The soaring adoption of payments through digital mode are transforming the global technology from cash-based to cashless coupled with the investment in R&D for technological advancement across the globe is propelling the Global POS Terminal market. Moreover, various governments’ support to improve the payment system is strengthening the Global POS Terminal market across the globe. For instance, the “Federal Budget 2019” announced by the Government of Canada includes the measures regarding the improvement for payment system in the country specifically in the retail sector. Also, in 2019, the government announced that it is working with Amazon to introduce a mobile payment system “CoDi” which would allow the end users to purchase as well as pay through mobile by QR codes. Moreover, the Government in India waived off import duties on point-of-sale (POS) terminals from China in 2019.
According to MarkNtel Advisors’ research report titled “Global Point of Sales (POS) Terminal Market Analysis, 2020”, the Global POS Terminal market is anticipated to grow at a CAGR of around 8.72% during 2020-25. APAC region currently dominates the Global POS Terminal market as the countries in the region such as India and China are moving swiftly toward the adoption of the digital payment system.
Moreover, expanding the retail sector and launch of of the new hypermarkets and supermarkets across the globe are resulting in more deployment of POS terminals. For instance, hypermarkets and supermarkets in China such as Lianhua Supermarket, Hongqi, Zhongbai, Yonghui Superstores opened 295, 119, 200, 332 stores respectively in 2017.
Also, the investment in infrastructure across the globe in industries such as hospitality, healthcare, retail, and education would drive the Global POS Terminal market. In 2018, the Government of the U.K announced to invest USD 8.76billion in the infrastructure, energy, retail, and tech in Africa.
Product Launches by Established Players to Lead to Stiff Competition
The companies in the Global POS Terminal market are investing in the process of product innovation to expand the product portfolio. The leading companies in the Global POS Terminal market are Ingenico, VeriFone Systems, Fujian Newland Payment Technology, Centerm Information Co, PAX Technology. Many companies are launching new products to remain competitive in the market.