Global POS terminal market Overview:
The point-of-sale (POS) terminal is expecting to reach USD 1.3 billion by 2022. POS is a payment service that includes hardware and software options. The retail sector is in need of advanced technologies for POS terminal to offer an interactive experience to the customers. The POS terminal market is swiftly gaining demand in developed and developing countries.
Global POS terminal market – Drivers and Restraints:
The secured payment is the major factor that drives the growth of POS terminal market. The advanced technologies like end-to-end encryption which provides secure and convenience payment to the customer is accelerating the demand for this market. The latest trend in POS terminal is contactless payment, where the payment is done in a very less time as issued card will have a unique special symbol and can be scanned using a contactless payment reader that improves convenience and security in payment. The chip embedded payment cards and Personal Identification Number (PIN) minimized the issues over data theft, which is also a demanding factor for the growth of POS terminal market over the forecast period. The POS terminals provide lower cost and better reliability to the end users, hence boosting up the demand. Moreover, the need for quicker transactions at the offices, shopping malls are fueling the need for POS terminals. Not only a secure payment but also user-friendly payments in applications raise the demand for this market. However, raising security concerns and strict regulations are constraining the POS terminal market to a small extent.
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Global POS terminal market – Geographical segmentation:
North America, Asia Pacific, Middle East and Africa, Europe, and Latin America are the regions segmented on the basis of geography. North America is leading the revenue market with highest shares and also expected to follow the same in the forecast period. Asia Pacific is having boost in the market share by making POS terminal popular among the customers and will lead the market in the coming years. India has launched “Digital India” in order to promote cashless and online transaction in order to gain advantage from demonetization. India will register increase in demand for POS terminal market in the forecast period.
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Major Key Players in Global POS terminal market:
The major key players in the market are Cisco Systems Inc., VeriFone Systems Inc., Hewlett-Packard Inc., and Ingenico Group. PAX Technology, Panasonic Corporation, Toshiba Corporation, Samsung Electronics, NCR Corporation and MICROS Systems are the players in the POS terminal market.
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