POINT-OF-SALE (POS) TERMINALS MARKET IS PREDICTED TO REACH US.04 BN BY THE EN
Posted by chaitali gawande on September 27th, 2019
According to a new research report by Transparency Market Research (TMR), a leading market research and intelligence firm, the global point-of-sale (POS) terminals market is reporting a considerable increase in its valuation. The increasing uptake of mobile POS in the hospitality and retail sectors is the key factor behind the growth of this market.
According to TMR, the global point-of-sale (POS) terminals market will proliferate at an impressive CAGR of 12.90% during the period from 2018 to 2026. The opportunity in this market is predicted to reach US.04 bn by the end of the forecast period. On the flip side, the lack of awareness among consumers, especially in developing countries, may limit the usage of POS terminals in the years to come. Nonetheless, the low total cost of ownership (TCO) in comparison with conventional payment channels will balance the effects of these hindering factors in the long run. Apart from this, the advent of multimodal payment systems, such as card payment and cashless payment systems, is also expected to support the worldwide point-of-sale (POS) terminals market, states the research report.
North America Continues to Lead Global Point-Of-Sale (POS) Terminals Market
On the geographical basis, the worldwide point-of-sale (POS) terminals market reports its presence across North America, Europe, the Middle East and Africa, Latin America, and Asia Pacific. North America has been leading the global market, thanks to the significant uptake of POS terminals across a number of industries, such as entertainment and retail. Researchers predict this regional market to continue on the top throughout the forecast period, owing to the high demand for POS solutions across the U.S. and Canada. The significant rise in retail stores casinos, and quick service restaurants in this region is fueling the demand for POS terminals, states the research report.
Among other regional point-of-sale (POS) terminals markets, Europe and Asia Pacific are projected to witness a sizeable rise in their market spaces. While the Europe point-of-sale (POS) terminals market is benefitting from the increasing compliance requirements due to the rising penetration of MasterCard, EuroPay, and Visa (EMV), Asia Pacific is gaining from rapid commercialization. The expansion of the retail and the hospitality sectors is also expected to support the Asia Pacific point-of-sale (POS) terminals market in the years to come, reports the study.
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Leading Players to Focus on Integrating Advance Features in Products
The global point-of-sale (POS) terminals market is witnessing a high level of competition among leading players. The presence of a large pool of players has kept the business landscape fragmented while the continued entry of new participants is adding significantly to the increasing level of competition. Panasonic Corp., Ingenico S.A., Toshiba Corp., PAX Technology Ltd., NEC Corp., MICROS Systems Inc., Cisco Systems Inc., VeriFone Systems Inc., Hewlett-Packard Co., and Samsung Electronics Co. Ltd. are some of the prominent players in this market. These companies are focusing on incorporating advanced features, such as sensors and data theft security systems, in their products to improve their presence in the global market.
Moving forward, these players are projected to shift their focus on developing markets with untapped potential opportunities. The market is undergoing an increased influx of new participants, especially software providers, which is likely to intensify the competition in this market over the next few years. The key companies may engage into strategic collaborations with smaller players to cut this competition in the near future, reports the market study.
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Joined: May 14th, 2019
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