NEW YORK, November 29, 2018
NEW YORK, November 29, 2018 /PRNewswire/ --
Leading market research firm Persistence Market Research (PMR) has extensively studied the global POS machine market and presented the key findings in a comprehensive report with revenue projections for the coming eight years.
Mobile point-of-sale or mPOS is trending the global retail and consumer goods industry, given the rapid growth of digital payment systems. The versatility and advanced functionality of mPOS applications facilitates convenient contactless payments at any point of time. Companies are deploying contactless POS infrastructure and this is creating lucrative opportunities for manufactures of POS machines. Leading market research firm Persistence Market Research (PMR) has extensively studied the global POS machine market and presented the key findings in a comprehensive report with revenue projections for the coming eight years.
According to the report, the following trends are set to rule the global market for POS machines in the next few years:
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These trends will boost global end-use demand for point-of-sale machines, in turn fueling revenues in the global market. PMR forecasts project a growth rate of 11.7% for the global POS machine market during the period 2018 to 2026, with global market revenue estimated to stand at over US$ 67 Billion by the end of 2018. PMR attributes this exponential growth in revenue to rapid digitization in emerging economies, a growing shift towards cashless transactions especially in the retail sector, and the introduction of chip based payment cards supported by increased authentication in terms of Personal Identification Number (PIN).
Some of the other factors fueling growth in sales of POS machines include:
PMR Projects Heightened Demand for POS Solutions in the Developing Regional Markets of Asia Pacific and Middle East & Africa
There is a high demand for POS machines in countries of the APAC and MEA, given the steady growth of the retail and consumer goods industry in these regions. Besides, burgeoning growth in the media and entertainment industry in MEA and APAC has fueled the growth of cinema POS solutions in these regions. PMR recommends manufacturers of POS solutions to focus on the high-growth countries of Asia Pacific and Middle East & Africa owing to the relatively high growth potential across the media and retail sectors in these regions.
Point-of-Sale (POS) Machines Market Segments By POS Terminal Type - Fixed POS Terminals, Mobile POS Terminals, Pocket POS Terminals, POS GPS/GPRS; By Industry - Retail & Consumer Goods, Travel & Hospitality, BFSI, Media and Entertainment, Manufacturing, Healthcare, Others: https://www.persistencemarketresearch.com/market-research/pos-machines-market.asp
The global market for POS machines is challenged by critical data threats. One of the foremost threats challenging growth in sales of POS machines is the threat of data hacks. Data security is the primary concern given all data (critical customer information such as card numbers, CVV, pin numbers, etc.) is stored on the cloud and is susceptible to phishing, theft, and misuse by unauthorized people. The risk of data theft is keeping users away from online transactions, thereby hampering revenues in the global POS machine market. Companies are taking serious cognizance of data issues and are working on improving the security levels of their POS solutions. Besides, stringent governmental laws pertaining to cyber security are also expected to control this major issue of data breach.
Poor utilization of technology coupled with relative lack of digital awareness is another key factor challenging the growth of the POS machine market. There is low digital awareness in some countries in the developing regions of Asia Pacific and Africa, and hence the adoption of digital transactions is very poor. Companies in the POS machine market face penetration challenges in these regional markets, and this is restricting revenues in the global market to a certain extent. Vendors are initiating digital awareness programs in these potential growth markets to overcome this challenge.
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Increasing use of electronic and mobile wallets is another big challenge. There is a growing leverage on digital payments for services such as mobile and DTH recharges, utility bill payments, etc. These services do not require physical POS machines as the transactions are typically processed through online payment gateways. Growing consumer adoption of mobile wallets is restricting revenue growth of the POS machine market.
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