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 reduce waiting time and long queues 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 influence market growth over 2020-2024.
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.
“Factors such as the continuous development of new products and rise in the adoption of dual-interface chip technology will have a positive 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), end-user (retail and hospitality), EMV channel (EMV and non-EMV), and geography (APAC, Europe, MEA, North America and South America).
The APAC region led the POS terminals market in 2019, followed by North America, Europe, South America, and MEA. During the forecast period, the APAC region is expected to register the highest incremental growth due to factors such as the high penetration of organized retail in countries such as China and India and rising adoption of contactless payment methods.
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Some of the key topics covered in the report include:
- North America
- South America
- Vendors covered
- Vendor classification
- Market position of vendors
- Competitive scenario
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