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North America POS Terminals Market Growth to Rise till $30bn by 2026
Published Date: 2020-11-18
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According to the Graphical Research new growth forecast report titled North America POS Terminals Market size is predicted to be over USD 30 billion by 2026. The growing penetration of EMV compliant POS terminals in the U.S. will drive the North America POS terminals market growth. According to EMVCo, by the end of 2019, around one billion EMV cards were in use in the country. According to Visa, as of September 2019, 3.7 million merchants in the U.S. accept EMV cards. For merchants accepting EMV cards, counterfeit fraud losses decreased by 87% in 2019 compared to 2015. The increasing adoption of EMV-compliant POS terminals for improved security will further boost industry growth.
The ongoing coronavirus (COVID-19) pandemic will positively impact the North America POS terminals industry. Although the temporary closure of retail stores and restaurants in the first half of 2020 negatively impacted the market growth, the resumption of industrial activities following relaxations in lockdowns imposed will support the adoption of POS terminals. Hospitals and healthcare organizations are focusing on incorporating contactless payment acceptance technologies to ensure patient and staff safety. There are growing concerns about the spread of the virus through banknotes. To ensure non-contact-based transactions, there will be a high demand for POS terminals.
For hypermarkets or large restaurants, it is not always practical to have a sales assistant to process every single transaction. Fixed POS terminals are machines used by large retailers that have high traffic of customers. These terminals can be installed in big stores where customers can pay using their cards or smartphones without the need for intervention by store employees. Fixed POS terminals streamline the overall operations by reducing long customer queues at the payment counters. The terminals also ensure customer satisfaction by enabling a faster self-checkout process.
Hypermarkets and supermarkets adopt POS solutions that integrate sophisticated POS software and hardware that ensure the interconnection of all terminals at different sections of the hypermarket. A centralized POS software facilitates the control of all POS terminals used at several locations across a supermarket. It enables retail e-commerce providers to implement an enhanced inventory management system, keeping a precise record of goods moving in and out of a facility.
Modernizing retail industry in North America will offer growth opportunities to the POS terminals industry as retailers incorporate the latest technologies to enhance customer satisfaction and payment convenience. 80% of the retailers in Canada use NFC capable terminals while 12% of all retail payments are made using contactless technology. Chip cards that offer contact-free payment are preferred in the country. Mastercard covers most of the leading retailers in Canada and has recorded greater than 330 million contactless payments. The increasing penetration of digitalization will encourage retailers to adopt POS terminals.
Key players operating in the North America POS terminals market include Ingenico Group, NCR Corporation, Verifone Systems, Inc., AURES Group, Hewlett Packard Enterprise, Micros Retail Systems, Inc., PAR Technology, Inc., and Square, Inc. Players are focusing on launching new products to strengthen their industry position and expand their product portfolio. For instance, in January 2019, HP partnered with Paypal Holding, Inc., an online payments solution provider, to launch its new Engage POS system that is optimized for SMBs in the hospitality and retail sectors. The partnership aimed to provide joint customers with a suite of hardware, POS software, and payment processing.
The North America 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 Forecast, By Operating System
Market Value, By Operating System
The above information is provided on a country basis for the following: