PUBLISHER: SPER Market Research Pvt. Ltd. | PRODUCT CODE: 1174967
PUBLISHER: SPER Market Research Pvt. Ltd. | PRODUCT CODE: 1174967
According to SPER Market Research, the Global Outdoor Payment Terminal Market is estimated to reach USD 3.60 billion by 2032 with a CAGR of 8.96%.
The market for outdoor payment terminals is expanding as a result of increased customer demand for speedier payment settlements and rising use of cutting-edge technology like IoT and cloud-based solutions. The need for outdoor payment terminals is being driven by a number of other causes, including growing customer knowledge of online transactions, fingerprint and face recognition technology, accessibility to online clothes, and items for groceries and electricity. Additionally, the market for outdoor payment terminals is expanding due to the increased need for e-commerce, a work-from-home lifestyle, and consumer demands for quicker payment settlements. The growing numbers of millennials and Generation Z, who favour online transactions and outdoor payment terminals in particular, are also fuelling the expansion of the worldwide industry.
Nearly every business has been impacted by the unmatched worldwide public health emergency known as COVID-19, and the long-term impacts are expected to have an influence on industry growth throughout the course of the projection period.The COVID-19 pandemic outbreak is projected to have a significant impact on the market for outdoor payment terminals. The number of people doing contactless transactions has surged since the outbreak. It is expected that the market would benefit from customers and merchants turning to contactless payment methods to stop the virus's spread. Due to the growing worries about payment security, retail merchants also make sure to offer a safe platform to their clients with the deployment of OPTs.OPT market is anticipated to expand dramatically as a result of the increased trend of cashless transactions during COVID-19 as consumers and businesses alike rely on touchless modes of transactions out of concern about the transmission of the virus. As a result, the market for outdoor payment terminals has benefited from the epidemic. The expansion of the outdoor payment terminal (OTP) industry has also been accelerated by the work-from-home lifestyle and the rise in e-commerce demand.