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Global NFC POS Terminal Market Report 2021-2027: COVID-19 Impact Analysis by Product Type and Application, and GeographyDUBLIN, April 19, 2021 /PRNewswire/ -- The "NFC POS Terminal Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Product Type and Application, and Geography" report has been added to ResearchAndMarkets.com's offering. Growing Adoption of Contactless Payments to Support Market Growth during 2020-2027 The report highlights key factors driving the market growth and prominent players with their developments in the market. 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. Advantages such as secure, fast, and swift transactions via NFC POS terminals have led consumers in Europe to opt for electronic payments; thus, the popularity of NFC in various countries is surging to meet the growing consumer needs. As per Verifone study, ~27 million payment cards and ~6 million mobile phones are enabled for NFC in Germany, which is propelling the demand for NFC POS devices. The growth in investment in the retail to adopt advanced solutions for better management of the outlets is likely to influence the growth of the market in span >Europe. APAC is likely to account for the highest CAGR during the forecast period. The rising adoption of advanced technologies in retail, entertainment, and healthcare industries in countries such as China, India, Japan, South Korea, and Australia drives the adoption rate of NFC POS. Companies are highly investing in mPOS to streamline their payment operations. The presence of fast-growing economics, mounting technology adoption, increasing penetration of NFC-enabled phones are among the prime factors expected to drive the growth of the NFC POS market. Other developing regions, such as MEA and SAM, are also projected to grow at a rapid pace due to increasing government initiatives to digitalize the economy with advanced technologies. 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.
For more information about this report visit https://www.researchandmarkets.com/r/hwqakh Media Contact: Research and Markets View original content:http://www.prnewswire.com/news-releases/global-nfc-pos-terminal-market-report-2021-2027-covid-19-impact-analysis-by-product-type-and-application-and-geography-301271408.html SOURCE Research and Markets |