Blog for Wednesday, April 19, 2017
Global NFC POS Terminals Market to Grow Double-Digit CAGR as Cloud-Based POS Takes Hold
By Robert Cardworthy, Editor-in-Chief, PYRPTS.com
The global contactless POS terminals market is expected to grow at a CAGR of 25.64% between 2017 and 2021. The global POS market is also expected to increase at a healthy rate during the same period.
A POS terminal refers to a system that is used to facilitate easy and faster checkout for customers at different outlets. A standard POS system consists of a computer, monitor, cash drawer, receipt printer, barcode scanner, POS software, weight scale, and credit and debit card readers.
The Global POS market can be segmented on the basis of component, applicability and product. On the basis of component, the market can further be divided into hardware and software. On the basis of applicability, the market can be divided into hospitality, grocery, healthcare, field service, restaurants & retail small and medium business. On the basis of product, the market can be divided into fixed and wireless POS terminal.
The global POS market is supported by various growth drivers, such as rising e- commerce sales, increasing shipments of NFC enabled handsets, upsurge in number of hotels, resorts and spas, boom in number of smartphone users and increased use of mobile POS by small and medium enterprises.
However, non compliance to PCI and data security risk are some of the challenges faced by the market. Growing use of cloud based POS, android POS hardware and increasing use of mobile wallets by consumers are some of the latest trends in the global POS market.
Ingenico, Verifone Systems, Toshiba Tec and PAX Global Technology are some of the key players operating in the global POS market. In the contactless POS terminals market the key vendors are Ingenico, PAX Technology, SZZT Electronics, and Verifone Systems.