LOS ANGELES, Feb. 20, 2019 (GLOBE NEWSWIRE) -- Worldwide point of sale (POS) market size is expected to worth around USD 107.5 billion by 2026. The market is predictable to showcase a CAGR of 8.0% during the forthcoming years.
The business has seen a huge turnaround, owing to considerable and quick innovative improvements in POS terminal solutions. Developing need for contactless payments, alongside multiplication of Near Field Communication (NFC) gadgets in the industrial ecosystem, has prompted an increase in reception of coordinated POS terminals.
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Expanded needs in advances, for example, end-to-end encryption for giving verified payment solutions and accommodation to clients, are required to enlarge the need for such terminals throughout the following couple of years. Significant organizations in the business are concentrating more on programming inferable from expanded penetration of cell phones. Contactless payment is viewed as the most recent pattern in POS.
Such payment strategy works through NFC innovation, wherein the issued card has a special symbol, novel to contactless payments, and must be filtered utilizing a contactless reader. This renders the whole exchange secure and is done inside seconds. This innovation lessens the general exchange time as well as enhances accommodation of procurement of small goods. Nonetheless, requirement for government affirmations, strict tenets and directions, and rising information security concerns are relied upon to go about as limitations to market development.
Resistance to the Payment Card Industry Data Security Standards (PCI DSS) expands the likelihood of card data breaches, which could adversely affect client trust and notoriety of the delegates. Be that as it may, solutions, for example, Omni shield Assure, are being created to secure card data through Point-to-Point Encryption (P2PE). This diminishes the risk of money related break and limits the weight of PCI consistence.
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The global point of sale (POS) market is segmented into product, component, deployment, services, application and region. On the basis product, the global Point of sale (POS) market is segmented into fixed and mobile. On the basis component, the global Point of sale (POS) market is segmented into hardware, software, and services. On the basis deployment, the global Point of sale (POS) market is segmented into on premise and cloud. On the basis services, the global Point of sale (POS) market is segmented into managed services, repair and maintenance services, and professional services. On the basis application, the global Point of sale (POS) market is segmented into restaurant, hospitality, healthcare, retail, warehouse, entertainment, and others. On the basis of region the global Point of sale (POS) market is bifurcated into North America, Latin America, Europe, Middle East & Africa, and Asia Pacific.
South-East Asia is one of the fastest growing smartphones markets. This leaves a plenty of room for the low-cost mPOS devices which allow merchants to access the telecom networks without requiring the need of fixed-line connection. Using mPOS, any phone or a tablet can become a POS terminal and the only other requirements are an application and an account with the acquirer or a payment facilitator. Also, the recent spread of NFC-enabled wallets namely Android Pay, Apple Pay and Samsung Pay leverage the existing payment networks while providing higher level of security for transactions. Asia Pacific is relied upon to rise as a rewarding business sector enlisting the most elevated CAGR of 9.9 % over the estimate time frame. Expanding income levels and better expectations for everyday comforts in creating nations, for example, India, are bringing about prospering retail showcases, accordingly boosting the need product demand. Government activities in India to help a cashless economy are driving the market in this region. Low entrance and extensive unbanked populace in creating nations in APAC are likewise expected to give worthwhile development openings the market.
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North America was the second-biggest region market in 2018. Expanding number of payment advances, for example, chip transaction, Near-field Communication (NFC), and contactless payments, has positively affected the region market. Furthermore, upgraded security, with the assistance of consistence necessities including directions from MasterCard, and Visa (EMV), Europay, has driven the product demand.
The pivotal companies working in the global point of sale (POS) market are ShopKeep; Ingenico Group; Oracle Corp.; The NCR Corp.; Revel System, Inc.; VeriFone Systems, Inc.; Fujian Newland Payment Technology Co. Ltd.; and PAX Technology, Inc.
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