Report: Global NFC POS Terminals Market to Grow 58% Annually
In a report created on NFC POS Terminals by ‘Research and Markets’, their analysts forecast the Global NFC POS Terminals market to grow at a CAGR of 57.9 percent over the period 2013-2018. One of the key factors contributing to this market growth is the increasing penetration of NFC-based mobile handsets. The Global NFC POS Terminals has also been witnessing the increasing penetration of NFC POS terminals in the Transportation sector for ticketing transactions. However, the high cost of NFC POS terminals could pose a challenge to the growth of this market.
Key vendors dominating this space include First Data Corp., Ingenico SA, Pax Technology Ltd., and VeriFone Systems Inc.
Other vendors mentioned in the report are Cybernet Inc., Equinox Payments, Heartland Payment Systems, and SZZT Electronics Co. Ltd.
Commenting on the report, an analyst from the team said: The penetration rate of NFC technology in the Transportation sector is very high. In the Americas and the EMEA region, NFC technology is widely employed for ticketing. However, the penetration rate of this technology is low in the APAC region. NFC-based ticketing systems require mobile NFC POS terminals, which are deployed in public transport vehicles. The use of NFC POS terminals in public transport vehicles has facilitated high flexibility while carrying out transactions through NFC-enabled devices and has helped reduce the use of paper. NFC technology is also expected to be incorporated in check-in and passport verification systems at airports. Factors like these are expected to foster the demand for NFC POS terminals, which in turn is expected to propel the growth of the market during the forecast period.
According to the report, the growth of the Global NFC POS Terminals market is driven by several factors, the most important of which is the increasing penetration of NFC-based mobile handsets. As a result of the increasing popularity of NFC technology, numerous mobile manufacturers are integrating this technology in their handsets. Moreover, with the increasing popularity of NFC technology, there has been an increase in the adoption of NFC-based handsets, thereby driving the demand for NFC POS terminals.