The global Europay, MasterCard, and Visa point of sale terminals market was valued at USD 5 billion in 2016 and is expected to surpass USD 8 billion by 2021, says Technavio.
Technavio has announced its latest market research report on the global EMV POS terminals market, under its computing devices portfolio. This market analysis discusses the major drivers and key emerging trends and offers an analysis of key vendors like Ingenico, PAX Technology, SZZT Technology, and Verifone.
According to Chetan Mohan, a senior analyst for computing devices research at Technavio, “Increased card transactions is one of the majore drivers of the market. The rise in card transactions has led to most of the reluctant enterprises to adopt payment mechanisms involving cards. The consumers are likely to use cards and digital money as a mode of payment more often than cash.”
Such rising use of card has encouragd mobile card reader vendors to invest in the technology and market. In fact, most of the credit or debit card issuers such as American Express, MasterCard, and Visa have been issuing chip-and-PIN-enabled cards, making the end-user merchants more open to the adoption of EMV POS terminals.
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Shift from card providers to business solution providers
Customers of EMV POS terminals are usually not bound by any contract, so they are free to shift between vendors. For this, vendors are discovering other business channels to gain a strong presence in the market. The EMV POS vendors are focusing on offering value-added services to enhance their end-user experience.
Big data management
The cumulative cloud-based solutions will result in more back-end software to the cloud and will be unified with other software for the smooth functioning. Such integration will enable the retailers to access customer’s information and product data across multiple platforms along with a strong CRM division. A large amount of data and its functioning require highly compatible POS solutions, which should work competently with information present on the cloud such as demographics, payment preferences, and buying behavior of consumers to fuel the market analytics. EMV POS terminals are combined into such advanced POS solutions.
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This research report includes an in-depth analysis and market shares and sizes of the sub-segments and geography. An analysis of the key companies, including their market shares, business overview, key financials, etc. is provided in this study. This market study also provides a detailed analysis of key drivers, challenges, and opportunities influencing this market.
A more detailed analysis is available in the Technavio report titled, ‘Global EMV POS Terminals Market 2017-2021‘. Technavio also customizes reports by other regions and specific segments upon request.
Other related reports:
- Global Biometrics Market in BFSI Sector 2016-2020
- Global Smart Card IC Market 2016-2020
- Global NFC Transaction Market 2016-2020
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