Pune, India, Jan. 20, 2022 (GLOBE NEWSWIRE) --
As per a recent industry report put forward by Graphical Research, the Europe POS terminals market is forecast to register its name in the billion-dollar fraternity down the line of seven years, by exceeding a revenue of USD 30 billion by 2026.
The growing number of smart card users will positively impact Europe POS terminals market forecast. Mastercard and Visa made up for the majority of electronic transactions carried out in 2019. A rising percentage of people are preferring card-based payments over traditional methods as they minimize the need to carry wallets and can keep an accurate record of all past transactions.
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Moreover, advanced digital technologies could ensure that all the transactions are end-to-end encrypted, thereby enhancing security and privacy. The COVID-19 pandemic played a crucial role in increasing the demand for contactless payments due to the rising fear among people of contracting the virus, positively affecting the use of POS terminals in Europe.
The major trends fueling the market share growth are discussed below:
Demand for POS hardware grows:
POS hardware will hold a major share of Europe POS terminals market by 2026. Several manufacturers are introducing advanced technologies in POS terminals to improve their performance and efficiency. For example, blockchain-powered devices producer Pundi X, in July 2019, integrated its XPOS module into the X990 POS terminal by Verifone. It will help retailers accept payments in the form of cryptocurrencies and can also aid them in processing such payments with traditional transactions. Such initiatives will foster the demand for POS hardware among end-users.
Biometric POS terminals may enhance payment security:
Europe POS terminals market size from biometric segment will record a strong CAGR through 2026. Biometric POS terminals will increase the security of payment transactions between end-users and aid them in accessing all the confidential information without entering passwords. It will ensure that the network is being used only by authorized employees.
Biometric POS terminals offer high security and enhance the performance of smart cards while carrying out transactions. They also provide advanced payment solutions with the help of biometric and real-time information, thereby driving their demand among shop owners.
Retail sector adopts POS terminals to enhance profits:
The European retail sector will adopt POS terminals on a large scale as customers are becoming tech-savvy and seek convenience while completing their transactions. Keeping the same in mind, several retailers are integrating advanced technologies into their POS systems to enhance the shopping experience of customers.
Retail sales in the UK increased by 3.4% in 2019 as compared to the previous year. Also, the region had more than 306,665 retail outlets in 2019. Contactless payments have become the norm in the Netherlands, Greece, Poland, Russia, Croatia, and Denmark, with in-store transactions being more than 50%. As POS terminals facilitate faster transactions as compared to traditional systems, their adoption will greatly increase in the region.
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MAC-based POS terminals gain momentum:
MAC-based POS terminals will capture a significant share of Europe industry by 2026. MAC operating system has a powerful interface and innovative aesthetics that offer improved data security and protection against unpredicted system breakdowns. It also increases the speed of transactions and provides valuable insights into a customer’s buying behavior. MAC OS is a stable and reliable system and greatly reduces system failures, thereby amplifying its adoption in POS terminals.
Browse Related Report:
North America POS Terminals Market Size, By Technology (Biometric, Traditional), By Operating System (Windows, Linux, MAC), By Product (Mobile, Fixed), By Component (Hardware, Software, Service), By Application (Restaurants, Hospitality, Healthcare, Retail, Warehouse/Distribution, Entertainment), Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2020 – 2026
https://www.graphicalresearch.com/industry-insights/1525/north-america-pos-terminals-market
Asia Pacific POS Terminals Market Size, By Operating System (Windows, Linux, MAC), By Product (Mobile, Fixed), By Component (Hardware, Software, Service), By Technology (Biometric, Traditional), By Application (Restaurants, Hospitality, Healthcare, Retail, Warehouse/Distribution, Entertainment), Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2020 – 2026
https://www.graphicalresearch.com/industry-insights/1548/asia-pacific-pos-terminals-market
About Graphical Research:
Graphical Research is a business research firm that provides industry insights, market forecast and strategic inputs through granular research reports and advisory services. We publish targeted research reports with an aim to address varied customer needs, from market penetration and entry strategies to portfolio management and strategic outlook. We understand that business requirements are unique: our syndicate reports are designed to ensure relevance for industry participants across the value chain. We also provide custom reports that are tailored to the exact needs of the customer, with dedicated analyst support across the purchase lifecycle.
