LONDON–(BUSINESS WIRE)–The point-of-sale systems market is expected to grow by USD 10.05 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.
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The global retail industry has undergone a drastic change with the increasing number of retail outlets, especially in emerging markets. This can be attributed to the innovations in e-commerce and m-commerce, strong economic growth, rapid urbanization, and thriving tourism industry in developing countries, especially in APAC. Major retailers such as Walmart, Sephora, and Metro are expanding their presence in APAC. For instance, in October 2019, Metro Cash & Carry announced its plans to open 26 new stores across India by 2020. Similarly, in November 2019, Walmart announced its plans to open 500 new outlets across China over the next 5 to 7 years. The increasing number of retail outlets is increasing the demand for PoS accessories, which is fueling the growth of the market.
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As per Technavio, the increasing penetration of contactless payments will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Point-of-sale Systems Market: Increasing Penetration of Contactless Payments
The growing popularity of contactless payment methods such as Samsung Pay and the emergence of contactless cards is compelling vendors to focus on improving functionalities such as transaction limits and NFC capabilities. This has increased the use of NFC chip technology integrated with transmitters in PoS terminals. Besides, the global contactless POS terminal market is expected to grow at a CAGR of more than 25% during 2018-2023. These factors are expected to have a positive impact on the growth of the global point-of-sale systems market during the forecast period.
“Rising regulatory intervention in secure payments and the adoption of magnetic secure transmission (MST) technology for payments will further boost market growth during the forecast period,” says a senior analyst at Technavio.
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Point-of-sale Systems Market: Segmentation Analysis
This market research report segments the point-of-sale systems market by Product (Accessories and PoS terminals), Geography (APAC, North America, Europe, South America, and MEA), and End-user (Hospitality industry, Supermarkets, Hypermarkets, Specialty stores, and Others).
The APAC region led the point-of-sale systems market in 2019, followed by North America, Europe, South America, and MEA respectively. During the forecast period, APAC is expected to register the highest incremental growth due to the proliferation of supermarkets, mom-and-pop stores, specialty stores, warehouses, and shopping malls in the region.
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Some of the key topics covered in the report include:
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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