Global Virtual Payment (POS) Terminals Market, By Solution (Professional Services, Software Platforms) Industry Vertical (Consumer Electronics, Retail, Warehouses, Hospitality, Food and Beverages) - Industry Trends and Forecast to 2029
Market Analysis and Size
Consumers are inclining towards virtual payment (POS) terminals as they are more digital, agile and innovative than a traditional payment processes. These solutions have successfully taken over various verticals, including payments and transfers, among others. The rise in the adoption cashless digitalized payment systems is being witnessed throughout the globe with the recent trend of going 'cashless'. Google Pay and Amazon even offer loyalty rewards in the form of discounts to their consumers for making payments through their applications.
Global Virtual Payment (POS) Terminals Market was valued at USD 6.10 billion in 2021 and is expected to reach USD 118.31 billion by 2029, registering a CAGR of 29.50% during the forecast period of 2022-2029. Retail segment is expected to witness high growth during the forecast period owing to the expansion of e-commerce sector. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team also includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.
Market Definition
A virtual POS (Point of Sale) refers to a type of windows or web application that can be used to authorize card transactions by card-acceptor traders manually. Virtual POS terminals are connected to different processing networks such as Wi-Fi and LAN to capture the customer’s bank funds to make transactions.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2022 to 2029
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Base Year
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2021
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Historic Years
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2020 (Customizable to 2014 - 2019)
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Quantitative Units
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Revenue in USD Billion, Volumes in Units, Pricing in USD
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Segments Covered
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Solution (Professional Services, Software Platforms) Industry Vertical (Consumer Electronics, Retail, Warehouses, Hospitality, Food and Beverages)
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Countries Covered
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U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
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Market Players Covered
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Google (US), Amazon (US), Paytm (India), Ingenico Group. (France), VeriFone, Inc. (US), First Data Corporation (US), NCR Corporation (US), Diebold Nixdorf, Incorporated (US), Elavon Inc. (US), Castles Technology (Taiwan), EGIDE (India), Squirrel Systems (Canada), Newland Payment Technology (Brazil), CitiXsys Technologies (India), PAX Technology (China), Shenzhen Xinguodu Technology Co., Ltd (China), and Panasonic Corporation (Japan), among others
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Market Opportunities
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Virtual Payment (POS) Terminals Market Dynamics
This section deals with understanding the market drivers, advantages, opportunities, restraints and challenges. All of this is discussed in detail as below:
Drivers
- Increase in Demand for Contactless Payment Processes
The increase in demand for Seamless and contactless payment processes rising the use of credit/debit cards for transactions across the globe acts as one of the major factors driving the virtual payment (POS) terminals market.
- Use of Cards in Various Sectors
The rise in the use of cards across various sectors including healthcare, hospitality, retail, and entertainment, for installing these terminals and supporting the industry progression accelerate the market growth.
- Use of Mobile Wallets
The surge in the use of mobile wallets to drive consumer attention further influence the market. Also, rise in consumer interest in mobile payments and offers provided by mobile wallet companies have a positive impact on the growth of the market.
Additionally, rapid urbanization, change in lifestyle, surge in investments and increased consumer spending positively impact the virtual payment (POS) terminals market.
Opportunities
Furthermore, extensive use of online shopping platforms extend profitable opportunities to the market players in the forecast period of 2022 to 2029. Also, advancements in digital systems will further expand the market.
Restraints/Challenges
On the other hand, unreliable Internet connectivity and security issues related to payment transactions are expected to obstruct market growth. Also, stringent regulations and concerns regarding security are projected to challenge the virtual payment (POS) terminals market in the forecast period of 2022-2029.
This virtual payment (POS) terminals market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on virtual payment (POS) terminals market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
COVID-19 Impact on Virtual Payment (POS) Terminals Market
COVID-19 had a positive impact on the virtual payment (POS) terminals market due to the rise in number of end users adopting virtual payment (POS) solutions during the outbreak of COVID-19. An increase in the adoption of these services, including Payment and Money Transfer, Checking and Savings Account, and Mobile Banking was witnessed owing to the strict lockdowns and social distancing to contain the spread of the virus. The virtual payment (POS) terminals market is expected to witness high growth in the post-pandemic scenario owing to the rise in awareness regarding the potential benefits of virtual payment (POS) terminals and increase in the adoption of smartphones.
Global Virtual Payment (POS) Terminals Market Scope and Market Size
The virtual payment (POS) terminals market is segmented on the basis of solution and industry vertical. The growth amongst these segments will help you analyze meager growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Solution
- Professional Services
- Software Platforms
Industry Vertical
- Consumer Electronics
- Retail
- Warehouses
- Hospitality
- Food and Beverages
Virtual Payment (POS) Terminals Market Regional Analysis/Insights
The virtual payment (POS) terminals market is analysed and market size insights and trends are provided by country, solution and industry vertical as referred above.
The countries covered in the virtual payment (POS) terminals market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
Asia-Pacific (APAC) dominates the virtual payment (POS) terminals market due to the adoption of the cashless payment technology and increase in demand for a secure payment system for e-commerce within the region.
North America is expected to witness significant growth during the forecast period of 2022 to 2029 because of the rise in adoption of virtual payment (POS) platforms in the region.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Virtual Payment (POS) Terminals Market
The virtual payment (POS) terminals market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to virtual payment (POS) terminals market.
Some of the major players operating in virtual payment (POS) terminals market are
- Google (US)
- Amazon (US)
- Paytm (India)
- Ingenico Group. (France)
- VeriFone, Inc. (US)
- First Data Corporation (US)
- NCR Corporation (US)
- Diebold Nixdorf, Incorporated (US)
- Elavon Inc. (US)
- Castles Technology (Taiwan)
- EGIDE (India)
- Squirrel Systems (Canada)
- Newland Payment Technology (Brazil)
- CitiXsys Technologies (India)
- PAX Technology (China)
- Shenzhen Xinguodu Technology Co., Ltd (China)
- Panasonic Corporation (Japan)
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