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Europe POS Terminals Market Share to Collect $30bn by 2026
Published Date: 2020-11-23
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According to the Graphical Research new growth forecast report titled Europe POS Terminals Market share is set to be around USD 30 billion by 2026. The advent of digitalization across several countries including Germany, Italy, France, Austria, and Spain will drive the demand for POS terminals. Consumers are adopting digital payment techniques for enhanced transaction security, thus encouraging retailers to incorporate advanced POS systems. In August 2018, the Swedish government announced plans to become a cashless nation by 2023. The growing use of electronic payments to reduce dependency on cash will boost the POS terminals market growth.
The ongoing coronavirus (COVID-19) pandemic will propel the POS terminals industry growth as people prefer contactless payment techniques to prevent the spread of the virus through banknotes. Government organizations are also encouraging the use of digital payments during the ongoing crisis. As per the industry trade body, UK Finance, the spending limit for non-contact card payments was increased in April 2020 to enable seamless electronic contactless payments. Hospitals and healthcare organizations are also using POS terminals for non-contact payment acceptance to ensure patient and staff safety.
Traditional POS systems provide enhanced control over the data stored and processed inside them, in turn, propelling their demand. These devices enable businesses to store data in a local server and run applications on a closed internal network. Although cloud-based systems offer improved scalability & flexibility, they are often at risk of cyber-attacks. Establishing a traditional POS system enables owners to gain complete ownership of the infrastructure, ensuring data privacy. Large warehouse owners, hotels, and restaurant chains prefer adopting traditional POS systems to ensure customer data security.
Combining a powerful operating system with modern aesthetics, the MAC has become a popular POS device for retailers globally. Along with enhanced data security, the OS also ensures protection against unexpected breakdowns. It also facilitates faster transaction speeds and offers powerful insight into the buying trends of the customers. The MAC is a very stable and reliable operating system with relatively few bugs or system failures. The demand for robust operating systems that ensure enhanced POS system functioning will boost the MAC-based POS terminals market growth.
Major players operating in the POS terminals industry include Ingenico Group, Verifone Systems, Inc., Toshiba Corporation, NCR Corporation, Samsung Electronics Co., Ltd., PAX Technology, Inc., Micros Retail Systems, Inc., Hewlett Packard Enterprise, and Diebold Nixdorf Incorporated. Launching innovative products with advanced functionalities form a key market strategy amongst players in the industry.
The Europe 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 Share, By Product
Market Size, By Component
Market Trends, By Technology
Market Value, By Operating System
Market Forecast, By Operating System
The above information is provided on a country basis for the following: