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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?

Contactless PoS Terminals Market Size

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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:

  • Inputs
  • Inbound logistics
  • Operations
  • Outbound logistics
  • Marketing and sales
  • After-sales service
  • Support activities
  • Innovations

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?

Contactless PoS Terminals Market Market segmentation by region

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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?

Contactless PoS Terminals Market Segmentation

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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

Report Coverage

Details

Page number

120

Base year

2019

Forecast period

2020-2024

Growth momentum & CAGR

Accelerate at a CAGR of 15.56%

Market growth 2020-2024

$ 5.55 billion

Market structure

Fragmented

YoY growth (%)

8.23

Regional analysis

APAC, North America, Europe, South America, and MEA

Performing market contribution

APAC at 47%

Key consumer countries

China, US, India, Japan, and Germany

Competitive landscape

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

Market dynamics

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

Customization purview

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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

                              2.3.1 Inputs

                              2.3.2 Inbound logistics

                              2.3.3 Operations

                              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:

  •  Retail
  •  Hospitality

                              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:

  • APAC
  • North America
  • Europe
  • South America
  • MEA

                              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. Appendix                           

               11.1 Scope of the report         

                              11.1.1 Market definition

                              11.1.2 Objectives

                              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

Research Framework

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.

TechnavioINFORMATION SOURCES

Primary sources

  • Manufacturers and suppliers
  • Channel partners
  • Industry experts
  • Strategic decision makers

Secondary sources

  • Industry journals and periodicals
  • Government data
  • Financial reports of key industry players
  • Historical data
  • Press releases
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TechnavioDATA ANALYSIS

Data Synthesis

  • Collation of data
  • Estimation of key figures
  • Analysis of derived insights

Data Validation

  • Triangulation with data models
  • Reference against proprietary databases
  • Corroboration with industry experts
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TechnavioREPORT WRITING

Qualitative

  • Market drivers
  • Market challenges
  • Market trends
  • Five forces analysis

Quantitative

  • Market size and forecast
  • Market segmentation
  • Geographical insights
  • Competitive landscape
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Contactless PoS Terminals market growth will increase by $5547.40 million during 2020-2024.
The contactless pos terminals market is expected to grow at a CAGR of 15.56% during 2020-2024.
Technavio has segmented the contactless pos terminals market by end user (Retail and Hospitality) and geographic (APAC, North America, Europe, South America, and MEA).
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. are a few of the key vendors in the contactless pos terminals market.
APAC will register the highest growth rate of 46.71% among the other regions. Therefore, the contactless pos terminals market in APAC is expected to garner significant business opportunities for the vendors during the forecast period.
The key factors driving the contactless pos terminals market growth are:
  • Increasing adoption of contactless payment software applications
  • Introduction of IoT and NFC-based contactless payment wearable devices
The contactless pos terminals market vendors should focus on grabbing business opportunities from the retail segment as it accounted for the largest market share in the base year.
  • 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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