Published on : Apr 17, 2017
Albany, New York, April 17, 2017: The report includes an extensive coverage of all the important aspects of the global point of sale (POS) terminal market. The global POS terminal market is largely driven by the growing e-commerce sales and the robust growth of the retail and hospitality sector across the world. To save themselves from fraudulence, retailers and hoteliers are increasingly relying on highly secured technology such as EMV cards and contactless RFID cards. Moreover, the burgeoning shipments of NFC-enabled handsets and proliferation of smartphones are stoking the growth of the market. However, non-compliance to payment card industry (PCI) and risk related to data security are some of the factors keeping the market from realizing its utmost potential. However, the increasing reliance on cloud-based POS and the growing trend of mobile wallets are creating ample growth opportunities for the market.
On the basis of components, the global POS terminal market is segmented into software and hardware. Software is anticipated to post a noteworthy CAGR during the review period, owing to the rising penetration of mobile phones. Based on application, the market is divided into grocery, hospitality, field service, healthcare, retail, and restaurants. Retail will account for a large share in the market. The increasing focus towards operational efficiency and restructuring the workflow is contributing the growth of the segment.
On the other hand, the healthcare segment will exhibit a remarkable CAGR during the same period. The growth of the segment can be attributed to the improving healthcare infrastructure coupled with the increasing consumer spending. In terms of product, the preference for wireless POS terminal will increase sharply in the forthcoming years, due to their low cost, ease of use, and enhanced mobility.
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Geographically, the U.S. holds a significant share in the market, which led to a prominent position of the U.S. and Canada region. Stringent government measures towards minimizing security breaches and transaction related frauds are prompting a shift towards advanced EMV and NFC-enabled devices, which in turn is supplementing the growth of the market in the region. Moreover, the growing number of retail stores, casinos, and quick service restaurants and the booming trend of mobile wallets are providing a significant boost to the growth of the region.
Asia Pacific is expected to witness tremendous growth over the forthcoming years. The growth of the region can be attributed to the modernization of the retail sector in emerging countries such as China and India and the proliferation of smartphones.
The majority of participants in the global POS terminal market are focusing towards offering advanced solutions to mitigate increasing threats of security-related risks across various industrial verticals. Companies are also involved in collaborating with the third parties to enhance their visibility and maximize profit. Some of the prominent global participants in the market are Toshiba Tec Corporation, Ingenico Group, NCR Corporation, Verifone Systems Inc., Cisco Systems, and PAX Global Technology Limited.
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