NFC POS Terminal market growing at 16.8 % CAGR to 2027Posted by kartik joshi on October 3rd, 2022  NFC (near-field communication) POS (point of sale) terminal market was valued at US$ 3,390.47 million in 2019 and is forecasted to hit US$ 11,503.09 million by 2027 to rise at an annual growth rate of 16.8% from 2020 to 2027. The rising adoption of NFC POS solutions in the retail sector and increasing preference for NFC-compatible smartphones for payment are the critical factors bolstering the market expansion. Near-field communication (NFC) has emerged as one of the best-known technologies to be used in mobile payment options. These days, smartphones come embedded with NFC chips to enable transactions instead of using cash or credit cards. The technology provides a better experience to end users by eliminating the hassle of cash payment for in-store products. The NFC POS solutions allow store owners to showcase product details by making the billing process simpler and less time-consuming. Digital accessories are attached to the store items with a ‘tap to pay’ label that customers can use to pay directly while shopping. Retail owners and business partners use NFC to exchange documents, deals, plans, media files, etc. Sample Report Copy from Here https://www.theinsightpartners.com/sample/TIPTE100001222/ After Philips and Sony jointly developed NFC technology in the mid-2000s, it has evolved to serve many purposes and applications over the years. Also, the smartphone penetration is at an all-time high, with almost 3.4 billion active phones in the world today, with over 2 billion NFC-enabled devices. The rising use of NFC-enabled smartphones increases the utility of NFC POS terminals for payment and digital transactions in transportation, retail, and healthcare sector. NFC-enabled smart cards are used for automated fare collection. Thus, the integration of NFC technology in smartphones and POS terminals fosters the global NFC POS terminal market. Despite the driving elements, the concerns associated with the installation cost and transaction limit hurdle the growth of global NFC POS terminal market. Based on product type, the market is divided into mobile and fixed. The latter occupied 57.7% market share in 2019 with a revenue total of US$ 1,957.2 million. It is estimated to garner US$ 6,309.3 million by 2027 to expand at 16.1% CAGR during 2020–2027. Contact Us Phone: +1-646-491-9876 Email Id: sales@theinsightpartners.com Like it? Share it! More by this author |