According to forecasts, the outdoor payment terminal market is expected to be US$ 1,679.0 million in 2023 and US$ 4,529.5 million by 2033.
Demand for OPT is high among consumers in emerging nations as they adopt cell phones and mobile payment methods more regularly. This is because customers rapidly and securely make purchases utilizing mobile payment programs supplied by competitors like Apple Pay, Samsung Pay, and Google’s Android Pay using NFC-enabled terminals.
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The need for smart payment systems like OPT is being driven by the following:
- The growing use of smartphones
- Consumer awareness of online payments
- Face recognition
- Fingerprint software for smartphones
- The accessibility of online groceries, clothes, and electrical items.
Users have increased customer trust by securing information by providing a layer of authentication to payment gateways. However, the market’s expansion needs to be improved by the high cost of real-time payment solution components and the expense of integrating payment gateways.
A big expense component is the installation of tight security to safeguard the interests of others. These are the key factors that both public and private enterprises need for technology to be constrained.
Key Takeaways
- By 2033, the outdoor payment terminal market in the United Kingdom is likely to expand, with a CAGR of 8.2%.
- In 2022, the United States developed the outdoor payment terminal business with a share of 15.6%.
- The outdoor payment terminal market grew considerably to US$ 1,543.2 million in 2022.
- The outdoor payment terminal sector expanded at a CAGR of 8.3% from 2018 to 2022.
- By 2033, China’s outdoor payment terminal market is projected to develop with a CAGR of 12.2%.
- By 2033, India’s outdoor payment terminal industry is projected to expand with a CAGR of 14.3%.
- Japan’s outdoor payment terminal industry expanded significantly, with a 6.4% share in 2022.
- Australia’s outdoor payment terminal sector expanded with a share of 3.2% in 2022.
- Germany’s outdoor payment terminal business grew, with a share of 9.4% in 2022.
- In 2022, the contact outdoor payment terminals segment dominated the market, with a share of 52.4%, based on type.
- In 2022, the outdoor payment terminals for malls dominated the market, with a share of 27.8%, based on application.
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Competitors Winning Strategies
Outdoor payment terminal businesses glorify their product offerings to achieve a high market share. Players are spending on research and development initiatives; as a result, to maintain their products distinct from those of their rivals. To improve their customers’ experiences, OPT providers work to incorporate features into their devices, including loyalty programs and multi-language support, among others.
Recent Development:
- Invenco and FuelMedia TV joined together in a strategic partnership in February 2022. The partnership makes use of G7- and G9-Invenco pay-at-pump terminals, providing consumers with HD touch displays with sound, full vision, and motion video on several screen sizes.
- NCR Corporation, a global provider of business technology, declared in January 2022 that the previously announced acquisition of LibertyX, a well-known provider of Bitcoin software, had been completed.
Key Segments
By Type:
- Contactless Outdoor
- Contact Outdoor
By Application:
- Refuel
- Car Wash
- Malls
- Other Applications
By Region:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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Author:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client’s requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
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