LONDON--(BUSINESS WIRE)--The POS terminals market size is poised to grow at a CAGR of close to 8% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
The increasing need to drive efficiency to enhance customer satisfaction has led to the adoption of self-service POS terminals. Self-service POS enables customers to easily checkout and pay for products without staff assistance. They are widely implemented in hypermarkets, supermarkets, restaurants, movie theaters, and petrol stations to mitigate long queues and reduce waiting at checkout counters. Thus, the growing demand for self-service POS terminals will drive the POS terminals market growth during the forecast period.
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As per Technavio, the advent of HCE-based POS transactions will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will affect market growth over 2019-2023.
POS Terminals Market: Advent of HCE-Based POS Transactions
HCE is an on-device technology that permits a phone to perform card emulation on an NFC-enabled device. HCE provides the exact virtual representation of various cards using the HCE software. The emergence of HCE has opened an alternative path to contactless payments. It has enabled service providers to eliminate challenges associated with the integration and commercial deployment in a secure manner. The use of HCE offers convenience to the users as it helps in the reduction of physical card payments. Such benefits are likely to increase the demand for HCE-based POS transactions.
“Continuous development of new products and the rise in the adoption of dual-interface chip technology are other factors that will have a significant impact on the growth of the POS terminals market value during the forecast period,” says a senior analyst at Technavio.
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POS Terminals Market: Segmentation Analysis
This market research report segments the POS terminals market by product (fixed and mobile), by end-user (retail and hospitality), by EMV compliance (EMV and non-EMV) and by geographical regions (APAC, EMEA, and the Americas).
The APAC region led the market in 2018, followed by Americas and EMEA, respectively. The growth of the POS terminals market share in APAC can be attributed to the rising number of collaborations and partnerships to improve cashless payment methods in the region.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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