Global EMV POS Terminal Market 2018-2022 | Rising Preference for Contactless Card Payments Drives Growth | Technavio
LONDON--(BUSINESS WIRE)--Dec 5, 2018--Technavio’s global EMV POS terminal market research report projects the market to grow at a CAGR of over 9% during the forecast period.
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Technavio has released a new market research report on the global EMV POS terminal market for the period 2018-2022. (Graphic: Business Wire)
The increase in adoption of cloud-based POS terminals will be one of the major trends in the during 2018-2022. During the forecast period, the penetration of cloud-based POS terminals in the retail and hospitality sector is expected to increase. For instance, in September 2018, CitiXsys Technologies launched iVend retail, a retail management suite that is linked to the cloud and is integrated with a POS terminal. In this suite, many functions such as inventory management and cash reconciliations can be implemented on cloud and the merchants can access the transactional data from anywhere.
According to Technavio analysts, one of the key drivers for the global EMV POS terminal market is the increasing preference for contactless card payments:
Global EMV POS terminal market: Increasing preference for contactless card payments
Contactless card payments involve a debit or credit card enabled with NFC technology through which transaction is executed on an NFC-enabled POS terminal. An EMV card can be waved over the terminal instead of being swiped. The preference for this payment method is increasing as it allows ease of transaction for consumers by reducing the transaction time.
According to a senior research analyst at Technavio, “Owing to factors such as an increase in the transaction limit on NFC-enabled cards and the shift in consumer preference for reliable and quick payment methods, there is an increase in demand for EMV POS terminals integrated with NFC technology. In 2016, around 55% of the cards issued in America, 60% cards issued in EMEA, and 74% cards issued in APAC were NFC-enabled.”
Global EMV POS terminal market: Segmentation analysis
This global EMV POS terminal market analysis report provides market segmentation by product (mobile EMV POS and fixed EMV POS), by end-user (retail and hospitality), and by region (the Americas, APAC, and EMEA). This report also provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Of the two major products, the fixed EMV POS segment held the largest EMV POS terminal market share in 2017, contributing to approximately 53% of the market. This product segment will dominate the global market throughout the forecast period.
The APAC region held the largest share of the market in 2017, accounting for close to 50% share. It was followed by the Americas and EMEA respectively. The APAC region is expected to dominate the market throughout the period 2018-2022.
Technavio’s sample reports are free of charge and contain multiple sections of the report such as the market size and forecast, drivers, challenges, trends, and more.
Some of the key topics covered in the report include:
Market LandscapeMarket ecosystem Market characteristics Market segmentation analysis
Market SizingMarket definition Market size and forecast
Five Forces Analysis
Geographical SegmentationRegional comparison Key leading countries
Vendor LandscapeVendors covered Vendor classification Market positioning of vendors Competitive scenario
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