Middle East & Africa NFC POS Terminal Market
No. of Pages: 62 | Report Code: TIPRE00021079 | Category: Banking, Financial Services, and Insurance
No. of Pages: 62 | Report Code: TIPRE00021079 | Category: Banking, Financial Services, and Insurance
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.
Strategic insights for the Middle East & Africa NFC POS Terminal provides data-driven analysis of the industry landscape, including current trends, key players, and regional nuances. These insights offer actionable recommendations, enabling readers to differentiate themselves from competitors by identifying untapped segments or developing unique value propositions. Leveraging data analytics, these insights help industry players anticipate the market shifts, whether investors, manufacturers, or other stakeholders. A future-oriented perspective is essential, helping stakeholders anticipate market shifts and position themselves for long-term success in this dynamic region. Ultimately, effective strategic insights empower readers to make informed decisions that drive profitability and achieve their business objectives within the market.
| Report Attribute | Details |
|---|---|
| Market size in 2019 | US$ 261.4 Million |
| Market Size by 2027 | US$ 980.1 Million |
| Global CAGR (2020 - 2027) | 18.3% |
| Historical Data | 2017-2018 |
| Forecast period | 2020-2027 |
| Segments Covered |
By Product Type
|
| Regions and Countries Covered | Middle East and Africa
|
| Market leaders and key company profiles |
The geographic scope of the Middle East & Africa NFC POS Terminal refers to the specific areas in which a business operates and competes. Understanding local distinctions, such as diverse consumer preferences (e.g., demand for specific plug types or battery backup durations), varying economic conditions, and regulatory environments, is crucial for tailoring strategies to specific markets. Businesses can expand their reach by identifying underserved areas or adapting their offerings to meet local demands. A clear market focus allows for more effective resource allocation, targeted marketing campaigns, and better positioning against local competitors, ultimately driving growth in those targeted areas.
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
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.
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
The Middle East & Africa NFC POS Terminal Market is valued at US$ 261.4 Million in 2019, it is projected to reach US$ 980.1 Million by 2027.
As per our report Middle East & Africa NFC POS Terminal Market, the market size is valued at US$ 261.4 Million in 2019, projecting it to reach US$ 980.1 Million by 2027. This translates to a CAGR of approximately 18.3% during the forecast period.
The Middle East & Africa NFC POS Terminal Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the Middle East & Africa NFC POS Terminal Market report:
The Middle East & Africa NFC POS Terminal Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The Middle East & Africa NFC POS Terminal Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the Middle East & Africa NFC POS Terminal Market value chain can benefit from the information contained in a comprehensive market report.
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