The scope of our recent study on the "Europe Payment Terminal Market Forecast to 2028 - COVID-19 Impact and Analysis - by Type (Fixed Terminal and Mobile Terminal), Enterprise Size (Small Enterprises, Medium Enterprises, and Large Enterprises), End User (Retail and Consumer Goods, Restaurants, Hospitality, Media and Entertainment, Transportation and Logistics, Healthcare, and Others), and Country" includes the description of factors fueling the market growth, estimation and forecast of revenue, and identification of significant market players and their key developments, along with providing the analysis of market share.
The Europe payment terminal market is projected to reach US$ 34,437.1 million by 2028 from US$ 18,326.7 million in 2021; it is expected to grow at a CAGR of 9.4% from 2021 to 2028. The market growth is being driven by the increasing demand for online payment methods. Merchants offering point-of-sale and rebate services for online payments are encouraging users to adopt digital payment methods, which is driving demand for payment terminals. The digital payment market is expanding rapidly due to advancements in e-commerce, mobile payment technologies, and the growing popularity of mobile wallets. Governments in various countries have also initiated efforts to digitize payments, which supports economic growth and benefits end-users. For instance, in June 2021, Okay Technologies and FSS Technologies-Financial Software and Systems, a global payments technology firm, formed an alliance to provide focused authentication security for consumer payments, specifically for transaction validation and authentication on mobile devices. FSS Technologies is continuing to develop its commercial potential in Europe through its next-generation products, technology, and solution offerings. The growth of the payment terminal market is attributed to the increasing digitization of payments, the use of e-payment platforms, and the growing regulatory focus on secure payments due to multiple financial fraud cases. Germany and the UK are leading revenue-generating markets in Europe, driven by the surge in the adoption of online platforms for financial and cashless transactions. The demand for mobile payment terminals is rising exponentially, as they facilitate financial transactions and improve customers' experience.
Based on enterprise size, the Europe payment terminal market is segmented into small enterprises, medium enterprises, and large enterprises. During the forecast period, the market share of payment terminals will be potential in large enterprises. Large enterprises refer to corporations, quasi-corporations, non-profit institutions, or unincorporated enterprises. The classification of enterprises can be based on different criteria, but the most common is the number of employees. Large enterprises require complex technology to process a much larger volume of transactions, including specific payment methods and a variety of them. A fully integrated system that allows for multiple payment methods used across various platforms is often necessary for large businesses. Contactless devices such as readers, cards, reward card schemes, or other incentive-based systems are used by large enterprises. Hence, the growing adoption of digital payment by large enterprises is driving the growth of the payment terminal market in Europe.
The Europe payment terminal market is segmented into Germany, the UK, France, Italy, Spain, Poland, and the Rest of Europe. Germany held the second-largest market share of the payment terminal market in 2020. The e-commerce payment trend is experiencing rapid growth in Germany, thanks to the increasing number of online shoppers. German consumers are opting for digital payment methods such as bank transfers, digital wallets, and credit cards. In the second half of 2021, more than 70% of German consumers shopped through online stores instead of physical stores. When shopping online, most Germans prefer to pay through digital wallets, open invoices, and cards. Furthermore, the adoption of payment terminals is increasing due to advanced security measures implemented by digital wallet and card issuers, as well as merchants, which has instilled trust in users and encouraged them to use payment terminals instead of cash. In addition, in December 2021, S-Kreditpartner, a member of the savings banks finance A German-based group has selected SIA, a prominent European company specializing in payment services and infrastructures, to aid in the introduction of their new FlexiGeld card and enhance the digitalization of the cardholder's experience. As a result, the expanding prevalence of e-commerce platforms and the efforts of key players to promote cashless payment are driving the growth of the payment terminal market.
Impact of COVID-19 Pandemic on Europe Payment Terminal Market
The growth of the payment terminal market was adversely affected by the COVID-19 pandemic. Due to the imposition of lockdowns and social distancing measures, several end-use sectors faced losses in 2020, which led to a reduction in demand for new fixed POS terminals. The global tourism industry, which was a significant source of revenue for POS vendors, suffered losses as a result of the pandemic. Retail, entertainment, and restaurant sectors were severely impacted. However, there was an increase in demand for mobile POS (mPOS) systems in 2020 as they do not require the use of a common terminal.
The report segments the Europe Payment Terminal market as follows:
Based on type, the Europe payment terminal market is segmented into fixed terminal and mobile terminal. Based on enterprise size, the market is segmented into small enterprises, medium enterprises, and large enterprises. Based on end user, the Europe payment terminal market is segmented into retail and consumer goods, restaurants, hospitality, media and entertainment, transportation and logistics, healthcare, and others. Based on country, the market is segmented into Germany, the UK, France, Italy, Spain, Poland, and the Rest of Europe.
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