Near field communication is a short-distance wireless communication technology that lets smartphones and other smart devices communicate when they’re in close proximity to each other. Contactless payments at the point of sale (POS) is one of the major application of near field communication technology. In addition, growing tradition of NFC-enabled emergence of mobile wallet and smartphones services is expected to increase the demand of the NFC POS terminals market during the forecast period. This technology finds in various major technological substitutions for ticketing in transportation, which includes contactless smart cards and NFC-based mobile ticketing among others are is expected to increase the demand of NFC POS Market in coming years.
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In addition, the advent of various digital wallets such as Samsung Pay Android Pay and Apple Pay among others are using this technology to deliver shoppers with the help of this technology to use their digital wallets at the time of point-of-sale. This in turn is expected to trigger the demand of NFC POS terminals market in coming years. Thus, the NFC POS terminals market is anticipated to witness a steady growth during the forecast period from 2018 to 2026.
Global NFC POS terminals market has been segmented on the basis of component outlook, product outlook, application and geography. Based on component outlook, global NFC POS terminals market has been bifurcated into two types which includes hardware and software. The hardware components include smartphones and tablets paired with a cash drawers, debit/credit monitors and card reader among others.
This is turn is also predicted to increase the demand of the hardware market among the other component segment in coming years. On the basis of product outlook, global NFC POS terminals market is segmented into hardware and software. Across the globe, the ever-changing consumer potentials, increasing adoption of credit/ debit card payments, and rising demand of sophisticated data analytics are likely to fuel growth of the mobile point-of-sale terminal market.
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The NFC POS terminals market has been bifurcated on the basis of application which includes hospitality, restaurants, healthcare, transportation, retail and entertainment among others. Owing to card related threats and to avoid cyber-attacks various banks and financial organization in various countries have increasingly started to issue contactless cards in high numbers. However, high cost associated with the installation process of NFC POS terminal which is estimated to hinder the growth of this product market in coming years. The competences of NFC POS terminals are not only affecting the financial ecosystem. This in turn is expected to drive the growth of the NFC POS terminal market during the forecast years. The retail and transportation segment is expected to grow at a highest CAGR rate and hold the major market share among the other application segment during the forecast period. Large number of enterprises are moving towards simpler transaction procedures and are incorporating the point-of-sale systems with merchandising, inventory and marketing data for offering an interactive, unique and personalized to provide a enhance solution to their customers. Furthermore, focusing investment in the line bursting technology is likely to play a vital part in augmenting the demand of this product market.
Geographically, the global NFC POS terminals market has been segmented into North America, Europe, Asia Pacific, Middle- East & Africa (MEA) and South America. Increasing security concerns owing to the cyber-attacks and rising government initiative such as revenue transaction, identification program and huge investments in security technologies among others are largely accountable for the growth of NFC POS terminals market in North America region. Moreover, owing to the reduction in total cost of ownership (TCO) and the increased SMBs is anticipated the demand of this product market in North America. The Asia pacific is the most attractive and fastest growing market for the NFC POS terminals owing to growing industrial infrastructure development in this region.