Press release
POS Machines
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The global POS machine market is projected to grow at an exponential growth rate during the period of assessment. The global market is poised to grow at a value CAGR of 11.5% during the 2017-2025 period to reach a market evaluation of around US$ 144.2 Bn in 2025 from US$ 60.2 Bn in 2017. The growth path of the POS machine market from 2012-2016 was a bit slower as compared to the 2017-2025 period, where it reflects a higher increase in value and volume.
The enhancements in the POS terminal systems in recent years (for example, features like real time analytics), rising use of mobile devices for POS transactions, emergence of chip-embedded payment cards and PIN (Personal Identification Number) that minimizes security concerns, high government initiatives to encourage the use of payment cards and POS terminals, rise in modern retail, higher adoption of POS terminals in various sectors such as healthcare, hospitality and retail, rapid urbanization and increasing literacy levels, rise in cashless economy and implementation of policies and regulations for electronic payment systems have driven the growth of the global POS machine market. Also, several marketing initiatives and increased focus on customer retention has supported the health of POS machine market worldwide. The customer database on shopping patterns can be recorded in the POS systems which can be used to deploy discounts, promotions and several loyalty programs to generate more opportunities.
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Moreover, trends like adoption of contactless POS, growth in NFC and EMV technologies in POS systems, technological trends like motion sensing images and tablet POS systems, mPOS (mobile point-of-sale) and growth in the retail infrastructure have presented several opportunities in the global POS machine market. However, high initial investment will always be a concern in this market due to costly hardware and software components restraint. To add to this, the lack of digital awareness, poor use of technology, rise in mobile wallets (especially in emerging economies) and slow penetration of payment cards throw challenges to the growth of the global POS machine market.
The global POS machine market is segmented by terminal type (fixed POS terminal, mobile POS terminal, pocket POS terminal and POS GSM/GPRS terminal), by Industry (retail and consumer goods, BFSI, healthcare, manufacturing, travel and hospitality, media and entertainment and others) and by region (North America, Latin America, Europe, Asia Pacific and Middle East and Africa).
The global POS machine market research report includes company profiles of key players involved in the daily operations of POS machines. Verifone, Ingenico Group, PAX Technology Limited, Shenzhen Xinguodu Technology Co., Ltd., SZZT Electronics Co., Ltd., BBPOS Limited, Fujian Centerm Information Co., Limited, Fujian Newland Payment Technology CO., Limited and New POS Technology Limited are the key players analyzed in the global POS machine research study.
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