LONDON--(BUSINESS WIRE)--The global contactless PoS terminals market is expected to post a CAGR of close to 24% during the period 2018-2022, according to the latest market research report by Technavio.
A key factor driving the growth of the market is the increased adoption of contactless payment software applications. Several software applications that use the NFC technology are available for smartphones. This could be used to make payments at contactless PoS terminals. Leading smartphones original equipment manufacturers have introduced their own contactless payment applications.
This market research report on the global contactless PoS terminals market 2018-2022 also provides an analysis of the most important trends expected to impact the market outlook during the forecast period. Technavio classifies an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
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In this report, Technavio highlights the introduction of IoT/NFC-based contactless payment wearable devices as one of the key emerging trends in the global contactless PoS terminals market:
Global contactless PoS terminals market: Introduction of IoT/NFC-based contactless payment wearable devices
Manufacturers have introduced NFC-based wearable devices such as watches and rings after smartphones and cards to maximize the ease of use of NFC-based devices. A major vendor has introduced a contactless payment device powered by contactless payments. It provides an extra layer of security by proving the on/off functionality.
“Following the trend to make easy-to-use payment systems, the vendors are integrating IoT and contactless payment systems into PoS terminals and payment devices. Although these trends are in their early phases of testing, they are anticipated to boost the growth of the contactless PoS terminals market during the forecast period,” says a senior analyst at Technavio for research on human machine interface.
Global contactless PoS terminals market: Segmentation analysis
This market research report segments the global contactless PoS terminals market by end-user (retail and hospitality) and geography (APAC, EMEA, and the Americas).
The retail segment held the largest market share in 2017, accounting for nearly 66% of the market. This end-user segment is expected to dominate the global market throughout the forecast period.
APAC led the market in 2017 with almost 38% of the market share, followed by EMEA and the Americas respectively. The APAC region is anticipated to dominate the global market throughout the forecast period.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market sizing
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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