LONDON--(BUSINESS WIRE)--Technavio projects the global POS terminals market in the retail sector to decelerate at a CAGR of close to 6% during the forecast period, 2018-2022. The enhanced functionality of POS is a key driver, which is expected to impact market growth.
The new generation POS terminals help provide an interactive experience to the consumers. These advanced POS terminals enable merchants to plan the operational savings and its efficiency and focus on customer-oriented campaigns to grow and expand the customer base. Moreover, the POS terminals in the retail sector enable the establishment of loyalty programs for the customers, which results in up-selling and cross-selling of products.
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In this report, Technavio highlights the emergence of biometric EMV POS terminals as one of the key trends expected to boost the global POS terminals market in the retail sector:
Emergence of biometric EMV POS terminals
Introduction of biometric EMV POS systems can help secure transactions. Biometric EMV POS system prevents employees from sharing access and tracks their activities. Also, EMV POS system helps in the faster transaction, thereby leading to faster checkout. Transactions using debit or credit cards are time-consuming, as it requires swiping, entering PIN, waiting for the transaction to be completed, and getting the printed receipt. Many restaurants prefer a self-checkout system, which in turn, increases the adoption of biometric POS for shorter checkout time. For example, in 2017, almost 150 hotels, clubs, and restaurants in Singapore planned to adopt a biometric EMV POS system, developed by Touche, a start-up manufacturer of fingerprint scanners. Customers can link their fingerprints to their credit cards or debit cards to do further transactions. Also, in 2015, Visa announced new biometric specifications for EMV card transactions.
“In India, Yes Bank partnered with LastMile.Mobi to introduce Iris EMV POS terminals across the country. This system provides various features, which helped make purchases through iris recognition technology and carry out bank activities such as cash deposits and withdrawals,” says a senior analyst at Technavio for computing devices research.
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Market segmentation and analysis through 2022
This market research report segments the global POS terminals market in the retail sector in the retail sector by technology (EMV and Non-EMV), by product (contact and contactless), by end-user (supermarket, specialty stores, hypermarket, gas stations, drug stores, and mass merchandise) and key regions (the Americas, APAC, and EMEA).
In terms of technology, the EMV segment accounted for the largest market share of close to 84% in 2017. This segment is expected to capture an even larger share of the market over the forecast period posting an 11% increase by 2022.
In 2017, APAC dominated the market with 49% share of the market followed by the Americas and EMEA. The market share of APAC is expected to increase by a further 6% over the forecast period while that of the other two regions will decrease.
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