The global fixed POS terminal market size to cross USD 13.5 billion in 2026, growing at a CAGR of 10% during the period 2021–2026.
CHICAGO, ILLINOIS, UNITED STATES, March 23, 2021 /EINPresswire.com/ — In-depth analysis and data-driven insights on the impact of COVID-19 included in this global fixed POS terminal market report.
The fixed POS terminal market is expected to grow at a CAGR of over 10% during the period 2020−2026.
Key Highlights Offered in the Report:
• In terms of volume, EMV-complaint fixed POS terminal market is expected to observe an incremental growth of over 30 million units by 2026.
• In 2020, global goods purchase paid via cash has dropped to below 20% propelling the growth of the fixed POS terminal market.
• In recent years, Vietnam has emerged as one of the key countries, with a CAGR of over 50% in terms of demand for fixed POS terminals.
• The retail segment in the fixed POS terminal market to reach incremental revenues of over USD 2.4 billion by 2026.
• India is likely to witness a CAGR growth of over 8.55% in unit shipments between 2020 and 2026 due to government-led demonetization and a shift toward digital economy.
• Market Size & Forecast by Revenue | 2020−2026
• Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities
• Market Segmentation – A detailed analysis by compliance, technology, end-user, and geography
• Competitive Landscape – 5 key vendors and 28 other vendors
Fixed POS Terminal Market – Segmentation
• Retail has been one of the key end-users for fixed POS terminals. Small businesses around the world have shown an increased inclination toward the adoption of electronic cash. The popularity of IoT and the rise in internet penetration across the world have significantly pushed the use of electronic money and payment cards.
• The global EMV market has witnessed a significant boom in recent years. Emerging markets such as India have implemented structured regulations to promote EMV POS terminals. Changes in regulatory compliance have pushed the market toward the adoption of EMV cards.
• NFC-complaint POS terminals crossed 70 million units in 2020. The NFC-compliant market displayed a strong momentum in 2020, and it is expected to observe an incremental growth of over 29 million units by 2026. NFC-ready devices are creating a buzz in emerging markets such as Brazil, Turkey, and China. The increasing emphasis on the use of EMV-enabled cards has boosted the segment growth.
Fixed POS Terminal Market by Compliance
Fixed POS Terminal Market by Technology
Fixed POS Terminal Market by End-user
• Warehouse & Distribution
• Gym & Fitness Center
Fixed POS Terminal Market – Dynamics
Cloud-based technology is one of the key innovations of the last decade. COVID-19 has strengthened technology used in traditional fixed POS terminals. For instance, in a rapidly changing environment, Ingenico is revolutionizing the market by introducing new trends and innovating ways of supporting customer needs. The transformation in the payment acceptance model has evolved from a hardware-centric payment acceptance model to software and services-centric model. In the long-term, this will further become a recurring as-a-service revenue model based on their cloud-based platform. This is not only restricted to the banks and acquires, but it is likely to cater to the demand from the fintech start-ups. The company plans to offer cloud-based payment-acceptance platforms open to the market, which is likely to be known as a Payments Platform as a Service (PPaaS) solution.
Key Drivers and Trends fueling Market Growth:
• Increasing Demand for NFC POS Terminal
• Growth in Acquisition & Mergers
• Demand in End-User Industries
• High Adoption of EMV-Compliant POS Terminal
Fixed POS Terminal Market – Geography
The COVID-19 outbreak had relatively slowed down the market the first H1 2020. The retail segments being the major adopters of the fixed POS terminals, witnessed a drop of more than 30% in H1 2020, causing a slow down in demand and installation rate. However, on the other hand, COVID-19 also benefited the market as it witnessed a surge in the concept of contactless payments, which is likely to push the demand for NFC-ready fixed POS terminals. Even with the modernization of payment systems, the domination of cash has declined for payment services. For instance, in China in 2020, the use of cash payment dropped to 7% from 14% in 2018. However, with changes in technology and the emergence of innovative financial services, the use of payment cards and e-wallets has strengthened in recent years. Due to the low awareness in rural areas, the contribution to the transaction value of card payments is lower from rural areas. With rising internet penetration, it has opened a gateway for the digital economy, which has enabled the shift of payment forms. At POS terminals, the average per transaction using credit cards increased marginally in recent years, but debit cards have been almost stagnant.
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Fixed POS Terminal Market by Geography
• South Korea
Middle East & Africa
• Saudi Arabia
• South Africa
• Ingenico Group (Worldline)
• Fujian Newland Payment Technology
• PAX Global Technology
• Verifone Systems
• Shenzhen Xinguodu Technology (NEXGO)
Other Prominent Vendors
• SZZT Electronics
• USA Technologies
• VISIONTEK Linkwell Systems
• Dspread Technology
• Castles Technology
• Bitel Corporation
• New POS Technology Limited (New POS)
• Sunyard System Engineering Co. Ltd.
• Spire Payments
• Shenzhen Justtide (Justtide)
• Spectra Technologies
• Vanstone Electronic Co. Ltd. (Beijing)
• Equinox Payments
• Lian Yu (UIC)
• Panasonic Corporation
• Shenzhen Kaifa Technology Co. Ltd.
• Toshiba Tec Corporation
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