Pune, India, May 25, 2022 (GLOBE NEWSWIRE) --
As per a recent industry report put forward by Graphical Research, the North America 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.
With the COVID-19 pandemic setting the tone for economic transactions across the world, the North America market is certain to be affected by the changing patterns in demand. As the healthcare domain strives to ever cater to the ever-expanding demands of the increasing number of COVID patients, the North America market for POS terminals is likely to register substantial growth over the next few years.
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The following top three trends have been defining the North America POS terminals industry:
Surge in the usage of EMV cards to benefit expansion in the US
In 2019, the North America POS terminals market was valued at $20 million and is poised to grow at a promising 9% CAGR between 2020 and 2026, stimulated by the high penetration of POS terminals that are EMV compliant over the region, and in the US in particular. As per the findings of EMVCo, the number of EMV cards used over the nation mounted to nearly one million in 2019. This rising adoption indicates toward the trend of more merchants readily accepting EMV cards in order to encourage prevention of frauds and thefts.
Supermarkets and hypermarkets to display immense demand during COVID
With the need to comply with social distancing regulations in the ongoing situation, payments at supermarkets and hypermarkets are being made using advanced POS solutions that feature sophisticated POS hardware and software, ensuring a safe and consistent interconnection of every terminal across the numerous sections of the supermarkets.
Such a centralized system aids in an efficient control and functioning of multiple POS terminals, assisting the retail businesses to execute an efficient inventory management system for maintaining an accurate record of goods moving in and out. Shoppers do not need to wait in long queues since the self-checkout procedure is significantly faster, preventing contact between individuals to avoid contagion.
Market players focusing on strategic acquisitions to expand their reach
Be it payment at a retail store, e-commerce enterprise, or even an accommodation, several POS system providers in North America have been granting exposure to top of the line technological solutions at reasonable costs. As a result, the North America POS terminals market will garner approximately $30 billion by 2026.
Moreover, the leading industry players in the North America market have been attending to the requirements of small and medium sized organizations striving during the challenging times of the pandemic. For instance, the Montreal-based provider of e-commerce solutions, Lightspeed POS Inc. made a move in this direction through its acquisition of Shopkeep Inc.
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Spiraling preference for mobile POS terminals to stimulate growth
Another major trend in the North America POS terminal market is the high usage of Android POS terminals. Numerous market players are expected to focus on proving Android POS systems due to their cost-efficiency coupled with the skyrocketing demand for mobile phone-based payment options. More than 62% of customers made payments via their smartphones, while 56% of them used contactless cards in the US. Moreover, a whopping 19% of the payments were made for the first time by new users since the month of May 2020. The convenience, compactness, and portability of mobile POS terminals have been promoting their adoption.
The increasing preference for contactless payments across retail stores, hospitals, clinics, and healthcare centers for containing the virus might benefit the market growth in the forthcoming years. The aforementioned trends are likely to turn out to be harbingers of hope for remarkable expansion of the POS terminals market in the region, especially as the virus gradually recedes.
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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.
