SELBYVILLE, Delaware, January 7, 2019 /PRNewswire/ --
The point of sale (POS) terminal market shipments were estimated to be around 45 million units and are expected to witness 17% CAGR from 2018 to 2024, according to a latest Global Market Insights, Inc. report. The worldwide POS terminal industry revenue will surpass USD 125 billion by 2024.
In 2017, fixed terminals accounted for around 75% of the overall shipments in POS terminal market and are witnessing a high adoption. These terminals process payments using PIN and chip and are also equipped for swipe and sign payments. A high adoption of these systems in brick & mortar retail outlets and restaurants to serve customers effectively is providing an impetus to the market growth. Moreover, the manufacturers are integrating several advanced solutions into these systems such as EMV card reader, barcode scanner, and RFID reader, to enhance the features and functionality of terminals.
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In the point of sale terminal market, the restaurant industry is projected to witness a high adoption of these systems and is anticipated to expand at a CAGR of around 16% over the forecast timespan. Several restaurant owners in the U.S. have started using systems such as tablets and digital kiosks to display menu, place orders, and for receiving payments, helping them to increase the operational efficiency and enhance the customer experience. Moreover, companies including Square, Inc. and Sr. Pago have developed systems that convert smartphone or tablet to a mPOS terminal and accept card payments. The adoption of such terminals is increasingly being witnessed across several restaurants as they are cheaper and more user-friendly, thereby driving the market demand.
The adoption of traditional systems in the POS terminal market is high compared to biometric systems. In 2017, biometric technology accounted for less than 10% of the industry share and is the most advanced technology in the market. It has comparatively lesser adoption due to the unawareness and high costs associated with the replacement of the traditional systems. However, biometric terminals will witness a high adoption over the forecast timeline owing to several benefits such as authentication and identification features offered by the technology. In India, Aadhar-based POS terminals are being rolled out, which will escalate the demand for biometric devices. These devices offer secure transactions, protecting retailers and customers against fraudulent transactions. Such factors are encouraging several companies to adopt these systems, driving the biometric POS terminal market.
Browse key industry insights spread across 410 pages with 495 market data tables & 37 figures & charts from the report, "POS Terminals Market Size By Product (Mobile, Fixed), By Component (Hardware, Software, Service), By Technology (Biometric, Traditional), By Operating System (Windows, Linux, MAC), By Application (Restaurants, Hospitality, Healthcare, Retail, Warehouse/Distribution, Entertainment), Industry Analysis Report, Regional Outlook (U.S., Canada, Mexico, UK, Germany, France, Italy, Russia, China, India, Japan, South Korea, Brazil, GCC, South Africa), Application Potential, Price Trends, Competitive Market Share & Forecast, 2018 - 2024" in detail along with the table of contents:
The (POS) point of sale terminal market is predicted to experience a high demand for the Mac OS over the coming years due to the increased data security and ease in use. The OS provides users a secure platform, which will protect the sales and customer data from virus attacks and data breaches. Moreover, several users are preferring Mac OS over Linux OS owing to its high compatibility with the hardware devices in the system. It also relieves the users from managing the updates of the drivers as compared to the Windows and Linux platforms that need periodical updates of system drivers. The players are offering Mac-based systems to their clients to improve their sales management, thereby accelerating the market growth.
The Europe POS terminal market is witnessing a high growth due to the adoption of several government regulations that are developed to support the advanced technologies for enhancing the security of the transactions & customer details. For instance, security guidelines are being developed for the adoption of EMV-enabled transaction processing in the industries. The companies installing such technologies need to follow guidelines that are developed by the regulatory bodies. Moreover, the strong presence of major players, which are engaged in offering innovative solutions to the customers is a major factor accelerating the market growth.
Key players in the point of sale terminal market are Diebold Nixdorf, Toshiba Corporation, NEC Corporation, Panasonic Corporation, VeriFone Systems, Inc., NCR Corporation, Micros Systems, Inc., Ingenico Group, BITEL Co., PAR Technology Corporation, PAX Technology, Inc., and POSIFLEX Technology, among others. These players are competing in the market by expanding their business operations globally and developing innovative solutions that are incorporated with advanced technologies such as EMV and NFC. Certifications and compliances must meet the terms set by government & telecom companies. This has led most of the retailers to change to new POS systems from their current POS systems, helping them comply with the certifications and compliances.
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