Outdoor Payment Terminals Market

Market Synopsis:

The Global Outdoor Payment Terminals Market is valued at USD 819.5 Million in the year 2021 and is projected to reach a value of USD 1236.7 Million by the year 2028. The Global Market is anticipated to grow to exhibit a Compound Annual Growth Rate (CAGR) of 6.80% over the forecast period.

Outdoor Payment Terminals (OPTs) are unattended payment terminals that allow clients to conduct secure and quick transactions using contact or contactless payment methods. However, merchants are quickly adopting OPTs to enable safer payments due to the growing need to limit the use of payment systems that need physical touch. As a result, OPTs system vendors are expected to see exponential expansion in their customer base over the projected period. The market is growing because of increased smartphone usage, cloud-based solution acceptance, and customer need for faster payment settlements.

High implementation costs and increased market rivalry, on the other hand, are projected to stifle market expansion. On the contrary, the surge in internet-of-things (IoT) adoption can be viewed as an opportunity for outdoor payment. Furthermore, alternative payment methods such as contactless or mobile payments via digital wallets are also projected to boost market growth.

Additionally, the integration of clever algorithms to make speedy payments at NFC-enabled terminals utilizing smartphones and the untapped potential of emerging economies are projected to offer attractive prospects to solution providers over the projection period. Numerous firms across the globe are working on adopting next-generation payment solutions as these solutions enable users to complete fundamental financial activities efficiently. Furthermore, self-service payment technology providers collaborate with other businesses to improve their offers and customer experience.

Market Segmentation:

The Outdoor Payment Terminals Market is segmented based on Deployment Modes, End-Users, and Region. Based on Deployment Modes, the market is sub-segmented as Cloud and On-Premises. Based on End-Users, the market is further sub-segmented as BFSI, Retail, E-Commerce, Energy, IT & Telecommunication, and Utilities.

Based on Deployment Mode:

Based on Deployment Mode, the On-Premises sub-segment holds the significant share in the market during the forecast period. On-Premises Outdoor Payment Deployment Mode gives enterprises complete control over apps and systems, which are readily managed by the organizations IT staff. Furthermore, the increased frequency of financial crimes because of the COVID-19 pandemic is one of the critical causes driving organizational demand for On-Premises solutions. To strengthen their market presence, players offering payment processing solutions focus on mergers & acquisitions and collaborations.

Based on End Users:

Based on End-Users, the BFSI sub-segment is anticipated to grow at the highest rate during the forecast period. The growing demand for digital remittances for cross-border and domestic transactions is prompting banks to implement Outdoor Payment Systems. To add to this, banks are improving their offerings to compete with digital payment solution providers such as Google, Amazon, and Facebook. One of the primary drivers driving category growth is the increasing adoption of mobile-based payment solutions for retail payments among customers.

North America is Anticipated to Expand at a Highest CAGR During the Forecast Period

North America is accounted to grow at the highest Compound Annual Growth Rate (CAGR) during the forecast period. Factors such as increased deployment and technological advancements in intelligent parking meters boost the regional market. In addition, banks in North America are working on launching an American payment initiative that will create a unified payments solution for retailers and consumers throughout the continent. Over the projected period, such initiatives are expected to generate new development prospects for the market. Furthermore, the Italian governments digital drive to expand electronic payments in the country is propelling regional market growth over the upcoming years.

Competitive Landscape:

The key players in the Global Outdoor Payment Terminals Market include- ACI Worldwide Inc and others.

Segmentation of the Global Outdoor Payment Terminals Market: