The global outdoor payment terminal market is anticipated to garner US$ 4 Billion while expanding at a CAGR of 10% during the forecast period. The market is estimated at US$ 900 Million in 2021 and to US$ 1.5 Billion in 2022. Decreasing prices of consumer peripherals devices are expected to play a salient role in driving the market during the forecast period.
Consumers in emerging nations are increasingly adopting smartphones and mobile payment methods, which is projected to increase demand for OPT. This is because, by employing NFC-enabled terminals, consumers can make purchases fast and securely using mobile payment programmes provided by providers such as Samsung Pay, Apple Pay, and Google’s Android Pay.
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Furthermore, the fast use of OPTs by a variety of companies, including restaurants and petrol stations, is likely to boost the market’s outlook. The OPTs are linked to payment gateways, which help businesses, reduce maintenance and increase service uptime.
Customers may use the OPTs to access facilities such as vehicle washes and petrol stations around the clock. It also helps to avoid congested situations at petrol stations and vehicle wash facilities, minimizing the time spent waiting for entry. The terminals are redundant, allowing for continuous and uninterrupted operation around the clock without the need for operator intervention. Furthermore, OPTs provide EMV and PCI-compliant services while maintaining a consistent level of connectivity, making them anti-tamper, anti-vandalism, and anti-fraud devices.
Key Takeaways from the Market Study
· Global outdoor payment terminal market value to experience 2.6x from 2022-2032
· By application, outdoor payment terminals for refuel to account for 42% of global demand in 2022
· 38% of outdoor payment terminals to be deployed for the carwash industry
· By type, contact outdoor payment terminal to retain dominance, accumulating 2/3rd market value
· U.S to emerge as one of the most opportunistic market, accounting for 33% revenue
· China to be the fastest growing market in the Asia Pacific, registering a 9.7% CAGR
“Millennials and Generation Z are open to new technology and prefer digital-based payments. As a result, the increasing number of millennials and Generation Z is likely to open up new potential for market growth,” remarks an FMI analyst.
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Competitive Landscape
Companies in the outdoor payment terminal industry strive to improve their product offerings in order to obtain a competitive advantage. As a result, players are spending on research and development to differentiate their products from competitors. To improve the user experience, OPT providers aim to include features like as multi-language and loyalty programs, among others, into their devices. Among the key companies in the outdoor payment terminal markets are:
· NCR Corporation
· Gilbarco Inc.
· Invenco Group Ltd.
· Verifone, Inc.
· Dover Fueling Solutions
· Scheidt & Bachmann GmbH
· Apple Inc.
· Temenos AG
· Capgemini SE
· Finastra Group Holdings Limited
Recent key developments among players are:
· In February 2022, Invenco and FuelMedia TV entered into a strategic partnership. The collaboration leverages G7- and G9-Invenco pay-at-pump terminals, which give clients HD touch screens that enable sound, full sight, and motion video on a variety of screen sizes.
· In July 2022, Dover Fueling Solutions (“DFS”), a subsidiary of Dover and a leading global provider of advanced customer-focused technologies, services, and solutions in the fuel and convenience retail industries, has announced the introduction of several fuel dispenser models, a new point-of-sale (POS) system, and a next-generation automatic tank gauge (ATG) console.
· In January 2022 – NCR Corporation, a worldwide corporate technology company, announced that the previously announced acquisition of LibertyX, a prominent cryptocurrency software supplier, had been completed. LibertyX is an excellent strategic fit for NCR because it accelerates NCR’s ability to quickly deliver a complete digital currency solution to its customers, including the ability to buy and sell cryptocurrency, conduct cross-border remittance, and accept digital currency payments across digital and physical channels.
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Key Segments Covered in the Outdoor Payment Terminal Industry Survey
Outdoor Payment Terminal Market by Type:
- Contactless Outdoor Payment Terminal
- Contact Outdoor Payment Terminal
Outdoor Payment Terminal Market by Application:
- Outdoor Payment Terminals for Refuel
- Outdoor Payment Terminals for Carwash
- Outdoor Payment Terminals for Malls
- Outdoor Payment Terminals for Other Applications
Outdoor Payment Terminal Market by Region:
- North America Outdoor Payment Terminal Market
- Europe Outdoor Payment Terminal Market
- Asia Pacific Outdoor Payment Terminal Market
- Latin America Outdoor Payment Terminal Market
- Middle East & Africa Outdoor Payment Terminal Market
About Future Market Insights, Inc.
Future Market Insights, Inc. is an ESOMAR-certified business consulting & market research firm, a member of the Greater New York Chamber of Commerce and is headquartered in Delaware, USA. A recipient of Clutch Leaders Award 2022 on account of high client score (4.9/5), we have been collaborating with global enterprises in their business transformation journey and helping them deliver on their business ambitions. 80% of the largest Forbes 1000 enterprises are our clients. We serve global clients across all leading & niche market segments across all major industries.
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