Contactless PoS Terminals Market by End-user and Geography - Forecast and Analysis 2020-2024
- Published: Jul 2021
- Pages: 120
- SKU: IRTNTR44253
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The contactless PoS terminals market share is expected to increase by USD 5.55 billion from 2019 to 2024, and the market's growth momentum will accelerate at a CAGR of 15.56%.
This contactless PoS terminals market research report extensively covers contactless PoS terminals market segmentation by end-user (retail and hospitality) and geography (APAC, North America, Europe, South America, and MEA). The contactless PoS terminals market report also offers information on several market vendors, including Bluebird Inc., Fiserv Inc., Honeywell International Inc., Ingenico Group SA, NCR Corp., Newland Payment Technology, PAX Global Technology Ltd., Spire Payments Ltd., SZZT Electronics Shenzhen Co. Ltd., and VeriFone Inc. among others.
What will the Contactless PoS Terminals Market Size be During the Forecast Period?
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Contactless PoS Terminals Market: Key Drivers, Trends, and Challenges
Based on our research output, there has been a neutral impact on the market growth during and post COVID-19 era. The ease of transaction for users and merchants is notably driving the contactless PoS terminals market growth, although factors such as the regulations on contactless payment transactions may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the contactless PoS terminals industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Contactless PoS Terminals Market Driver
The value proposition created by the introduction of the contactless PoS terminals is advantageous for both users and merchants because of their reduced transaction time. The use of contactless PoS terminals increases operational efficiency for retailers and merchants.Contactless PoS terminals have enhanced user experience as NFC-based devices are easy to use, faster, and have higher security prospects compared with the traditional PoS systems. Since the contactless PoS terminals are based on NFC technology, they play a significant role in the reduction of thefts as the risk of skimming (the practice of fraudulently procuring card data using the card's magnetic strip with a handheld electronic device) is reduced. As a result, the demand for these contactless terminals has increased as they provide value offerings to both the user and the merchant in the purchasing cycle, especially in an established retail unit such as Walmart. This demand is expected to increase through the retail and hospitality sectors during the forecasted period.
Key Contactless PoS Terminals Market Trend
Another significant trend that is expected to gain prominence is the increasing penetration of cloud-based services in PoS terminals. Cloud-based PoS software is gaining prominence in the market. The cloud-based system itself can be directly accessed from the Web and is usually compatible with most PoS hardware, including printers and cash register drawers. In addition, cloud-based PoS systems offer convenience and cost significantly less. The prominent advantage of a cloud-based PoS system is that the software upgrade can be done through central servers directly, unlike traditional PoS systems wherein vendors need to upgrade every terminal separately. Furthermore, cloud-based PoS terminals are more secure as they save data on a cloud compared with traditional PoS that use local servers. The penetration of the cloud-based PoS system is expected to increase primarily through the retail and hospitality industry during the forecast period.
Key Contactless PoS Terminals Market Challenge
In the contactless payment transaction, most of the geographical regions have regulated a fixed amount per transaction. This cap on single payments allows users to make only small transactions through NFC-based devices such as smartphones. This has limited the adoption of contactless PoS terminals. The transaction limit also varies depending on government clearances from respective central banks. These limits have been placed to eliminate the incidents of fraud as these NFC-based payment devices are prone to unauthorized access if the PoS terminals are placed in close proximity. Therefore, these regulations make end-users reluctant to use NFC-based devices for bigger purchases, decreasing the adoption of contactless PoS terminals.
This contactless PoS terminals market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2020-2024.
Parent Market Analysis
The growth in the global electronic equipment and instruments market will be driven by factors such as increasing demand for electronic test and measurement equipment, growing demand for metrology equipment and services, and growing demand for PoS terminals. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the contactless PoS terminals market during the forecast period.
Who are the Major Contactless PoS Terminals Market Vendors?
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
- Bluebird Inc.
- Fiserv Inc.
- Honeywell International Inc.
- Ingenico Group SA
- NCR Corp.
- Newland Payment Technology
- PAX Global Technology Ltd.
- Spire Payments Ltd.
- SZZT Electronics Shenzhen Co. Ltd.
- VeriFone Inc.
This statistical study of the contactless PoS terminals market encompasses successful business strategies deployed by the key vendors. The contactless PoS terminals market is fragmented and the vendors are deploying various organic and inorganic growth strategies to compete in the market.
Product Insights and News
- Bluebird Inc - The company offers a mobile payment terminal, MT280 which is protected by top-of-the-line Stonewall Security that uses end-to-end encryption and is PCI PTS 4.x approved and EMV level 1 and 2 certified-ensuring that card data is always protected.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The contactless PoS terminals market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Contactless PoS Terminals Market Value Chain Analysis
Our report provides extensive information on the value chain analysis for the contactless PoS terminals market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chains is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
The value chain of the electronic equipment and instruments market includes the following core components:
- Inbound logistics
- Outbound logistics
- Marketing and sales
- After-sales service
- Support activities
The report has further elucidated on other innovative approaches being followed by manufacturers to ensure a sustainable market presence.
Which are the Key Regions for Contactless PoS Terminals Market?
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47% of the market's growth will originate from APAC during the forecast period. China, India, and Japan are the key markets for contactless PoS terminals in APAC. Market growth in APAC will be faster than the growth of the market in other regions.
The increased adoption of contactless payment methods will facilitate the contactless PoS terminals market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
The outbreak of COVID-19 is expected to affect the overall economy of the region, as well as the supply chain and construction activities in the industrial, residential, and commercial sectors. Many countries have announced a nationwide lockdown to prevent community transmission of the disease in the region. This has resulted in the temporary closure of travel and tourism, construction, hotels, restaurants, shopping malls, and other sectors. The temporary closure of such sectors has led to a decline in cashless transactions, which has limited the use of contactless PoS by end-users. This will hamper the growth potential of the market in the region during the forecast period.
What are the Revenue-generating End-user Segments in the Contactless PoS Terminals Market?
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The contactless PoS terminals market share growth by the retail segment will be significant during the forecast period. The retail industry segment includes hypermarkets, supermarkets, drug stores, gas stations, specialty stores, and mass merchandise stores. Retailers are enjoying benefits such as faster transaction time, an increase in operational efficiency, reduction in operating costs, and an increase in revenue with the use of contactless PoS terminals. On the other hand, for consumers also this payment method is convenient due to its hands-free payment model, increased security, and the ability to pay for multiple services using one device. The incremental demand for organized retailing has been fueling the growth of the global PoS terminals market.
This report provides an accurate prediction of the contribution of all the segments to the growth of the contactless PoS terminals market size and actionable market insights on post COVID-19 impact on each segment.
Contactless PoS Terminals Market Scope
Growth momentum & CAGR
Accelerate at a CAGR of 15.56%
Market growth 2020-2024
$ 5.55 billion
YoY growth (%)
APAC, North America, Europe, South America, and MEA
Performing market contribution
APAC at 47%
Key consumer countries
China, US, India, Japan, and Germany
Leading companies, Competitive strategies, Consumer engagement scope
Key companies profiled
|BIXOLON Co. Ltd., Bluebird Inc., Brookfield Equinox LLC, Citizen Systems Europe GmbH, CPI Card Group Inc., Fiserv Inc., HNA Technology Investments Holdings Ltd., Honeywell, International Inc., Identiv Inc., Infineon Technologies AG, Ingenico Group SA, NCR Corp., Newland Payment Technology, On Track Innovations Ltd., PAX Global Technology Ltd., Spire Payments Ltd., SZZT Electronics Shenzhen Co. Ltd., Valitor, VeriFone Inc., and Wirecard AG|
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.
What are the Key Data Covered in this Contactless PoS Terminals Market Report?
- CAGR of the market during the forecast period 2020-2024
- Detailed information on factors that will drive contactless PoS terminals market growth during the next five years
- Precise estimation of the contactless PoS terminals market size and its contribution to the parent market
- Accurate predictions on upcoming trends and changes in consumer behavior
- The growth of the contactless PoS terminals industry across APAC, North America, Europe, South America, and MEA
- A thorough analysis of the market's competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of contactless PoS terminals market vendors
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1. Executive Summary
2. Market Landscape
2.1 Market ecosystem
Exhibit 01: Parent market
2.2 Market characteristics
Exhibit 02: Market characteristics
2.3 Value chain analysis
Exhibit 03: Value chain analysis: Electronic equipment and instruments market
2.3.2 Inbound logistics
2.3.4 Outbound logistics
2.3.5 Marketing and sales
2.3.6 After-sales service
3. Market Sizing
3.1 Market definition
Exhibit 04: Offerings of vendors included in the market definition
3.2 Market segment analysis
Exhibit 05: Market segments
3.3 Market size 2019
3.4 Market outlook: Forecast for 2019 - 2024
Exhibit 06: Global - Market size and forecast 2019 - 2024 ($ million)
Exhibit 07: Global - Market size and forecast 2019-2024 ($ million) exclusive of COVID-19 effect
Exhibit 08: Global market: Year-over-year growth 2019 - 2024 (%)
4. Five Forces Analysis
4.1 Five Forces Summary
Exhibit 09: Five forces analysis 2019 & 2024
4.2 Bargaining power of buyers
Exhibit 10: Bargaining power of buyers
4.3 Bargaining power of suppliers
Exhibit 11: Bargaining power of suppliers
4.4 Threat of new entrants
Exhibit 12: Threat of new entrants
4.5 Threat of substitutes
Exhibit 13: Threat of substitutes
4.6 Threat of rivalry
Exhibit 14: Threat of rivalry
4.7 Market condition
Exhibit 15: Market condition - Five forces 2019
5. Market Segmentation by End-user
5.1 Market segments
The segments covered in this chapter are:
Exhibit 16: End-user - Market share 2019-2024 (%)
5.2 Comparison by End-user
Exhibit 17: Comparison by End-user
5.3 Retail - Market size and forecast 2019-2024
Exhibit 18: Retail - Market size and forecast 2019-2024 ($ million)
Exhibit 19: Retail - Market size and forecast 2019-2024 ($ million) exclusive of COVID-19 effect
Exhibit 20: Retail - Year-over-year growth 2019-2024 (%)
5.4 Hospitality - Market size and forecast 2019-2024
Exhibit 21: Hospitality - Market size and forecast 2019-2024 ($ million)
Exhibit 22: Hospitality - Market size and forecast 2019-2024 ($ million) exclusive of COVID-19 effect
Exhibit 23: Hospitality - Year-over-year growth 2019-2024 (%)
5.5 Market opportunity by End-user
Exhibit 24: Market opportunity by End-user
6. Customer landscape
Technavio’s customer landscape matrix comparing Drivers or price sensitivity, Adoption lifecycle, importance in customer price basket, Adoption rate and Key purchase criteria
Exhibit 25: Customer landscape
7. Geographic Landscape
7.1 Geographic segmentation
The regions covered in the report are:
- North America
- South America
Exhibit 26: Market share by geography 2019-2024 (%)
7.2 Geographic comparison
Exhibit 27: Geographic comparison
7.3 APAC - Market size and forecast 2019-2024
Exhibit 28: APAC - Market size and forecast 2019-2024 ($ million)
Exhibit 29: APAC - Market size and forecast 2019-2024 ($ million) exclusive of COVID-19 effect
Exhibit 30: APAC - Year-over-year growth 2019-2024 (%)
7.4 North America - Market size and forecast 2019-2024
Exhibit 31: North America - Market size and forecast 2019-2024 ($ million)
Exhibit 32: North America - Market size and forecast 2019-2024 ($ million) exclusive of COVID-19 effect
Exhibit 33: North America - Year-over-year growth 2019-2024 (%)
7.5 Europe - Market size and forecast 2019-2024
Exhibit 34: Europe - Market size and forecast 2019-2024 ($ million)
Exhibit 35: Europe - Market size and forecast 2019-2024 ($ million) exclusive of COVID-19 effect
7.6 South America - Market size and forecast 2019-2024
Exhibit 37: South America - Market size and forecast 2019-2024 ($ million)
Exhibit 38: South America - Market size and forecast 2019-2024 ($ million) exclusive of COVID-19 effect
Exhibit 39: South America - Year-over-year growth 2019-2024 (%)
7.7 MEA - Market size and forecast 2019-2024
Exhibit 40: MEA - Market size and forecast 2019-2024 ($ million)
Exhibit 41: MEA - Market size and forecast 2019-2024 ($ million) exclusive of COVID-19 effect
Exhibit 42: MEA - Year-over-year growth 2019-2024 (%)
7.8 Key leading countries
Exhibit 43: Key leading countries
7.9 Market opportunity by geography
Exhibit 44: Market opportunity by geography ($ million)
8. Drivers, Challenges, and Trends
8.1 Market drivers – Demand led growth
8.1.1 Ease of transaction for users and merchants
8.1.2 Rising penetration of NFC-based contactless payment at PoS
8.1.3 Increasing adoption of contactless payment software applications
8.2 Market challenges
8.2.1 Regulations on contactless payment transactions
8.2.2 Lack of awareness about the benefits of contactless PoS terminals
8.2.3 Rising threat from substitute payment systems
Exhibit 45: Impact of drivers and challenges
8.3 Market trends
8.3.1 Increasing adoption of cloud-based PoS terminals
8.3.2 Emergence of MST technology
8.3.3 Introduction of IoT and NFC-based contactless payment wearable devices
9. Vendor Landscape
9.1 Vendor landscape
Exhibit 46: Vendor landscape
9.2 Landscape disruption
Exhibit 47: Landscape disruption
Exhibit 48: Industry risks
10. Vendor Analysis
10.1 Vendors covered
Exhibit 49: Vendors covered
10.2 Market positioning of vendors
Exhibit 50: Market positioning of vendors
10.3 Bluebird Inc.
Exhibit 51: Bluebird Inc. - Overview
Exhibit 52: Bluebird Inc. - Product and service
Exhibit 53: Bluebird Inc. – Key news
Exhibit 54: Bluebird Inc. - Key offerings
10.4 Fiserv Inc.
Exhibit 55: Fiserv Inc. - Overview
Exhibit 56: Fiserv Inc. - Business segments
Exhibit 57: Fiserv Inc. – Key news
Exhibit 58: Fiserv Inc. - Key offerings
Exhibit 59: Fiserv Inc. - Segment focus
10.5 Honeywell International Inc.
Exhibit 60: Honeywell International Inc. - Overview
Exhibit 61: Honeywell International Inc. - Business segments
Exhibit 62: Honeywell International Inc. – Key news
Exhibit 63: Honeywell International Inc. - Key offerings
Exhibit 64: Honeywell International Inc. - Segment focus
10.6 Ingenico Group SA
Exhibit 65: Ingenico Group SA - Overview
Exhibit 66: Ingenico Group SA - Business segments
Exhibit 67: Ingenico Group SA – Key news
Exhibit 68: Ingenico Group SA - Key offerings
Exhibit 69: Ingenico Group SA - Segment focus
10.7 NCR Corp.
Exhibit 70: NCR Corp. - Overview
Exhibit 71: NCR Corp. - Business segments
Exhibit 72: NCR Corp. – Key news
Exhibit 73: NCR Corp. - Key offerings
Exhibit 74: NCR Corp. - Segment focus
10.8 Newland Payment Technology
Exhibit 75: Newland Payment Technology - Overview
Exhibit 76: Newland Payment Technology - Product and service
Exhibit 77: Newland Payment Technology - Key offerings
10.9 PAX Global Technology Ltd.
Exhibit 78: PAX Global Technology Ltd. - Overview
Exhibit 79: PAX Global Technology Ltd. - Business segments
Exhibit 80: PAX Global Technology Ltd. – Key news
Exhibit 81: PAX Global Technology Ltd. - Key offerings
Exhibit 82: PAX Global Technology Ltd. - Segment focus
10.10 Spire Payments Ltd.
Exhibit 83: Spire Payments Ltd. - Overview
Exhibit 84: Spire Payments Ltd. - Product and service
Exhibit 85: Spire Payments Ltd. - Key offerings
10.11 SZZT Electronics Shenzhen Co. Ltd.
Exhibit 86: SZZT Electronics Shenzhen Co. Ltd. - Overview
Exhibit 87: SZZT Electronics Shenzhen Co. Ltd. - Product and service
Exhibit 88: SZZT Electronics Shenzhen Co. Ltd. - Key offerings
10.12 VeriFone Inc.
Exhibit 89: VeriFone Inc. - Overview
Exhibit 90: VeriFone Inc. - Product and service
Exhibit 91: VeriFone Inc. - Key offerings
11.1 Scope of the report
11.1.1 Market definition
11.1.3 Notes and caveats
11.2 Currency conversion rates for US$
Exhibit 92: Currency conversion rates for US$
11.3 Research Methodology
Exhibit 93: Research Methodology
Exhibit 94: Validation techniques employed for market sizing
Exhibit 95: Information sources
11.4 List of abbreviations
Exhibit 96: List of abbreviations
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
- Market size and forecast
- Market segmentation
- Geographical insights
- Competitive landscape
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Frequently Asked Questions?
- Increasing adoption of contactless payment software applications
- Introduction of IoT and NFC-based contactless payment wearable devices
Key Questions Answered
- What are the key global market and the regional market share?
- What are the revenue-generating key market segments?
- What are the key factors driving and challenging this market’s growth?
- Who are the key market vendors and their growth strategies?
- What are the latest trends influencing the growth of this market?
- What are the variables influencing the market growth in the primary regions?
- What are the factors influencing the growth of the parent market?
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