Key Trends Driving POS Terminals Market Outlook Through 2027
The global POS terminals market is poised to register appreciable gains through the forthcoming years, owing to the increasing adoption of corporate strategies such as mergers and acquisitions by major industry participants. These market players are also helping customers in maintaining the cleanliness of POS terminals given that coronavirus can also be transmitted via payment terminals.
For instance, in November 2020, YES BANK rolled out SMS Pay functionality on POS terminals in collaboration with Worldline. The move is intended at helping merchants in accepting remote and contactless payments from their customers.
Citing another instance, Ingenico Group offered cleaning instructions for its payment terminals for helping retailers in maintaining cleanliness and good hygiene. Such advancements are expected to push the demand for POS terminal machines through the forecasted period.
On that account, the POS terminals market share will surpass USD 140 billion through 2027, as stated by the latest study by Global Market Insights, Inc. Prominent players operating in the POS terminals market comprise NEC Corporation, VeriFone Inc., Ingenico Group, PAR Technology Corporation, NCR Corporation, Posiflex Technology, Inc., and others.
Few pivotal trends impelling POS terminals industry outlook are as follows:
- Increasing demand in healthcare sector
The healthcare sector is witnessing an increasing demand for POS terminals for securing the information of patients. Clinics, hospitals, and diagnostic labs are making a shift towards user-friendly and secure payment alternatives for complying with strict government rules.
Considering an instance, the HIPAA (Health Insurance Portability and Accountability Act) needs healthcare professionals to protect sensitive patient information from being unveiled without their consent. POS terminal machines offer a safe environment for patients to complete their transactions.
- Surging product adoption in the retail sector in North America
The North America POS terminals industry is estimated to record remarkable growth through the assessment period owing to their escalating adoption in the retail sector. Prominent retailers comprising Amazon.com Inc., Walmart Inc., and Costco Wholesale Corporation are focusing on strategies for expanding their presence in the region.
To cite an instance, in July 2020, Walmart Inc., announced plans for investing USD 3.5 billion for upgrading its distribution and for the enhancement of in-store experiences in Canada. The expansion of retail outlets is set to advance the adoption of POS terminals for convenient and secure payment transactions.
- Rising incidents of financial frauds
An increase in the incidents of financial frauds has resulted in an escalated adoption of POS terminals for the purpose of secure payment transactions. As per Atlas VPN, the U.S. registered an upsurge of more than 104% in financial fraud complaints in the Q1 of 2020 as against the Q1 of 2019.
The escalation in fraudulent activities has resulted in an increased demand for reliable and safe digital transactions. The adoption of EMV-enabled POS terminals assists in the reduction of payment-related fraud and offers protection against counterfeiting and card skimming.
- Increasing preference for advanced systems
The POS terminals industry is witnessing a soaring demand for advanced systems that could integrate with CRM and other financial solutions. The adoption of integrated POS and CRM systems enables companies to streamline marketing and sales operations as well as save cost and time.
In a nutshell, the surging adoption of POS terminals across retail and hospitality industries for the facilitation of transactions from a centralized location will escalate POS terminals market share through the analysis period.
About the Author:
Having pursued a postgraduate degree in English Literature, Madhura’s interest naturally drifted toward writing. Presently, she works as an associate content writer for lunchwithapunch.com and pens down insightful articles on healthcare, technology, and business trends. Her other interests comprise reading, sketching, and classical dance.