Middle East & Africa NFC POS Terminal Market

Market Introduction

The countries of the Middle East are financially developed countries, while the African countries fall largely behind. The development of infrastructure in the Gulf countries is huge and the growth trend in commercial infrastructure continues to increase steadily year-on-year. Due to the fact that these countries are heavily dependent on tourism, commercial infrastructure plays a major role in the economy of each country. The area is witnessing major investments in commercial development, such as supermarkets, specialty stores, and malls. Growing investment in these infrastructures would also require advanced operational management strategies across infrastructures, such as inventory management and financial management, to attract consumers and address the challenge of online competition, changing markets, and fluctuating product prices. Over the past two-three years, government participation in the diversification of revenue opportunities in the gulf countries has increased in the wake of dipping oil prices. One of the key reasons for growth in vertical infrastructure is the development of malls, hypermarkets, and specialty stores, in the major cities of the gulf countries. In addition, the population in the area is focusing on starting with various business verticals in order to raise its annual revenue. In Saudi Arabia, a range of positive government policies have given the retail sector a much-needed boost for growth, such as a robust budget and economic diversification, as well as increased number of women in the workforce, rise of digital-savvy younger generation, higher disposable incomes, and a drive toward omnichannel retail strategies. Thus, this kind of initiatives in the region are anticipated to propel the adoption of NFC POS systems across the retail industry of the country.

In addition, Africa is experiencing elevated infrastructural development. Rising disposable income in the African continent's developing countries would contribute to increasing infrastructure, opening up infrastructure growth opportunities and, in turn, encouraging more NFC POS facilities on commercial properties. The growth of the MEA market can be attributed to rapid adoption of smart devices and increase in development of infrastructure in both the Middle East and African countries. The growth of NFC POS systems across the region would also be stimulated by the construction of smart cities in the Middle East region.

The other major countries facing the economic consequences of COVID-19 in the Middle East and African region are Saudi Arabia, the UAE, Egypt, Morocco, and Kuwait. With the COVID-19 pandemic spreading through the countries mentioned above, it is becoming clear that few can escape its impact, presenting major challenges for all sectors. According to studies, the GCC countries have experienced a hike of 500% of online sales due to covid-19. During the coronavirus pandemic, the e-commerce market emerged as one of the resilient industries in the region. People have been avoiding public locations, including supermarkets, since the onset of the health crisis, and making their purchases online instead. This shift in online sales is thus expected to negatively affect the NFC POS terminal market in the region over the forecast period.

Market Overview and Dynamics

The NFC POS Terminal market in MEA is expected to grow from US$ 261.4 Mn in 2019 to US$ 980.1 Mn by 2027; it is estimated to grow at a CAGR of 18.3% from 2020 to 2027.Boom in Adoption of NFC POS Solutions in Retail Sector in developed countries has led to increase in the adoption of NFC POS Terminal. Countries with high GDP—the US among others—are vigorously carrying out large-scale industrialization and infrastructure developments.

Moreover, Increment in Preference for NFC-Compatible Smartphones for Payment Among Global Population are further expected to bolster the market growth. This is bolstering the growth of the NFC POS terminal Market

Key Market Segments

The market for MEA 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 MEA NFC POS Terminal market.  Based on application type market is segmented into entertainment, healthcare, hospitality, retail and others.

Major Sources and Companies Listed

A few major primary and secondary sources referred to for preparing this report on the MEA NFC POS Terminal Market are company websites, annual reports, financial reports, national government documents, and statistical database, among others. Major companies listed in the report are Castles Technology, VeriFone, Inc, Fiserv, Inc, Ingenico Group, NEC Corporation

Reasons to buy report

• To understand the MEA NFC POS Terminal Market landscape and identify market segments that are most likely to guarantee a strong return
• Stay ahead of the race by comprehending the ever-changing competitive landscape for MEA NFC POS Terminal Market
• Efficiently plan M&A and partnership deals in MEA NFC POS Terminal Market by identifying market segments with the most promising probable sales
• Helps to take knowledgeable business decisions from perceptive and comprehensive analysis of market performance of various segment form MEA NFC POS Terminal Market
• Obtain market revenue forecast for market by various segments from 2020-2027 in MEA region.

MEA NFC POS Terminal Market SEGMENTATION

MEA NFC POS Terminal Market – By Product Type

• Fixed
• Mobile

MEA NFC POS Terminal Market – By Application

• Retail
• Hospitality
• Entertainment
• Healthcare
• Others

MEA NFC POS Terminal Market, by Country

• UAE
• Saudi Arabia
• South Africa
• Rest of MEA

Company Profile

• Castles Technology
• VeriFone, Inc
• Fiserv, Inc
• Ingenico Group
• NEC Corporation

Middle East & Africa NFC POS Terminal Market Strategic Insights

Middle East & Africa NFC POS Terminal Market Segmentation Analysis

Middle East & Africa NFC POS Terminal Market Report Highlights

Middle East & Africa NFC POS Terminal Report Scope

Middle East & Africa NFC POS Terminal Market Country and Regional Insights