Rising growing e-commerce sector coupled with the focus on digitalization and increasing demand for transparency in the payment systems is driving the POS terminal market across the globe. Moreover, the rise in the usage of visa cards, master cards and euro cards in driving the global POS market.
Also, numerous transaction on day to day basis between the government, agencies, and businesses and the payments through debit or credit cards for the transparency and security is boosting the global POS terminal market. In addition, the support of the government to the digital payment system to reduce corruption and black money across the globe is driving the global POS terminal market.
Emerging m-banking services and Mobile Wallet drive the Market
The emerging trend of cashless transactions across the globe is supporting the global POS terminal market to grow. According to Federal Deposit Insurance Corporation (FDIC), out of all the payments made in 2017, cash payments were 30% and rest 70% payments were done by cashless transactions. Moreover, due to the emerging trend of “NO cash accepted” in Europe made end-users to switch to the digital network. Therefore, contributing to the global POS terminal market.
According to MarkNtel Advisors’ research report, “Global Point of Sales (POS) Terminal Market Analysis, 2020”, global POS terminal market is forecasted to grow at a CAGR of around 8.72% during 2020-25 due to the rising digital payment for better transparency in the sectors such as retail, healthcare, and financial institutions.
In 2019, the APAC region grabbed the major market share global POS terminal market on account of counterfeit banknotes in China and Japan. Moreover, the government of India is promoting the digital payment to curb black money, money laundering and corruption. Moreover, the rise in mobile payments across the globe is increasing rapidly due to easy operations. Moreover, According to Deloitte, the number of card payments transactions per capita in on a continuous rise in the countries Nordic countries. Moreover, according to the People Bank of China, the number of active bank cards in china increased by 13% in 2019 as compassion to 2017.
Government support to stimulate the Global POS terminal Market
The support of the government for the cashless transactions across the globe is emerging as a growth driver for the global POS terminal market. Moreover, to support the cashless transaction in the country in 2019 the government of Australia announced the expansion of cashless welfare cards (introduced in 2016) to support the cashless transactions. Moreover, the government of India announced several m-payment applications such as IMPS (Immediate Payment Service), NEFT (National Electronic Fund Transfer), UPI (Unified Payments Interface) for the cashless transaction. Moreover, the government set a target for banking to deploy 20 lakhs physical and mobile POS in the financial year 2018-2019.
Launch of Technologically Advanced Product to Boost the Competition
According to MarkNtel Advisors, the POS terminal companies across the globe are focusing on technology to provide technologically upgraded products due to which companies are giving stiff competition to each other.
The players Ingenico S.A. Group, PAX technology, Crisco system, NEC Corporation, NCR Corporation, and Toshiba grabbed the major market share in 2019. For instance, the Net element, provider of POS terminals launched “Netevia Light POS” a mobile payment software on the smart terminals in 2018 and in the same year the company launched smart POS tablets that work as a smartphone as well as w provide secure payment solutions.
“Global Point of Sales (POS) Terminal Market Analysis, 2020” provides comprehensive qualitative and quantitative insights on the market potential, key factors impacting market growth, hotspots and opportunities available for POS terminal providers across the globe. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitor's capabilities on 16 parameters. This will help companies in the formulation of Go to Market Strategies and identifying the blue ocean for its offerings.
1. By Product Type (Fixed, Portable, m-POS)
2. By Mode of Deployment (On premise, Cloud)
3. By EMV Compliance (EMV, Non EMV)
4. By Industry (Retail, Travel & Hospitality, Media & entertainment, Healthcare, Education, Others)
5. By Region (North America, South America, Europe, Asia-Pacific, Middle East and Africa)
6. By Competitors (Ingenico, VeriFone Systems, Fujian Newland Payment Technology, Centerm Information Co, PAX Technology, etc.)
Key questions answered in the study:
1. What are the current and future trends in global POS terminal market?
2. How the market has been evolving in terms of end-user demand and application areas?
3. How the competition has been shaping across the countries followed by their comparative factorial indexing?
4. What are the key growth drivers and challenges for global POS terminal market?
5. What are the customer orientation, purchase behavior, and expectations from the global POS terminal provider across various regions?