Point of Sale (POS) Market is Projected to Worth $10 Billion by 2023
Arizton’s recent market research report on the point of sale (POS) market provides comprehensive industry analysis, trend forecasts, and competitive analysis. The research study segments the market 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).
The establishment of mandatory government regulations to switch to chip-based cards and surge in the number of NFC-ready and EMV-compliant mPOS shipment is driving the growth of the market. The rising demand for POS payment terminals from various retail merchants from countries such as the US, China, and India will boost adoption of POS systems in different unorganized markets across the globe.
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The top 3 drivers and trends attributing to the growth of the point of sale (POS) market are discussed below:
Introduction of Mobile Payment Solutions
The advent of mobile or digital wallet that allows customers to make payment for products and services without the requirement of physical card is propelling the growth of the global point of sale (POS) market. The leading retailers are focusing on integrating POS systems with mobile wallets that will help attract new customers and retain the current digital payment users. Some of the widely used digital or mobile wallets used in the market are Google Wallet, Samsung Pay, Android Pay, and Apple Pay. The adoption of POS systems that perform a wide variety of functions such as pricing, customer service, marketing, inventory control, digital signage, and accounting will transform the retail industry and create lucrative investment opportunities for vendors in the global market.
APAC and Africa were the leading regions in the global mobile payment market accounting for around 60% of the total market share combined.
The paradigm shift from paper payment to digital payments will help retails incorporate a wide range of payment options with loyalty programs through POS systems in the global market.
Penetration of EMV−compliant POS Terminals
The benefit of using EMV-compliant cards that help maintain card authentication and provide protection against counterfeit cards will boost the demand in the global point of sale (POS) market. Chip-based payment cards and terminals help provide superior transaction security features. The two different types of chip cards available in the global market are contact and dual-interface. It was estimated that by the end of 2015, around 400 million EMV chips were issued in the US with over 675,000 merchant locations accepting transactions of these cards. The different types of card authentication offered by these systems are static data authentication, dynamic data authentication, or combined dynamic data authentication with application cryptogram generation. The protection offered against payment fraud of EMV-compliant cards will transform the global point of sale (POS) market during the forecast period.
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Increasing Demand for NFC-ready POS
The growing surge of NFC (near field communication) or contactless payment technology which enables electronic transactions is augmenting the growth of the global point of sale (POS) market. The adoption of NFC technology helps increase the speed of the transaction, offers the convenience of usage and interactivity, and assists the integration of contactless payments with smartphones or tablet devices. Additionally, NFC chips embedded in mobile phones allow them to operate as a card reader. According to a survey by Square, around 45% of the millennials in the US uses NFC mobile payment systems. Moreover, the introduction of NFC payment bands developed by Visa and Barclaycard that allow customers to make purchases by using their wrists against a contactless terminal will transform the global market and boost the adoption of these devices in the market.
The leading vendors in the point of sale (POS) market are Ingenico Group, Fujian Newland Payment Technology, PAX Global Technology, and Verifone Systems.
The complete overview of the latest market research report on point of sale (POS) 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.
Check out the updated report Point of Sale (POS) Terminal Market - Global Outlook and Forecast 2020-2025
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