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The global point of sale (POS) terminals market has been forecast to hit 34.8 million units by 2018, driven by the increasing adoption of Europay, MasterCard and Visa (EMV) standards and burgeoning demand in the rapidly growing developing markets.
A POS terminal is an electronic device that is used for verifying and processing credit card transactions. Typically connected via highly reliable telephone wired connections, they require rapid dial up time, low power and reliable performance.
The POS terminals market received a major boost in 1990s, when the focus of the cash register industry shifted from electronic cash registers to PC based POS systems. Since then, the POS systems market has been characterised by continuously evolving technologies and industry standards.
The POS systems market witnessed a marked transition from proprietary customised single platform systems to open-architecture systems compatible with a variety of hardware and software. POS terminals find extensive application across various retail establishments, hospitality centers and shopping malls.
The alarming rise in fraudulent payments across the globe has renewed the industry's interest in establishing security standards, including ensuring end-to-end data encryption, and compliance with guidelines from all major card issuers.
Reflecting the depressing economic crisis, the POS terminals market registered substantial erosion in volume sales during 2009 in almost all regional markets across the globe. With global credit market in doldrums, largely due to the recent financial turmoil and credit crunch, credit card transactions have been badly hit, thus creating deep ripples in the POS market.
Asia looks set to represent the fastest growing regional market, increasing at a CAGR of approximately 7% through 2018. A continued growth in card payment transactions in developing countries such as China and India is largely the result of steady economic growth, improving spending power, and the emergence of several modern retail infrastructure projects such as malls, super markets, and chain stores.
Despite the gloom, outlook for the future remains bright, with demand expected to grow substantially over the next few years, riding on the projected rise in the number of non-cash payment transactions, particularly contactless payments.
For more information on the POS terminals market, see the latest research: Global POS Terminals Market
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