POS Market in APAC is Estimated to Worth $5 Billion by 2023
Arizton’s recent market research report on the global POS market identifies Ingenico Group, Fujian Newland Payment Technology, PAX Global Technology, and Verifone Systems as the leading vendors that are likely to dominate the market during the forecast period. This research report provides detailed analysis of market segmentation by product format (fixed POS and mobile POS (mPOS)), by compliance (EMW and non EMV), by NFC technology (NFC-ready and No NFC), by end-users (retail, restaurants, warehouse & distribution, entertainment, healthcare, and hospitality), and by geography (APAC, Europe, North America, Latin America, and MEA).
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The point of sales (POS) market is divided into five major segments that include by product format, by compliance, by NFC technology, by end-user, and by geography. The top three segments are discussed in detail below:
APAC to occupy the largest market share in the global POS market during the forecast period
The global POS market by geography is segmented into APAC, Europe, North America, Latin America, and MEA.
APAC dominated the market share in 2017 and is expected to grow at a CAGR of more than 11% during the forecast period.
The increasing number of government initiatives to promote a digitalized economy in various emerging countries such as India will propel the growth of the market in the APAC region. The growth and development of the retail, hospitality, healthcare, and restaurant industries in the region will boost the demand for point of sales (POS) systems in the APAC market. China, India, and Japan are the largest revenue contributors in the APAC market. The development of lifestyles in countries such as Vietnam, Thailand, and Indonesia will, in turn, boost the demand for POS systems in the region. Additionally, the proliferation of mPOS terminals will have a positive impact on the market in the APAC region.
mPOS terminals to grow at the fastest CAGR in the global POS market during the forecast period
The product format segment in the global POS market is classified into fixed POS and mPOS. The mPOS format was the fastest growing segment of the market at a CAGR of close to 21% during the forecast period. The acceptance of secure EMV cards and superior security adherence will propel the growth of this product segment in the global market. mPOS terminals offer increased efficiency and integrate with smartphone applications that help in organizing data and retrieval. The leading vendors in the market are providing integrated services such as customer-centric promotions at POS terminals, loyalty programs, member registration, e-receipts, facilitation of digital signage, self-checkout centers to attract new consumers and gain a larger share in the global market during the forecast period.
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EMV POS terminals to grow at a significant CAGR the global POS market during the forecast period
The global POS market by compliance is segregated into EMW and non EMV. EMV POS terminals are a fastest growing segment of the global market at a CAGR of close to 13% during the forecast period. The implementation of mandatory government regulations in countries such as the US the use of chip-based cards will augment the growth of the EMV POS terminal segment in the global market. These devices are specifically designed to initiate smart card payments that offer easy and convenient transactions. Moreover, EMV cards have embedded microprocessors which provide strong transaction security features. Such benefits of using chip-based cards will transform the retail industry and reduce the risk of payment frauds. It was estimated that in 2016, about 40% of the retailers were able to process EMV payments in the US.
The other prominent players in the global POS market are BBPOS, Bitel, Castles Technology, Centerm, Dspread Technology, Hangzhou Sunyard, Nexgo (Shenzhen Xinguodu Technology), New POS Technology, Spire Payments, and SZZT Electronics.
The complete overview of the latest market research report on point of sale market by Arizton is now available.
The report also offers a detailed study of major trends, drivers, challenges, and also provides the market size and forecast for major geographical regions and key countries.
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