May 07, 2020
According to the research report titled ‘POS Terminals Market Size By Product, By Component, By Technology, By Operating System, By Application, Industry Analysis Report, Regional Outlook , Application Potential, Price Trends, Competitive Market Share & Forecast, 2018 – 2024’, available with Market Study Report LLC, worldwide POS terminals market is expected to surpass USD 125 billion by the year 2024.
Advancements in POS terminals have allowed for development of distinctive solutions which simplify business operations. Rising adoption of NFC devices has encouraged key industry players to develop innovative solutions, which in turn is a major factor driving POS terminals market growth. Favorable government reforms which offer a secured platform for safe transactions will further aid the market expansion.
Strict regulatory scenario has compelled service providers and banking institutes to follow various guidelines to minimize the risk of losses, data breach and fraud. Widespread usage of mobile terminals for enhancing the efficiency and flexibility of payment techniques is stimulating the industry outlook. Growing inclination towards cashless payment solutions across retail, food outlets, resorts, hotels and restaurants is fostering the demand for POS terminals.
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In terms of technology, biometric segment is estimated to witness lucrative growth in the forthcoming years. Rising concerns regarding data theft and increased pervasiveness of cybercrimes have boosted the demand for biometric terminals.
Based on the application spectrum, POS terminals market share from retail sector is expected to register significant growth during the projected timeframe. Various retail companies are focusing on integrating smart solutions in order to improve the consumer experience. Rising adoption of automation solutions like smart vending machine and self-checkout system across retail sector is favoring the business scenario.
The major contenders in global POS terminals market are Panasonic Corp., Micros Systems Inc., PAX Technology, PAR Technology, NEC Corp., NCR Corp., Verifone Holdings and Ingenico Group among others.