Market Size –
The virtual payment (pos) terminals market size has grown exponentially in recent years. It will grow from $13.7 billion in 2023 to $18.18 billion in 2024 at a compound annual growth rate (CAGR) of 32.7%. The growth in the historic period can be attributed to market competition and differentiation, mobile wallet adoption, retail industry evolution, consumer demand for convenience, regulatory changes..
The virtual payment (pos) terminals market size is expected to see exponential growth in the next few years. It will grow to $57.91 billion in 2028 at a compound annual growth rate (CAGR) of 33.6%. The growth in the forecast period can be attributed to rapid technological adaptation, environmental concerns and sustainability, subscription-based models and service enhancements, globalization and cross-border transactions, security and compliance measures.. Major trends in the forecast period include partnerships and integrations, subscription and service-based models, globalization and cross-border payments, evolving technology, product innovations.
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Scope Of Virtual Payment POS Terminal Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Market Drivers –
The increasing prevalence of digital payment methods is driving the virtual payment (POS) terminals market. The digital revolution has increased access to and use of financial services globally, changing how people send and receive payments, borrow money, and save money. In addition to the global spread of formal financial institutions, the COVID-19 epidemic has sparked financial inclusion and led to a significant rise in digital payments. Virtual payment (POS) terminals aid digital payments and manage the payments over the phone, through the mail, fax, email, or in person. For instance, in 2021, according to McKinsey’s 2021 Digital Payments Consumer Survey, digital payments grew by 12% during 2020-2021 period. Thus, the increase in digital payments is expected to boost demand for virtual payment (POS) terminals during the forecast period.
Market Trends –
Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.
The virtual payment (pos) terminals market covered in this report is segmented –
1) By Solution: Software Platform, Professional Services
2) By Industry: Retail, Warehouse, Hospitality, Consumer Electronics, Food and Beverages, Healthcare, Entertainment, Other Industries
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Regional Insights –
North America was the largest region in the virtual payment (POS) terminals market in 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the virtual payment (pos) terminals market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Key Companies –
Major companies operating in the virtual payment (pos) terminals market report are Castles Technology Co. Ltd., Diebold Nixdorf Incorporated, NCR Corporation, Panasonic Corporation, PAX Technology Limited, Square Inc., Stripe Inc., Adyen N. V., Global Payments Inc., First Data Corporation, Wirecard AG, Verifone Systems Inc., Ingenico Group SA, Fujian Newland Payment Technology Co Ltd., BBPOS Limited, BitPay Inc., Shift4 Payments LLC, PayU Group, Paytm Mobile Solutions Private Limited, Mswipe Technologies Private Limited, Payzone UK Limited, InovioPay LLC, Amazon. com Inc., VeriFone Inc., iZettle AB, SumUp Inc., Shopify Inc., Lightspeed POS Inc., Revel Systems Inc.
Table of Contents
1. Executive Summary
2. Virtual Payment POS Terminal Market Report Structure
3. Virtual Payment POS Terminal Market Trends And Strategies
4. Virtual Payment POS Terminal Market – Macro Economic Scenario
5. Virtual Payment POS Terminal Market Size And Growth
…..
27. Virtual Payment POS Terminal Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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