Pune, India, Feb. 16, 2021 (GLOBE NEWSWIRE) --
The global POS terminals market size is poised to witness exponential growth rate during the forecast period. POS terminals are become a common sight worldwide. With the trending focus toward digitalization, numerous countries across the world including India, South Korea, Russia, Singapore, Italy, Poland, Croatia, Canada, and the U.S. have been adopting contactless payments lately, owing to the risk of COVID-19 infection. Banknotes are extremely susceptible to be a medium of transmission of the novel coronavirus.
In order to eliminate the risk, mobile payment apps, smart cards such as Visa, and NFC terminals are being extensively utilized across the globe. The following seven trends have been enabling the POS terminals market forecast:
Popularity of biometric POS in Japan and China
As the demand for contactless payment transactions escalates due to the threat of the COVID-19 infection, the advanced POS biometric systems are witnessing great demand. Leveraging biometric technology significantly boosts the access control and security of transactions using point of sale systems across numerous applications.
Several industry leaders across China and Japan have been introducing features with latest technologies in their biometric systems. For instance, during January 2021, Fujitsu unveiled its multimodal biometric authentication technology, combining facial and palm vein recognition, which is to be deployed across the Japanese retail industry.
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India, Singapore, and South Korea to elicit higher demand
The lucrative potential for expansion of the thriving POS terminals markets in India, Singapore, and South Korea is implicit through the expanding demand from warehouses, retail outlets, and restaurants. Deployment of POS systems ensures faster transaction speed, higher sales, and enhanced customer satisfaction. To this end, numerous retailers have been adopting these solutions to eliminate the long waiting times of a large number of customers in queue.
Additionally, POS hardware has also been garnering substantial attention. These devices exhibit high sturdiness, functioning efficiently even in extreme climatic conditions of distribution centers and warehouses. The POS terminals market size will augment considerable due to the impact of these factors.
APAC hospitality sector to fuel adoption
The APAC POS market revenue is anticipated to expand rapidly, due to the trending demand for point-of-sale systems across the hospitality segment. With government bodies in Asia seeking to support the hospitality sector, the favorable policies and penetration of digitalization can prove to be advantageous for the global POS market outlook.
Since large restaurants and hotels are assigning greater importance to customer experience, they are ensuring a smooth payment process through advanced POS terminals in the APAC region. For instance, recently in January 2021, Araceli Hotel & Resort announced its intention to deploy Agilysys InfoGenesis POS systems across its upcoming 144-room hotel in India.
Escalating demand for smartphones-based payments in the U.S.
Thanks to the growing dependence on smartphones, the demand for mobile payment methods such as mobile wallets and payment apps such as GooglePay and PayPal has been spiraling upward in North America. This trend is expected to speed up the U.S. market for POS terminals.
More than 270 million individuals in the U.S. are expected to utilize smartphones by the end of 2022, as per the estimates of the Internet Innovation Alliance. The POS market share from this region is therefore expected to gain substantially from the segment.
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Latest POS solutions across North American retail industry
With the growing emphasis toward customer satisfaction, numerous retail companies have been looking to offer convenient and quick transaction facilities to their customer base. Nearly 80% of the total retailers across Canada have been adopting NFC terminals, whereas 12% of the total volume of transactions in the region is carried out using contactless payment methods.
Chip cards have been gaining increasing approval in North America, improving the prospects of the POS industry. A whopping 330 million contactless transactions using Mastercard were recorded in Canada in the recent past, accelerating the industry forecast.
North America’s leading restaurants, supermarkets, and hypermarkets
Owing to the continuous stream of customers across settings such as hypermarkets, supermarkets, and restaurants, the need for sales assistants has increased. However, it is not always a practical solution to hire personnel for handling cash transactions since it can be time-consuming and expensive.
The lower costs and higher efficiency associated with the use of POS terminals across such high demand settings has been responsible for a surging use of these solutions. The POS terminals market is certain to expand substantially due to the hassle-free service offered by point-of-sale terminals. The availability of a centralized POS systems enables efficient inventory management as well.
Uptick in the number of smart card users across Europe
Several countries in Europe have been displaying a growing preference for smart cards for carrying out online and offline transactions. During 2019, Visa and Mastercard held a major share of the total number of electronic payments across the region.
The higher convenience associated with the use of smart cards when compared with traditional payment methods has been responsible for the growing deployment of these POS systems. The POS terminals market in Europe is certain to expand due to the provision of better security through end-to-end encryption across these solutions.
Toshiba, Diebold Nixdorf, Micros, Ingenico, Samsung, Hewlett Packard, NCR Corporation, Verifone Holdings, AURES Group, Square Inc., and PAR Technology are some major industry leaders in the POS terminals industry worldwide.
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