 Middle East and Africa - Pest Analysis
4.2.5 South and Central America - Pest Analysis
4.3. ECOSYSTEM ANALYSIS
4.4. EXPERT OPINIONS
5. VIRTUAL PAYMENT (POS) MARKET - KEY MARKET DYNAMICS
5.1. KEY MARKET DRIVERS
5.2. KEY MARKET RESTRAINTS
5.3. KEY MARKET OPPORTUNITIES
5.4. FUTURE TRENDS
5.5. IMPACT ANALYSIS OF DRIVERS, RESTRAINTS & EXPECTED INFLUENCE OF COVID-19 PANDEMIC
6. VIRTUAL PAYMENT (POS) MARKET - GLOBAL MARKET ANALYSIS
6.1. VIRTUAL PAYMENT (POS) - GLOBAL MARKET OVERVIEW
6.2. VIRTUAL PAYMENT (POS) - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING/MARKET SHARE
7. VIRTUAL PAYMENT (POS) MARKET - REVENUE AND FORECASTS TO 2028 - COMPONENT
7.1. OVERVIEW
7.2. COMPONENT MARKET FORECASTS AND ANALYSIS
7.3. SOLUTION
7.3.1. Overview
7.3.2. Solution Market Forecast and Analysis
7.4. SERVICES
7.4.1. Overview
7.4.2. Services Market Forecast and Analysis
8. VIRTUAL PAYMENT (POS) MARKET - REVENUE AND FORECASTS TO 2028 - END-USER
8.1. OVERVIEW
8.2. END-USER MARKET FORECASTS AND ANALYSIS
8.3. RETAIL
8.3.1. Overview
8.3.2. Retail Market Forecast and Analysis
8.4. HOSPITALITY
8.4.1. Overview
8.4.2. Hospitality Market Forecast and Analysis
8.5. MEDIA AND ENTERTAINMENT
8.5.1. Overview
8.5.2. Media and Entertainment Market Forecast and Analysis
8.6. HEALTHCARE
8.6.1. Overview
8.6.2. Healthcare Market Forecast and Analysis
8.7. OTHERS
8.7.1. Overview
8.7.2. Others Market Forecast and Analysis
9. VIRTUAL PAYMENT (POS) MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
9.1. NORTH AMERICA
9.1.1 North America Virtual Payment (POS) Market Overview
9.1.2 North America Virtual Payment (POS) Market Forecasts and Analysis
9.1.3 North America Virtual Payment (POS) Market Forecasts and Analysis - By Component
9.1.4 North America Virtual Payment (POS) Market Forecasts and Analysis - By End-user
9.1.5 North America Virtual Payment (POS) Market Forecasts and Analysis - By Countries
9.1.5.1 United States Virtual Payment (POS) Market
9.1.5.1.1 United States Virtual Payment (POS) Market by Component
9.1.5.1.2 United States Virtual Payment (POS) Market by End-user
9.1.5.2 Canada Virtual Payment (POS) Market
9.1.5.2.1 Canada Virtual Payment (POS) Market by Component
9.1.5.2.2 Canada Virtual Payment (POS) Market by End-user
9.1.5.3 Mexico Virtual Payment (POS) Market
9.1.5.3.1 Mexico Virtual Payment (POS) Market by Component
9.1.5.3.2 Mexico Virtual Payment (POS) Market by End-user
9.2. EUROPE
9.2.1 Europe Virtual Payment (POS) Market Overview
9.2.2 Europe Virtual Payment (POS) Market Forecasts and Analysis
9.2.3 Europe Virtual Payment (POS) Market Forecasts and Analysis - By Component
9.2.4 Europe Virtual Payment (POS) Market Forecasts and Analysis - By End-user
9.2.5 Europe Virtual Payment (POS) Market Forecasts and Analysis - By Countries
9.2.5.1 Germany Virtual Payment (POS) Market
9.2.5.1.1 Germany Virtual Payment (POS) Market by Component
9.2.5.1.2 Germany Virtual Payment (POS) Market by End-user
9.2.5.2 France Virtual Payment (POS) Market
9.2.5.2.1 France Virtual Payment (POS) Market by Component
9.2.5.2.2 France Virtual Payment (POS) Market by End-user
9.2.5.3 Italy Virtual Payment (POS) Market
9.2.5.3.1 Italy Virtual Payment (POS) Market by Component
9.2.5.3.2 Italy Virtual Payment (POS) Market by End-user
9.2.5.4 United Kingdom Virtual Payment (POS) Market
9.2.5.4.1 United Kingdom Virtual Payment (POS) Market by Component
9.2.5.4.2 United Kingdom Virtual Payment (POS) Market by End-user
9.2.5.5 Russia Virtual Payment (POS) Market
9.2.5.5.1 Russia Virtual Payment (POS) Market by Component
9.2.5.5.2 Russia Virtual Payment (POS) Market by End-user
9.2.5.6 Rest of Europe Virtual Payment (POS) Market
9.2.5.6.1 Rest of Europe Virtual Payment (POS) Market by Component
9.2.5.6.2 Rest of Europe Virtual Payment (POS) Market by End-user
9.3. ASIA-PACIFIC
9.3.1 Asia-Pacific Virtual Payment (POS) Market Overview
9.3.2 Asia-Pacific Virtual Payment (POS) Market Forecasts and Analysis
9.3.3 Asia-Pacific Virtual Payment (POS) Market Forecasts and Analysis - By Component
9.3.4 Asia-Pacific Virtual Payment (POS) Market Forecasts and Analysis - By End-user
9.3.5 Asia-Pacific Virtual Payment (POS) Market Forecasts and Analysis - By Countries
9.3.5.1 Australia Virtual Payment (POS) Market
9.3.5.1.1 Australia Virtual Payment (POS) Market by Component
9.3.5.1.2 Australia Virtual Payment (POS) Market by End-user
9.3.5.2 China Virtual Payment (POS) Market
9.3.5.2.1 China Virtual Payment (POS) Market by Component
9.3.5.2.2 China Virtual Payment (POS) Market by End-user
9.3.5.3 India Virtual Payment (POS) Market
9.3.5.3.1 India Virtual Payment (POS) Market by Component
9.3.5.3.2 India Virtual Payment (POS) Market by End-user
9.3.5.4 Japan Virtual Payment (POS) Market
9.3.5.4.1 Japan Virtual Payment (POS) Market by Component
9.3.5.4.2 Japan Virtual Payment (POS) Market by End-user
9.3.5.5 South Korea Virtual Payment (POS) Market
9.3.5.5.1 South Korea Virtual Payment (POS) Market by Component
9.3.5.5.2 South Korea Virtual Payment (POS) Market by End-user
9.3.5.6 Rest of Asia-Pacific Virtual Payment (POS) Market
9.3.5.6.1 Rest of Asia-Pacific Virtual Payment (POS) Market by Component
9.3.5.6.2 Rest of Asia-Pacific Virtual Payment (POS) Market by End-user
9.4. MIDDLE EAST AND AFRICA
9.4.1 Middle East and Africa Virtual Payment (POS) Market Overview
9.4.2 Middle East and Africa Virtual Payment (POS) Market Forecasts and Analysis
9.4.3 Middle East and Africa Virtual Payment (POS) Market Forecasts and Analysis - By Component
9.4.4 Middle East and Africa Virtual Payment (POS) Market Forecasts and Analysis - By End-user
9.4.5 Middle East and Africa Virtual Payment (POS) Market Forecasts and Analysis - By Countries
9.4.5.1 South Africa Virtual Payment (POS) Market
9.4.5.1.1 South Africa Virtual Payment (POS) Market by Component
9.4.5.1.2 South Africa Virtual Payment (POS) Market by End-user
9.4.5.2 Saudi Arabia Virtual Payment (POS) Market
9.4.5.2.1 Saudi Arabia Virtual Payment (POS) Market by Component
9.4.5.2.2 Saudi Arabia Virtual Payment (POS) Market by End-user
9.4.5.3 U.A.E Virtual Payment (POS) Market
9.4.5.3.1 U.A.E Virtual Payment (POS) Market by Component
9.4.5.3.2 U.A.E Virtual Payment (POS) Market by End-user
9.4.5.4 Rest of Middle East and Africa Virtual Payment (POS) Market
9.4.5.4.1 Rest of Middle East and Africa Virtual Payment (POS) Market by Component
9.4.5.4.2 Rest of Middle East and Africa Virtual Payment (POS) Market by End-user
9.5. SOUTH AND CENTRAL AMERICA
9.5.1 South and Central America Virtual Payment (POS) Market Overview
9.5.2 South and Central America Virtual Payment (POS) Market Forecasts and Analysis
9.5.3 South and Central America Virtual Payment (POS) Market Forecasts and Analysis - By Component
9.5.4 South and Central America Virtual Payment (POS) Market Forecasts and Analysis - By End-user
9.5.5 South and Central America Virtual Payment (POS) Market Forecasts and Analysis - By Countries
9.5.5.1 Brazil Virtual Payment (POS) Market
9.5.5.1.1 Brazil Virtual Payment (POS) Market by Component
9.5.5.1.2 Brazil Virtual Payment (POS) Market by End-user
9.5.5.2 Argentina Virtual Payment (POS) Market
9.5.5.2.1 Argentina Virtual Payment (POS) Market by Component
9.5.5.2.2 Argentina Virtual Payment (POS) Market by End-user
9.5.5.3 Rest of South and Central America Virtual Payment (POS) Market
9.5.5.3.1 Rest of South and Central America Virtual Payment (POS) Market by Component
9.5.5.3.2 Rest of South and Central America Virtual Payment (POS) Market by End-user
10. INDUSTRY LANDSCAPE
10.1. MERGERS AND ACQUISITIONS
10.2. AGREEMENTS, COLLABORATIONS AND JOIN VENTURES
10.3. NEW PRODUCT LAUNCHES
10.4. EXPANSIONS AND OTHER STRATEGIC DEVELOPMENTS
11. VIRTUAL PAYMENT (POS) MARKET, KEY COMPANY PROFILES
11.1. CISCO SYSTEMS, INC.
11.1.1. Key Facts
11.1.2. Business Description
11.1.3. Products and Services
11.1.4. Financial Overview
11.1.5. SWOT Analysis
11.1.6. Key Developments
11.2. FUJIAN NEWLAND PAYMENT TECHNOLOGY CO., LTD.
11.2.1. Key Facts
11.2.2. Business Description
11.2.3. Products and Services
11.2.4. Financial Overview
11.2.5. SWOT Analysis
11.2.6. Key Developments
11.3. INGENICO GROUP
11.3.1. Key Facts
11.3.2. Business Description
11.3.3. Products and Services
11.3.4. Financial Overview
11.3.5. SWOT Analysis
11.3.6. Key Developments
11.4. NCR CORPORATION
11.4.1. Key Facts
11.4.2. Business Description
11.4.3. Products and Services
11.4.4. Financial Overview
11.4.5. SWOT Analysis
11.4.6. Key Developments
11.5. NEC CORPORATION
11.5.1. Key Facts
11.5.2. Business Description
11.5.3. Products and Services
11.5.4. Financial Overview
11.5.5. SWOT Analysis
11.5.6. Key Developments
11.6. PANASONIC CORPORATION
11.6.1. Key Facts
11.6.2. Business Description
11.6.3. Products and Services
11.6.4. Financial Overview
11.6.5. SWOT Analysis
11.6.6. Key Developments
11.7. PAX TECHNOLOGY
11.7.1. Key Facts
11.7.2. Business Description
11.7.3. Products and Services
11.7.4. Financial Overview
11.7.5. SWOT Analysis
11.7.6. Key Developments
11.8. SHENZHEN XINGUODU TECHNOLOGY COMPANY LTD.
11.8.1. Key Facts
11.8.2. Business Description
11.8.3. Products and Services
11.8.4. Financial Overview
11.8.5. SWOT Analysis
11.8.6. Key Developments
11.9. SQUIRREL SYSTEMS
11.9.1. Key Facts
11.9.2. Business Description
11.9.3. Products and Services
11.9.4. Financial Overview
11.9.5. SWOT Analysis
11.9.6. Key Developments
11.10. VERIFONE SYSTEMS INC.
11.10.1. Key Facts
11.10.2. Business Description
11.10.3. Products and Services
11.10.4. Financial Overview
11.10.5. SWOT Analysis
11.10.6. Key Developments
12. APPENDIX
12.1. ABOUT THE INSIGHT PARTNERS
12.2. GLOSSARY OF TERMS
The List of Companies
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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