Sep 09, 2019 (AmericaNewsHour) -- The size of POS Terminals Market was anticipated as $50 billion in the year 2017 and is predicted to touch $125 billion till 2024, rising with a CAGR of 13% between the years 2018 to 2024 as per the research done by Global Market Insights, Inc.
Rising technological advancements & innovations in these systems are offering unique solutions to industries for simplifying their business operations. Some of the major technologies that are accelerating the adoption of these systems in the POS terminals market include NFC, EMV, wireless, and contactless terminals. Moreover, the proliferation of the NFC devices is encouraging major players to reinvent and innovate their offerings. The adoption of these NFC-enabled devices in countries such as the U.S., Canada, Germany, and France are growing rapidly. In 2017, it was estimated that the share of NFC devices in North America accounted for about 90% of the overall devices.
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Increasing government regulations and policies to provide a secured platform for the safety of transactions and customer details is driving the POS terminals market growth. Regulatory bodies instruct banks and platform providers to adopt several guidelines framed by the government to reduce the chances of fraud, data breach, and losses. For instance, the Payment Card Industry Data Security Standard (PCI DSS) is one such organization that was developed to increase the control over cardholders’ data for reducing credit card frauds. Such factors are encouraging developers in the POS terminals market to incorporate several advanced technologies that will ensure that the customer & organizational data is secured.
The increasing adoption of mobile terminals for improving the flexibility and efficiency of payment techniques is a major factor accelerating the POS terminals industry growth. The devices offer mobile connectivity and allow store owners to carry such devices closer to the customer locations. Moreover, the rising adoption of the cashless payment techniques among consumers provides a great opportunity for industries to allow their customers to select this flexible mode of payment, thereby improving their satisfaction levels. Extensive adoption of such devices in several application areas including restaurants, hotels, resorts, and food delivery & retail outlets are providing an impetus to the POS terminals market growth.
The retail sector is the most flourishing industry in the POS terminals market, which is experiencing a high adoption rate of devices. Several retail companies such as Walmart, Costco, Kroger, and Tesco are engaged in incorporating smart solutions in their outlets to attract customers and improve their shopping experiences. Moreover, the retail companies are modifying their traditional technologies and transforming their stores through automation, which is expected to propel the POS terminals industry growth. The incorporation of the POS systems in several advanced machines such as self-checkout systems and smart-vending machines is the major factor driving the automated retail store concept.
Biometrics is an advanced technology in the POS terminals market, which is projected to witness high adoption over the coming years. A rise in cybercrimes and concern for data theft will encourage industries to adopt biometric terminals for business operations. The U.S. reported that data breaches and cybercrimes in the country are growing rapidly year-by-year. Such factors are encouraging U.S. market developers to integrate such modern technologies in their offerings to improve the safety of organizational data. Fingerprint scanning devices are the most widely accepted technology in the POS terminals market owing to ease in the authentication of customer details.
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Windows-based devices are witnessing a high adoption in the POS terminals market due to the high compatibility and efficiency of this software platform for operating & managing hardware devices. Moreover, increased user-friendly features are allowing industries to install several applications & devices in their systems, which is a major factor for the high adoption rate of such operating systems. It allows companies to customize their systems based on business operations. Most manufacturers in the POS terminals market are offering Windows devices to provide user-friendly solutions to industries.
Key players operating in the POS terminals market include Ingenico Group, Verifone Holdings Group, NCR Corporation, NEC Corporation, PAR Technology, PAX Technology, Micros Systems, Inc., and Panasonic Corporation, among others.
Some Point from Table of Contents:
Chapter 5 Retail POS Terminals Market, By Component
5.1 Retail POS terminals industry share by component, 2016 & 2024
5.2.1 Global POS hardware market, 2013 – 2024
5.2.2 Global POS hardware market, by region, 2013 – 2024
5.3.1 Global POS software market, 2013 – 2024
5.3.2 Global POS software market, by region, 2013 – 2024
5.4.1 Global POS services market, 2013 – 2024
5.4.2 Global POS services market, by region, 2013 - 2024
5.4.3 Professional services
220.127.116.11 Global professional services market, 2013 – 2024
18.104.22.168 Global professional services market, by region, 2013 - 2024
5.4.4 Support & maintenance
22.214.171.124 Global support & maintenance services market, 2013 – 2024
126.96.36.199 Global support & maintenance services market, by region, 2013 - 2024