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Owing to the surge in the popularity of e-commerce in the recent years, an increase in the number of online shoppers has been witnessed. The increasing demands from customers, and the changing customer needs has compelled several vendors to focus on implementing online sales segment for their businesses. The vendors are concentrating on replacing their physical stores with e-commerce channels, which has led to a speedy growth of e-commerce transactions. Moreover, the developments in design & engineering and the low pricing of the terminals has made them affordable for most of the vendors.
The major players operating in the market-
- VeriFone Systems Inc.
- Toshiba Corporation
- Squirrel Systems
- Shenzhen Xinguodu
- Samsung Electronics Co. Ltd.
- Panasonic Corporation
- PAX Technology
- NEC Corporation
- NCR Corporation
- Ingenico Group
- Fujian Newland and Cisco Systems Inc.
The rising penetration of the Internet and payment solutions, such as online payments, stationary phone and mobile payments, has given an impetus to the point of sale terminals market. The systems are gradually shifting towards digital format, with e-mail and electronic receipts allowing paper free transactions. In addition, increased adoption of debit and credit cards has generated a high demand for these devices. With the advancements in payment technologies, the industry is migrating towards EMV chip card payments which is anticipated to further fuel the point of sale (POS) terminals market momentum in the next seven years.
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The healthcare application is expected to witness high growth opportunities owing to the rising need to streamline payment practices which is determined to drive the market demand. The systems are enabling the exchange of healthcare data which includes administrative, clinical and financial data, through a secure and safe infrastructure. With the rise in high deductible insurance plans, and the patients desire to negotiate healthcare costs in real-time it has led to an increased number of card based payments by patients thereby fueling the system installations at healthcare institutions and providing a growth impetus to the point of sale terminals market.
U.S. POS terminals market is anticipated to grow over the forecast timeline owing to the government support to encourage the migration from traditional to advanced NFC and EMV-enabled devices. It is aimed at minimizing the security breaches and transaction related frauds in the digital payments. The retailers and other businesses are increasingly adopting EMV cards as it secures them from the deceitful transactions. The integrated chip in the cards is difficult and expensive to forge as the transmitted information is dynamic in nature and varies each time.
Increasing penetration of organized retail such as supermarkets and hypermarkets across China and India is anticipated to fuel the APAC point of sale terminals market. Moreover, increasing penetration of mobile devices such as smartphones and tablets coupled with the high demand for these devices across SMEs is expected to catapult the regional growth.
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The key industry players include VeriFone Systems Inc., Toshiba Corporation, Squirrel Systems, Shenzhen Xinguodu, Samsung Electronics Co., Ltd., Panasonic Corporation, PAX Technology, NEC Corporation, NCR Corporation, Ingenico Group, Fujian Newland and Cisco Systems, Inc. The industry is growing steadily with extensive demands, industry players are investing in R&D to gain a competitive advantage, which is anticipated to result in mergers and acquisitions. In the industry, the number of solution providers and manufacturers are likely to increase, thereby escalating industry competition in the coming years.
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