According to the Graphical Research new growth forecast report titled “APAC POS Terminals Market Size, By Product (Mobile, Fixed), By Component (Hardware, Software, Service), By Technology (Biometric, Traditional), By Operating System (Windows, Linux, MAC), By Application (Restaurants, Hospitality, Healthcare, Retail, Warehouse/Distribution, Entertainment)”, Estimated To Be Over USD 40 Billion by 2026.
The efforts of various Asia Pacific countries to become cashless economies will fuel the adoption of POS terminals. Through the Digital India program, the government aims to make the economy cashless. It is encouraging the use of digital payments to strengthen the economy’s competitiveness in the global environment. Similarly, the Government of Singapore aims to make the economy cashless by 2025. A rise in the popularity of electronic payment techniques in the region will encourage businesses to adopt advanced POS terminals.
The ongoing coronavirus (COVID-19) pandemic will positively impact the APAC POS terminals market. There is a rise in the number of digital payments during the pandemic due to rising concerns about the spread of the virus through banknotes. According to a Mastercard survey, in Singapore, 31% of the respondents reportedly used contactless credit cards to pay. While digital wallets witnessed an increased adoption among all contactless payment methods in the Philippines, Malaysia, and Thailand since the outbreak of the pandemic. The growing use of cards and mobile wallets will boost the APAC POS terminals market growth.
The growing popularity of advanced biometric POS systems in countries including China and Japan will drive market growth over the forecast timespan. The incorporation of biometric technology in POS machines ensures enhanced security and access control. Players are focusing on R&D associated with fingerprint and facial recognition-based POS solutions. For instance, in August 2019, WeChat, the Chinese social and mobile payment app, launched its facial recognition-based POS system developed by Tencent. The terminal enables offline payments by efficiently scanning shoppers’ faces to complete transactions. As biometrics facilitate improved privacy and security over traditional systems, the market will witness high growth.
High security and reliability offered by Windows OS encourage businesses to adopt it for their POS systems. As it is the most popular operating system, it is easy to use, in turn, enabling owners to save significant time in training employees to work on a new OS. With a Windows system, operators can guarantee an integrated and connected store ecosystem that ensures seamless communication between all Windows-based POS touchpoints including self-service kiosks, tablets, and terminals. By using Windows, it is also easy for an operator to migrate or upgrade to advanced versions easily, offering access to the latest technologies by leveraging the existing infrastructure.
The growing retail industry in several counties including South Korea, India, and China will boost the APAC POS terminals market growth. The retail industry in South Korea is one of the largest markets in Asia with supermarkets, hypermarkets, and convenience stores, growing rapidly over recent years. In 2019, China accounted for around 21% of the global retail market, the second-largest share after the U.S. Retailers in India and China are adopting POS to offer improved customer service terminals to sustain the growing competition. Retailers are moving from traditional systems to modern payment acceptance options, in turn, propelling the industry growth.
Key players operating in the APAC POS terminals market include NCR Corporation, Ingenico Group, Verifone Systems, Inc., AURES Group, Micros Retail Systems, Inc., PAR Technology, Inc., Hewlett Packard Enterprise, and Square, Inc. Strategic collaborations to launch innovative solutions form a key strategy amongst market players. For instance, in April 2020, Posiflex Technology collaborated with 42Gears Mobility Systems Pvt. Ltd. to enable the remote management of Posiflex POS devices and peripherals. Through this collaboration, Posiflex aims to offer enhanced POS management capabilities to customers. Players undergoing strategic partnerships to introduce new solutions will propel the POS terminals market growth.
The APAC POS terminals market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD and shipments in units from 2016 to 2026 for the following segments:
Market, By Product
Market, By Component
Market, By Technology
Market, By Operating System
Market, By Application
The above information is provided on a country basis for the following:
- Asia Pacific
- South Korea
- Australia & New Zealand (ANZ)