Persistence Market Research (PMR) recently published a report titled “POS Machine Market – Global Industry Analysis 2013-2017 and Market Forecast 2018-2026.” The number of POS machines has increased in the past four years following the introduction of chip-embedded payment cards & Personal Identification Number (PIN). Moreover, growth in the number of departmental and retail stores, which is fuelling the demand for POS machines, and increasing transition towards digitalization in developing countries are also among factors boosting the market. A further increase in the demand for POS machines is expected as time progresses and advanced technologies are implemented. As a result, the POS machine market is expected to exhibit a double-digit growth rate during the forecast period.
The global POS machine market is expected to grow at a CAGR of 11.7% during the forecast period. The POS machine market was valued at US$ 62,186.4 Mn in 2017, and is projected to grow significantly to reach US$ 162,822.9 Mn by 2026. The POS machine market is classified on the basis of POS terminal type, industry, and regions.
In this report, PMR has segmented the global POS machine market on the basis of POS terminal type, industry, and regions. On the basis of POS terminal type, POS machine market is subsegmented into fixed POS terminals, mobile POS terminals, pocket POS terminals, and POS GPS/GPRS terminals. Among these, the GPS/GPRS POS machine terminals segment is expected to exhibit a higher CAGR during the forecast period. However, the mobile POS machine terminals segment is expected to dominate the global POS machine market by the end of the forecast period. Thus, an increase in demand and transition toward mobile POS machines is being witnessed as compared to fixed POS machines, and this is expected to continue due to the portability offered by the former. In addition, the mobile POS machine terminals segment is expected to witness an incremental opportunity of US$ 26,770.3 Mn from 2018 to 2026.
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Based on industry, the market is subsegmented into retail & consumer goods, travel & hospitality, BFSI, media & entertainment, manufacturing, healthcare, and others. High adoption of POS machine terminals is being witnessed across the retail & consumer goods segment owing to the initiatives undertaken by governments to promote cashless transactions and the establishment of various retail stores & multiplexes. Besides retail & consumer goods, the BFSI segment has also witnessed an increase in the adoption of POS and self-service terminals since the past four years. However, due to the maturity of the market, the aforementioned segments are expected to witness comparatively moderate growth during the forecast period. In terms of incremental opportunity, the healthcare segment is expected to be a moderately attractive segment, thus, it is recommended for investors to invest in the healthcare vertical during the forecast period.
Furthermore, on the basis of geography, the POS machine market is segmented into various regions, which include North America, Latin America, Europe, China, Japan, SEA & Others of APAC, and Middle East & Africa. The North America POS machine market is expected to dominate the global POS machine market due to the high penetration of IoT, the presence of digitalized retail stores, and the presence of the resources required for the implementation of advanced POS machines in the region. When considered in conjunction, Asia Pacific, China, and Japan held a share of approximately 27% of the global POS machine market in 2017. Moreover, the POS machine market has high potential in SEA & Pacific and China owing to the presence of an untapped market, initiatives undertaken by governments for the same, and the high demand for POS machines from countries such as China and India.
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Some of the market participants in the global POS machine market report include :
- Ingenico Group
- PAX Technology Limited
- Shenzhen Xinguodu Technology Co., Ltd.
- SZZT Electronics
- Newland Payment Technology Co., Ltd
- Aures Group
- Castles Technology Co., Ltd
- Cybernet Manufacturing, Inc.