According to our latest market study on “NFC POS Terminal Market Forecast to 2027 – COVID-19 Impact and Global Analysis – by Product Type (Mobile and Fixed) and Application (Entertainment, Healthcare, Hospitality, Retail, and Others),” the market was valued at US$ 3,390.47 million in 2019 and is projected to reach US$ 11,503.09 million by 2027; it is expected to grow at a CAGR of 16.8% from 2020 to 2027. The report highlights key factors driving the market growth and prominent players with their developments in the market.

The global market for NFC POS terminal is segmented into five major regions—North America, Europe, APAC, MEA, and SAM. In 2019, North America led the global NFC POS terminal market with more than 30% revenue share, followed by APAC and Europe. The rising use of NFC-enabled smartphones is accelerating the use of NFC POS terminals for payments in industries such as retail and healthcare in the region. The rising number of department stores in the US and growing demand for advanced technologies with an objective to gather real-time information is also surging the market in North America. The rising security concerns due to cyberattacks and increasing government initiative are factors contributing to the growth of NFC POS terminal market in the region. As contactless payments are becoming ubiquitous in several European countries, such as Germany and Russia, most of the NFC POS terminals are likely to ship at a high rate in coming years.

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NFC is a wireless data transfer method that enables data to be exchanged in close proximity by smartphones, laptops, tablets, and other devices. Via mobile wallets such as Apple Pay, Android Pay, as well as contactless cards, NFC technology powers contactless payments. The rising number of the supermarket, specialty store, and hypermarket are raising demand for the NFC POS terminal across them. US, China, Germany, France, and Japan are five major countries contributing to the highest revenue share in the NFC POS terminal market. Some of the factors stimulating the market for NFC POS terminal include an increasing preference for NFC-compatible smartphones for payment among global population.

While in the mid-2000s, Near Field Communication or NFC was developed jointly by Philips and Sony, over the years, the technology has evolved for different use cases. With 3.4 billion active smartphones in the world today, mobile penetration is at an all-time high. There are 2 billion computers, mostly tablets that can be NFC-enabled. Increased penetration of NFC-based mobile handsets is one of the main factors contributing to the growth of the NFC POS terminal industry. The increasing use of NFC-enabled smartphones is likely to expand the use of NFC POS terminals for payments and digital exchange in the transportation, retail, and healthcare industries.

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Impact of COVID–19 Pandemic on NFC POS Terminal Market

It is becoming apparent with the COVID-19 pandemic spreading across the US that a few can escape its scope, presenting significant challenges to all industries. The closedown of all retail outlets by the government authorities coupled with the social distancing norms laid down by them is negatively 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% in 2020 due to the pandemic. This rising online sales of consumables are decreasing the dependency of the region’s population on brick and mortar stores, which is restraining the growth of the NFC POS terminal market.

Over the years, near-field communication (NFC) as emerged as one of the best-known technologies used in many mobile payment solutions. Smartphones are fitted with NFC chips these days; therefore, while making store transactions, mobile consumers can use their devices instead of cash and credit cards. The technology may also be used to provide end users with a better experience, in addition to removing the hassle of paying for in-store products. With the introduction of NFC POS solutions, store owners can smartly deliver product details to their shoppers by making the billing process across the store simpler and less time consuming. These digital accessories are typically attached to a store item with a “tap to pay” label that customers can use to directly pay for the purchased item without any hassle.

Based on product type, the NFC POS terminal market is segmented into mobile and fixed. Rising usage of payments through credit or debit card with NFC technology is the significant factor driving the global market. NFC is one of the emerging wireless technologies, which is widely used for payments. Paying for groceries and transit fares through NFC POS device signifies a new cutting-edge technology for payment in various technologically advanced countries, such as the US, Canada, and Japan. In mobile type of payment method, payment to a merchant is initiated from a NFC-enabled credit card reader, which is held close to the POS device.

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The Insight Partners is a one-stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Healthcare, Manufacturing and Construction, Media and Technology, Chemicals, and Materials.

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