Growing adoption of near-field communication (NFC) technology for payments coupled with cloud computing development is estimated to drive POS terminals market growth, according to a new study by Grand View Research, Inc. Ease of use and improved return on investment (ROI) offered by these systems has favorably impacted the market. Increased demand for mobile POS (mPOS) terminals such as smart card EFT (Electronic Funds Transfer) is also estimated to drive the market.
Security concerns on account of potential data breaches may restrain global market growth. Introduction of personal identification pin (PIN) and embedded payment cards is expected to mitigate sensitive data theft issues. Primary solution providers have been emphasizing on integration of traditional POS systems with capabilities such as security, digital signage, pricing and inventory in order to increase their presence in the market. This is expected to significantly contribute to POS terminals market growth. Increasing mPOS solutions adoption by small and medium businesses (SMBs) is expected to present growth opportunities to market participants.
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Further key findings from the study suggest:
- Increased penetration of NFC-based smartphones is expected to increase NFC POS terminals demand. This is attributed to worldwide recognition of TCP/IP connectivity enabled terminals and increase in affordable wireless communication technologies.
- The POS software segment is expected to exhibit high growth over the forecast period due to increased demand from hospitality and retail businesses. POS software is being adopted by wholesalers in order to facilitate the procurement in line with consumer demand. Hardware dominated the market in 2013, and approval of hardware interface standards is also estimated to positively impact POS terminals market growth.
- Retail is expected to remain the major market segment over the next six years. Healthcare is expected to witness high growth over the forecast period. This is a result of increased patient data tracking services and usage in payment methods. Need for customer satisfaction coupled with effective management is expected to be the key growth driver for the hospitality sector.
- North America was the largest regional POS terminals market in 2013. Asia Pacific is expected to witness high growth due to reduction in total cost of ownership (TCO) and increased SMBs. Presence of large software base in countries such as China and India are expected to favorably impact the software segment on account of proliferation in the number of retail stores.
- Major industry participants include Ingenico SA, VeriFone Systems Inc., Toshiba TEC, HP, NCR Corporation and Dell Inc. Key growth strategies employed include building technology partnerships with other participants in the ecosystem.
For the purpose of this study, Grand View Research has segmented the global POS terminals market on the basis of product, component, application and region:
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POS Terminals Product Outlook (Revenue, USD Billion, 2012 – 2020)
• Fixed POS Terminals
• Mobile POS Terminals
POS Terminals Component Outlook (Revenue, USD Billion, 2012 – 2020)
POS Terminals Application Outlook (Revenue, USD Billion, 2012 – 2020)
POS Terminals Regional Outlook (Revenue, USD Million, 2012 – 2020)
• North America
• Asia Pacific