Asia Pacific NFC POS Terminal Market is expected to reach US$ 4240.0 Mn by 2027

Fixed Segment to Dominate Asia Pacific NFC POS Terminal market during 2019–2027

According to a new market research study on “Asia Pacific NFC POS Terminal Market Forecast to 2027 – COVID-19 Impact and Regional Analysis by Product Type (Mobile and Fixed); Application (Entertainment, Healthcare, Hospitality, Retail, and Others), and Country” is expected to reach US$ 4240.0 Mn by 2027 from US$ 1042.8 Mn in 2019. The market is estimated to grow at a CAGR of 19.5% from 2020 to 2027. The report provides trends prevailing in the Asia Pacific NFC POS Terminal market along with the drivers and restraints pertaining to the market growth. Appreciation in Adoption of NFC POS Solutions in Retail Sector are the major factor driving the growth of the Asia Pacific NFC POS Terminal market. However, affect Associated with Installation Cost and Transaction Limit hinder the growth of Asia Pacific NFC POS Terminal market.

The market for Asia Pacific NFC POS Terminal market is segmented into product type, application and country. Based on product type, the market is segmented into mobile and fixed. In 2019, the Fixed segment held the largest share Asia Pacific NFC POS Terminal market.  Based on application type market is segmented into entertainment, healthcare, hospitality, retail and others.

APAC is likely to account for the highest CAGR during the forecast period. The rising adoption of advanced technologies in retail, entertainment, and healthcare industries in countries such as China, India, Japan, South Korea drives the adoption rate of NFC POS. Companies are highly investing in mPOS to streamline their payment operations. The presence of fast-growing economics, mounting technology adoption, increasing penetration of NFC-enabled phones are among the prime factors expected to drive the growth of the NFC POS market. Because of a massive number of cases in China, the APAC region is greatly affected by the COVID-19 outbreak. The country is the most important manufacturer and industrial producer because it trades more manufacturing products than any other country in the world; it is also a world leader in many types of goods. According to the Organization for Economic Co-operation and Development (OECD), the pandemic has also affected other major economies outside China, such South Korea, India, Australia and Japan, and is experiencing downward inflation. The large presence of small and medium retailers across the region has created a huge demand for NFC POS terminals across the region. However, the sudden lockdown owing to the outbreak of the pandemic have negatively impacted the retail sector specially hypermarkets, supermarket, and specialty stores amongst others. The severe impact of covid-19 on the region has also shifted the consumer buying behaviour from offline mode to online mode. For instance, India has recorded an increase in e-commerce by 53% during the period. Thus, the shift from offline stores to online buying by the population across the region is expected to negatively impact the NFC POS terminal market across the region over the years.

Castles Technology, VeriFone, Inc, Fiserv, Inc, NFC POS Terminal Company (MICC) Ltd., Thermocoax Group, Thermon, and SZZT Electronics Shenzhen are among the leading companies in the Asia Pacific NFC POS Terminal market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instanceCastles Technology Co., Ltd one of the leading POS provides announced and SUZOHAPP, a software and hardware cash management solutions provider have entered in partnership. Under the partnership SUZOHAPP will white label and resell Castles Technology Co., Ltd’s cashless payment hardware solutions with their solutions.

Due to high number of cases in China, the APAC region is greatly affected by the COVID-19 outbreak. The country is the most important manufacturer and industrial producer because it trades more manufacturing products than any other country in the world; it is also a world leader in many types of goods. According to the Organization for Economic Co-operation and Development (OECD), the pandemic has also affected other major economies outside China, such South Korea, India, Australia and Japan, and is experiencing downward inflation. The large presence of small and medium retailers across the region has created a huge demand for NFC POS terminals across the region. However, the sudden lockdown owing to the outbreak of the pandemic have negatively impacted the retail sector specially hypermarkets, supermarket, and specialty stores amongst others. The severe impact of covid-19 on the region has also shifted the consumer buying behaviour from offline mode to online mode. For instance, India has recorded an increase in e-commerce by 53% during the period. Thus, the shift from offline stores to online buying by the population across the region is expected to negatively impact the NFC POS terminal market across the region over the years.

The report segments the Asia Pacific NFC POS Terminal market as follows:

Asia Pacific NFC POS Terminal market – By Cable Type

• Fixed
• Mobile

Asia Pacific NFC POS Terminal market – By Application Type

• Retail
• Hospitality
• Entertainment
• Healthcare
• Others

Asia Pacific NFC POS Terminal market – By Country

• China
• Japan
• South Korea
• India
• Australia
• Rest of Asia Pacific