POS Terminals Market Growth Predicted at 13% Through 2027: GMI
The North America POS terminals market is expected to witness a significant growth through 2027 owing to the increased adoption of POS terminals in the retail sector.
According to the latest report, "POS Terminals Market by Product (Mobile, Fixed), Component (Hardware, Software, Service), Technology (Biometric, Traditional), Operating System (Windows, Linux, MAC), Application (Restaurants, Hospitality, Healthcare, Retail, Warehouse/Distribution, Entertainment), Regional Outlook, Price Trends, Competitive Market Share & Forecast 2027", by Global Market Insights Inc., the market valuation of POS terminals will cross $140 billion by 2027. The market growth can be attributed to the increasing adoption of POS terminals across hospitality and retail industries to facilitate transactions from a centralized location.
The rising incidents of financial frauds have led to increased acceptance of POS terminals for secure payment transactions. According to Atlas VPN, financial fraud complaints in the U.S. surged by over 104% in the first quarter of 2020 compared to the first quarter of 2019. With the rise in fraudulent activities, the demand for safe and reliable digital transactions has increased. The implementation of EMV-enabled POS terminals helps in reducing payment-related fraud and provides protection against card skimming and counterfeiting.
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The increasing demand for securing information of patients is driving the usage of POS terminals in the healthcare sector. Hospitals, clinics, and diagnostic labs are shifting toward secure and user-friendly payment options to comply with stringent government regulations. For instance, the Health Insurance Portability and Accountability Act (HIPAA) requires healthcare professionals to protect sensitive patient information from being disclosed without their consent. POS terminals provide a safe environment for patients to complete their transactions.
The North America POS terminals market is expected to witness a significant growth over the forecast time period owing to the increased adoption of POS terminals in the retail sector. Leading retailers, including Walmart Inc., Amazon.com Inc., and Costco Wholesale Corporation, are expanding their presence to remain competitive in the market. For instance, in July 2020, Walmart Inc. announced plans to invest USD 3.5 billion to upgrade its distribution and enhance in-store experiences in Canada. The expansion of retail outlets will considerably accelerate the acceptance of POS terminals for secure and convenient payment transactions.
Key players operating in the POS terminals market include Ingenico Group, NCR Corporation, NEC Corporation, VeriFone Inc., PAR Technology Corporation, and Posiflex Technology, Inc. As coronavirus can be transmitted via payment terminals, the companies operating in the market are helping customers to keep POS terminals clean.
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Some major findings of the POS terminals market report are:
- The increasing demand for advanced systems that can integrate with CRM and other financial solutions of companies will support the market expansion. The implementation of integrated POS and CRM systems allows companies to streamline sales and marketing operations as well as save time and cost.
- Over the past few years, the POS terminals market has grown significantly with the technological innovations in the payment industry. POS terminals are observing high adoption among businesses to improve ease of access and increase return on investment while facilitating payment transactions.
- The rising number of smartphone users has driven the usage of mobile POS terminals among several industry verticals. The customers are shifting toward mobile payments due to their convenience and safety in performing payment transactions.
- The improving economic conditions in the Asia Pacific coupled with government initiatives toward cashless transactions in countries such as China, India, Japan, and South Korea will support the industry growth.
Table of Contents (ToC) of the report:
Chapter 3 POS Terminals Market Insights
3.1 Industry segmentation
3.2 Impact of coronavirus (COVID-19) pandemic
3.2.1 Global outlook
3.2.2 Regional outlook
3.2.3 Industry value chain
3.2.4 Competitive landscape
3.3 Industry ecosystem analysis
3.4 Technological & innovation landscape
3.4.1 Biometric recognition technology
3.4.2 Countertop POS
3.4.3 Wireless POS terminals
3.4.4 Connected vs standalone POS terminals
3.4.5 IoT technology
3.4.6 Smart card/EMV chip card capabilities
3.4.7 NFC technology
3.4.8 PIN on glass
3.5 Regulatory landscape
3.6 Industry impact forces
3.6.1 Growth drivers
3.6.2 Industry pitfalls & challenges
3.6.2.2 Data security breaches
3.7 Growth potential analysis
3.8 Porter's analysis
3.9 PESTEL analysis
Browse the Complete Table of Contents (ToC) @ https://www.gminsights.com/toc/detail/point-of-sale-pos-terminals-market.
About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision-making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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Original Source: POS Terminals Market Revenue to Cross USD 140 Bn by 2027: Global Market Insights Inc.
