LONDON--(BUSINESS WIRE)--Technavio’s latest market research report on the EMV POS terminal market in the US provides an analysis of the most important trends expected to impact the market outlook from 2018-2022.
According to Technavio market research analysts, the EMV POS terminal market in the US is estimated to post a CAGR of close to 9% during the forecast period. However, the growth, momentum of the market is expected to decelerate due to a decrease in the year-over-year growth.
The increasing regulatory interventions on secure payments is a major factor driving the market’s growth. Government regulations and security standards have become stringent in the US due to security issues. To address security issues, the government of the country is enforcing many regulations. It has imposed a rule for recertification of electronic payment systems employed by merchants/retailers. With respect to automatic systems employed by retailers that connect to payment networks, the certification of products and services offered should be obtained from monetary institutions, card associations, and payment processors.
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In this report, Technavio highlights the growing adoption of POS for big data management as one of the key emerging trends in the EMV POS terminal market in the US:
Growing adoption of POS for big data management
The use of back-end software, which is integrated into POS solutions for smooth operations, is expected to grow due to the increase in the adoption of cloud-based solutions. This will allow retailers to access customer information and product data across multiple platforms. Highly compatible POS solutions prove to be essential in order to manage large volumes of data. These solutions should be able to efficiently use the information stored in the cloud, such as demographics, payment preferences, and buying behavior of consumers, for market analytics, including pre-marketing and post-sales marketing.
“Factors such as more loyalty points, self-checkout and payment solutions, new mechanisms, such as visual identification along with voice recognition and biometrics are allowing EMV POS solutions to penetrate the retail sector by ensuring more customer store visits. Such benefits will enhance the checkout process in stores and drive the use of POS solutions in the retail sector. This, in turn, increases the demand for EMV POS,” says a senior analyst at Technavio for research on computing devices.
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EMV POS terminal market in the US segmentation
This market research report segments the EMV POS terminal market in the US into the following applications, including retail and hospitality.
The retail segment held the largest market share in 2017, accounting for nearly 66% of the market. The market share for this application is expected to decrease nearly 4% by 2022. The fastest growing application is hospitality, which will account for nearly 38% of the total market share by 2022.
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