PUBLISHER: 360iResearch | PRODUCT CODE: 1466598
PUBLISHER: 360iResearch | PRODUCT CODE: 1466598
[180 Pages Report] The Payment Terminal Market size was estimated at USD 29.69 billion in 2023 and expected to reach USD 32.60 billion in 2024, at a CAGR 9.99% to reach USD 57.84 billion by 2030.
A payment terminal is a device, enabling the customer to conduct financial transactions when purchasing goods or services. They allow customers to pay for goods or services conveniently, reducing the reliance on physical currency. By providing a reliable platform to process payments, payment terminals help businesses provide customers with an improved experience by reducing wait times and improving security. Some payment terminals have additional features such as barcode scanners, EMV chip readers, NFC capabilities (contactless payments), and/or signature capture devices. Payment terminals are typically used in retail environments such as restaurants, supermarkets, and gas stations and for eCommerce transactions where customers need an efficient way to make purchases. Government initiatives to promote cashless and mobile payments are a major driving factor of NFC, magnetic stripes, and encrypted chip-based payment terminals. However, operational failures and security risks of these systems still remain a restraint. Market players are working on enhancing product security and performance capabilities while introducing new smart terminal solutions and self-service kiosks, and tap-to-pay terminal devices.
KEY MARKET STATISTICS | |
---|---|
Base Year [2023] | USD 29.69 billion |
Estimated Year [2024] | USD 32.60 billion |
Forecast Year [2030] | USD 57.84 billion |
CAGR (%) | 9.99% |
Type: Countertop terminals Evolved and Versatility of Modern Payment Terminals
Countertop terminals, the cornerstone of retail payments, amalgamate functionality with convenience, supporting a wide array of payment methods such as chip, swipe, tap, and mobile wallets, on their user-friendly touchscreen interfaces. Parallelly, mobile terminals offer unprecedented portability, enhancing contactless payment processing across varied locations. Integrated terminals, merging seamlessly with existing POS systems, streamline payment processes directly into sales systems, thus optimizing checkout efficiency and elevating the customer experience. Additionally, wireless terminals represent the forefront of payment technology, enabling transactions through smartphones or tablets, embodying the shift towards a more mobile and cashless society. Collectively, these advancements highlight a trend toward greater flexibility, speed, and convenience in consumer transactions, demonstrating the payment terminal's evolution from a mere transactional device to a comprehensive solution facilitating multiple payment modalities.
End User: Diverse Range of End User Are Evolving with the Enhancing User Experience and Operational Efficiency
The entertainment, healthcare, hospitality, retail and e-commerce, and transportation sectors are witnessing a pivotal shift towards digital and contactless payment methods, driven by the dual objectives of optimizing customer experience and operational efficacy. In entertainment venues like cinemas and theme parks, payment terminals must handle high-volume transactions securely during peak times, incorporating loyalty programs to elevate customer engagement. Healthcare facilities demand payment solutions that ensure patient data confidentiality, comply with regulations such as HIPAA, and support diverse payment options, including HSAs and FSAs, while offering mobility for bedside transactions. The hospitality industry, encompassing hotels and restaurants, requires versatile payment terminals compatible with various payment modes to cater to international guests, integrating with property management systems to streamline services and enhance guest experiences. Retailers and ecommerce platforms necessitate robust payment terminals capable of speedy, high-volume transactions, integrated with inventory and customer relationship management systems to leverage consumer insights. Lastly, the transportation sector needs durable, portable payment terminals with rapid connectivity and contactless payment capabilities, integrated with transit management systems for efficient operations and an improved passenger experience. This across-the-board evolution underscores the critical role of advanced payment systems in fostering seamless transactions and enriched user interactions in diverse industry scenarios.
Regional Insights
The Americas payment terminal market is continuously advancing, driven by the wide adoption of advanced technologies such as tap-to-pay and smart retail stores. Players in the region are working on introducing more secure products that streamline processes such as identity verification and fraud prevention while also allowing customers greater access to their improved financial services. The introduction of guidelines such as PCI-DSS drives further adoption of these solutions, creating a safe environment for businesses to handle financial data. In the Asia-Pacific region, government initiatives encouraging cashless payments and the expansion of credit card usage have accelerated the demand for POS payments. The region has observed a significant rise in the use of mobile payment options due to the elevated popularity of eCommerce, which supports multiple payment options that require payment terminals. Asia is home to several established companies that have been providing high-quality products serving the growing retail sector in the region. The use of payment terminals in Europe is on the rise, with an increasing number of small & medium-sized businesses transitioning to cashless payment solutions. The usage of payment terminals in Europe is expected to continue to grow in both volume and sophistication over the next few years as market players take advantage of digital innovations such as artificial intelligence and machine learning.
FPNV Positioning Matrix
The FPNV Positioning Matrix is pivotal in evaluating the Payment Terminal Market. It offers a comprehensive assessment of vendors, examining key metrics related to Business Strategy and Product Satisfaction. This in-depth analysis empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success: Forefront (F), Pathfinder (P), Niche (N), or Vital (V).
Market Share Analysis
The Market Share Analysis is a comprehensive tool that provides an insightful and in-depth examination of the current state of vendors in the Payment Terminal Market. By meticulously comparing and analyzing vendor contributions in terms of overall revenue, customer base, and other key metrics, we can offer companies a greater understanding of their performance and the challenges they face when competing for market share. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With this expanded level of detail, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.
Key Company Profiles
The report delves into recent significant developments in the Payment Terminal Market, highlighting leading vendors and their innovative profiles. These include Absa Group Limited, Adyen N.V., Altron Limited, BITEL Co., Ltd., Capital Appreciation Limited, Castles Technology, Cegid Group, Clearly Payments Inc., FEIG Electronic GmbH, Fidelity National Information Services, Inc., Fiserv, Inc., Fujian Newland Payment Technology Co., Ltd., INGENICO, iPay88, Maya Philippines, Inc., NCR Corporation, NEC Corporation, Panasonic Holdings Corporation, PAX Technology, Payfast by Network International Holdings PLC, PayPal Holdings, Inc., Pine Labs Private Limited, Razer Merchant Services, Samsung Electronics Co., Ltd., Shanghai SUNMI Technology Co., Ltd., Square, Inc. by Block, Inc., Squirrel Systems, Standard Bank Group, Stripe, Inc., SZZT Electronics Co., Ltd., Toshiba Corporation, Ukheshe Technologies Pty Ltd., UL LLC, UROVO Technology Corporation Ltd., VeriFone, Inc., WAPPoint (Pty) Ltd., WInpos Group AB, Worldline S.A., YOCO, and Zapper Marketing (Southern Africa) (Pty) Ltd..
Market Segmentation & Coverage
1. Market Penetration: It presents comprehensive information on the market provided by key players.
2. Market Development: It delves deep into lucrative emerging markets and analyzes the penetration across mature market segments.
3. Market Diversification: It provides detailed information on new product launches, untapped geographic regions, recent developments, and investments.
4. Competitive Assessment & Intelligence: It conducts an exhaustive assessment of market shares, strategies, products, certifications, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players.
5. Product Development & Innovation: It offers intelligent insights on future technologies, R&D activities, and breakthrough product developments.
1. What is the market size and forecast of the Payment Terminal Market?
2. Which products, segments, applications, and areas should one consider investing in over the forecast period in the Payment Terminal Market?
3. What are the technology trends and regulatory frameworks in the Payment Terminal Market?
4. What is the market share of the leading vendors in the Payment Terminal Market?
5. Which modes and strategic moves are suitable for entering the Payment Terminal Market?