POS Terminals Market in Biometric Technology Segment is Projected to Witness High Adoption Over 2018 – 2024 | Key Players are VeriFone Systems Inc., Panasonic Corporation, Ingenico Group, PAX Technology Inc., and Toshiba Corporation

Biometrics is an advanced technology in the POS terminals market, which is projected to witness high adoption over the coming years. A rise in cybercrimes and concern for data theft will encourage industries to adopt biometric terminals for business operations. The U.S. reported that data breaches and cybercrimes in the country are growing rapidly year-by-year. Such factors are encouraging U.S. POS terminals market developers to integrate such modern technologies in their offerings to improve the safety of organizational data. Fingerprint scanning devices are the most widely accepted technology in the POS terminals market owing to ease in the authentication of customer details.

Some of the major technologies that are accelerating the adoption of these systems in the POS terminals market include NFC, EMV, wireless, and contactless terminals. Moreover, the proliferation of the NFC devices is encouraging major players to reinvent and innovate their offerings. The adoption of these NFC-enabled devices in countries such as the U.S., Canada, Germany, and France are growing rapidly.
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Increasing government regulations and policies to provide a secured platform for the safety of transactions and customer details is driving the POS terminals market growth. Regulatory bodies instruct banks and platform providers to adopt several guidelines framed by the government to reduce the chances of fraud, data breach, and losses.
For instance, the Payment Card Industry Data Security Standard (PCI DSS) is one such organization that was developed to increase the control over cardholders’ data for reducing credit card frauds. Such factors are encouraging developers in the POS terminals market to incorporate several advanced technologies that will ensure that the customer & organizational data is secured.
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The retail sector is the most flourishing industry in the POS terminals market, which is experiencing a high adoption rate of devices. Several retail companies such as Walmart, Costco, Kroger, and Tesco are engaged in incorporating smart solutions in their outlets to attract customers and improve their shopping experiences. Moreover, the retail companies are modifying their traditional technologies and transforming their stores through automation, which is expected to propel the POS terminals market growth. The incorporation of the POS systems in several advanced machines such as self-checkout systems and smart-vending machines is the major factor driving the automated retail store concept.
Windows-based devices are witnessing a high adoption in the POS terminals market due to the high compatibility and efficiency of this software platform for operating & managing hardware devices. Moreover, increased user-friendly features are allowing industries to install several applications & devices in their systems, which is a major factor for the high adoption rate of such operating systems.

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POS terminals industry is an evolving business sector with big players investing heavily in R&D activities to develop new technologies and products for gaining competitive edge. It is more likely that rapid expansion of POS terminals market will encourage new service providers and manufacturers to enter the business further encouraging the existence of fierce competition in the industry. VeriFone Systems Inc., Panasonic Corporation, Ingenico Group, PAX Technology Inc., and Toshiba Corporation are some of the major brands of POS terminals industry.

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