Shipments of NFC-ready POS Terminals Reached 24.7 Million in 2017
July 10, 2018 | Berg InsightEstimated reading time: 2 minutes
According to a new research report from specialist IoT analyst firm Berg Insight, the market for NFC-ready POS terminals continued to show strong momentum in 2017 with annual shipments reaching an estimated 24.7 million units worldwide. The attach rate for NFC was highest in EU28+2 and North America, where 90% and 88% respectively of the POS terminals shipped featured NFC. NFC was also a very popular feature in many other major markets worldwide, including Brazil, Turkey and China. On a global basis, almost three out of every five POS terminals shipped in 2017 included NFC. Berg Insight projects the global installed base of NFC-ready POS terminals will grow at a compound annual growth rate (CAGR) of 15.6% from 54.5 million units in 2017 to 112.3 million units in 2022. As a result, more than 78% of the world’s POS terminals will be NFC-ready in 2022, up from 50% in 2017. While the installed base of NFC-ready POS terminals has grown quickly, the contactless technology has in many cases not been activated. This is now changing and Berg Insight estimates that approximately 30 million POS terminals accepted contactless payments with Visa payWave, MasterCard PayPass or UnionPay Quickpass at the end of 2017.
“The mPOS terminal market is growing faster than the traditional POS terminal segment and there are more than 70 vendors active on the global market today” said Johan Fagerberg, Principal Analyst at Berg Insight. mPoS is the use of consumer-oriented mobile devices such as tablets and smartphones that function as a point-of-sale terminal to facilitate payment card transactions through a connection to a card-accepting reader. The attach rate for NFC in the mPOS segment reached 53% in 2017 as NFC-ready mPOS terminal shipments reached 9.7 million units. Berg Insight forecasts that global shipments of NFC-ready mPOS terminals will grow at a compound annual growth rate (CAGR) of 28.9% in the next five years to reach 34.5 million units by 2022. “The growth is driven by the increase in mPOS terminal shipments from 18.3 million units in 2017 to 40.7 million units in 2022, as well as by a growth in the attach rate from 53% to 85%,” concludes Fagerberg.
About Berg Insight
Berg Insight is a dedicated M2M/IoT market research firm based in Sweden. We have been specialising in all major M2M/IoT verticals such as fleet management, car telematics, smart metering, smart homes, mHealth and industrial M2M since 2004. Our vision is to be the most valuable source of intelligence for our customers. Berg Insight offers numerous market reports, detailed market forecast databases and advisory services. We provide custom research tailored to your requirements including focussed research papers, business case analysis, go-to-market strategies and bespoke market forecasting. We have provided analytical services to 850 clients in 70 countries on six continents to date. Our customers range from many of the world’s largest mobile operators, IT companies and telecom vendors, to venture capitalists, technology start-ups and specialist consultants.
Suggested Items
IDTechEx Report on Quantum Technology: Nano-scale Physics for Massive Market Impact
04/30/2024 | PRNewswireThe quantum technology market leverages nano-scale physics to create revolutionary new devices for computing, sensing, and communications. Across the industry, quantum technology offers a paradigm shift in performance compared with incumbent solutions.
Guerrilla RF Completes Strategic Acquisition of GaN Device Portfolio from Gallium Semiconductor
04/29/2024 | BUSINESS WIREGuerrilla RF, Inc. has finalized the acquisition of Gallium Semiconductor's entire portfolio of GaN power amplifiers and front-end modules. Effective April 26th, 2024, GUER acquired all previously released components as well as new cores under development at Gallium Semiconductor.
Amphenol Reports Q1 2024 Results, Announces New Stock Repurchase Program
04/26/2024 | BUSINESS WIREAmphenol Corporation reported first quarter 2024 results. In addition, the Company is announcing a new three-year, $2 billion stock repurchase program.
Chinese Smartphone Market Maintains its Recovery Momentum at 6.5% Growth in 1Q24,
04/26/2024 | IDCAccording to preliminary data from the International Data Corporation (IDC) Worldwide Quarterly Mobile Phone Tracker, China smartphone shipments grew 6.5% year over year (YoY) to 69.3 million units in 1Q24.
Nanotechnology Market to Surpass $53.51 Billion by 2031
04/25/2024 | PRNewswireSkyQuest projects that the nanotechnology market will attain a value of USD 53.51 billion by 2031, with a CAGR of 36.4% over the forecast period (2024-2031).