Digital payment anticipated the POS terminal market growth valued at approximately US$45.97 Bn in 2016 and expected to reach approximately US$98.27 Bn by 2022. Increasing demand for wireless technologies expected to witness growth at 20% of CAGR in between 2017 and 2022.
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POS terminals transmit encrypted tokens during the payment process; its advanced feature includes inventory management, CRM financials and the proliferation of NFC and EMV-enabled devices may drive the industrial market in the next years.
The geographical distribution of the global POS terminals market considered the regional markets of North America, Europe, Asia Pacific, Latin America and rest of the world.
In regional segmentation North America accounted the largest market share of POS terminal followed with Europe and Asia-Pacific respectively. The North America dominated the POS terminal market with the rising adoption of wireless technology across the hospitality applications, restaurants, automotive shops and grocery stores. However the region of Asia-Pacific surprisingly anticipated the POS terminal market with the growing CAGR of 13% in upcoming future. Rapid advancements in the card acceptance and use of debit cards are expected to serve high growth over the forecast period in Asia-Pacific region; especially in India and China; where supermarkets are owing to grow in the upcoming years. It will drive the global revenue of the POS terminals market.
Increasing governmental support in order to improve the digital transaction with advanced technologies boosted the global market of the POS terminals especially in developed economies like Asia-Pacific region. The growing usage of POS terminals with NFC devices in the industrial and retail sector will expected to drive CAGR of 10% over the forecast period. A sustainable governmental effort to promote the computerized payment instead of traditional transaction with cash register will encourage the POS terminal market in this region.
The competitive market for the POS terminals includes New POS technology, NCR Corporation, NFC Corporation, PAX technology, Veri fone Systems, Ingenico SA, Panasonic Corporation, Toshiba Corporation, Cisco Systems and others.
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Application segment of the POS terminals include healthcare, retail, hospitality, entertainment, warehouses, automotive shops, grocery stores and e-commerce sites. The growing usage of POS terminals in these segments witnessed a significant turnaround over the forecast period.
On the basis of component segment POS terminal market segmented into hardware and software, it simplifies the accounting process and promotes the digital payment platform. Card acceptance increases the merchants to enroll the digital transaction will exhibit remarkable opportunities and growth in the POS terminal market.
An advanced and appropriate POS terminal can simplifies the transaction process and save time and money with efficient customer services, it is highly adopted by retailers and e-Commerce companies as per security concerns and confidential financial information of the customers.
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