The global POS terminals
market is expected to reach USD 113.27 billion by 2024,
according to a new report by Grand View Research, Inc. The introduction of
chip-embedded payment cards and personal identification number (PIN) has
minimized security concerns relating to sensitive data theft, which is
projected to drive the POS industry over the forecast period.
These terminals have a range of applications including
inventory management, printing bills, payments, and carrying out loyalty
programs, thus leading to their increasing adoption across various end-use
verticals. They offer efficient flow control coupled with customer
satisfaction, which is expected to favorably impact the consumption.
The ubiquitous wireless connectivity, including
Bluetooth, combined with the availability of peripheral devices, card readers,
scanners, mobile printers, and multiple platform support, is projected to drive
demand over the forecast period.
The widespread affordability and availability of
smartphones and tablets have witnessed a considerable increase over the past
few years. It is estimated that across the globe, the number of smartphone and
tablet users would reach over 6 billion and 1.40 billion respectively by 2020,
thus driving demand for the POS products.
The industry is steadily migrating toward the digital
format with electronic signature capture and e-mail receipts, enabling
paper-free transactions and consequently, offering lucrative growth
opportunities by 2024. However, the migration of the global payment industry
toward more secure chip card technology can hamper the demand.
Access
Full Research Report by Grand View Research: http://www.grandviewresearch.com/industry-analysis/point-of-sale-pos-terminals-market
Further
key findings from the study suggest:
- In 2015, the fixed POS terminal accounted for over
70% of the revenue share. However, the low-cost availability of mPOS
terminals has made them a feasible payment acceptance solution for the
business owners. In the U.S., restaurants outlets are increasingly
embracing tablets (iPad or non-iPad based POS) as a preferred mode of
conducting transactions.
- The mobile point-of-sales industry is expected to
reach over USD 55 billion by 2024. These products are primarily used for
better user experience and mobility, making use of technologies such as
GPRS, 802.11, CDMA, and Wi-Fi for communication.
- The hardware segment accounted for a share of
over 89% and had further been projected to remain the largest revenue
contributor to the POS terminals industry. The software segment, on the
other hand, is expected to witness a significant demand by 2024.The
growing need for customized systems, facilitated with the help of the POS
software, is expected to be the key growth opportunity for companies
operating inthe industry.
- The healthcare sector is estimated to offer
prominent growth opportunities, growing at a CAGR of nearly14.0% from 2016
to 2024. The growing need to streamline payment practices is determined to
drive demand across this sector.
- The retail sector is projected to reach over USD
30.5 billion by 2024. The ability of mobile POS for collecting customer
data and storing it in a CRM, as well as up-selling and cross-selling
along with payment processing, are some of the key factors driving demand
for the mPOS terminals across the retail sector.
- The Asia Pacific POS terminals market is
projected to grow at a CAGR of 13.6% from 2016 to 2024. China’s banking
industry is accelerating the migration of EMV from magnetic stripe cards
to IC cards, thus driving demand across this region. Over 40% of India’s
mobile users use smartphones for online banking and financial activities,
offering prominent growth opportunities.
- Notable companies operating in the POS terminals
market include Toshiba Corporation, Panasonic Corporation, Samsung
Electronics Co Ltd., Verifone Systems, Ingenico S.A, and PAX Technology.
The industry is characterized by the extensive R&D investment in order
to obtain a competitive advantage, which is expected to result in frequent
acquisitions and strategic alliances.
Browse more reports of this category
by Grand View Research: http://www.grandviewresearch.com/industry/communication-services
Grand View Research has segmented the POS terminals
market on the basis of product, component, application, and region:
POS Terminals Product Outlook
(Revenue, USD Million, 2013 - 2024)
- Fixed
- Mobile
POS Terminals Component Outlook
(Revenue, USD Million, 2013 - 2024)
- Hardware
- Software
POS Terminals Application
Outlook (Revenue, USD Million, 2013 - 2024)
- Restaurants
- Hospitality
- Healthcare
- Retail
- Warehouse
- Entertainment
POS Terminals Regional Outlook
(Revenue, USD Million, 2013 - 2024)
- North America
- U.S.
- Canada
- Europe
- Germany
- UK
- Asia Pacific
- China
- India
- Japan
- Latin America
- Brazil
- Mexico
- MEA
Access press release by Grand View
Research: http://www.grandviewresearch.com/press-release/global-point-of-sale-terminals-market
About Grand View Research
Grand View Research, Inc. is a U.S.
based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides syndicated
research reports, customized research reports, and consulting services. To help
clients make informed business decisions, we offer market intelligence studies
ensuring relevant and fact-based research across a range of industries, from
technology to chemicals, materials and healthcare.
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