The global battery market for POS terminals was valued at more than USD 673 million in 2016 and is expected to surpass USD 1053 million by 2021, says Technavio.
Technavio has announced its latest market research study on the global battery market for POS terminals to its energy storage portfolio. This market report enlists the main drivers and key evolving trends and offers an analysis of leading vendors like LiPol Battery, Overlander, Panasonic, and Shenzhen Glida Electronics.
According to Thanikachalam Chandrasekaran, a lead analyst for energy storage research at Technavio, “Regulatory bodies are implementing various stringent regulations to enhance security standards to reduce instances of financial fraud. These rules are primarily for recertification of electronic payment systems adopted by various merchants and retailers. Such recertification will require retailers to upgrade their existing POS systems to new ones that will help them to comply with these terms.”
The certification of electronic systems connected to payment networks should be obtained from card associations, financial establishments, and payment processors. The increase in chip and pin and NFC transactions, which are more secure than magnetic stripe transactions will boost the demand in the global battery market for POS terminals over the next four years.
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Wider adoption of contactless payment systems
The increasing use of NFC technology for cashless transactions with transmitters like the card, smartphone, smartwatches, and readers will boost the demand for POS terminals in the market. Contactless payment systems are the fastest mode for making payments and do not require a personal identification number (PIN) up to a certain limit of the transaction. Samsung Pay, Android Pay, Apple Pay, Vodafone SmartPass, and Visa payWave are some of the mobile applications that are used in the global market to make contactless payments.
Demonetization in India
The recent announcement of demonetization by the Indian Government to curb corruption and money laundering has led to an increase in POS terminals across the country. Several small businesses across urban and semi-urban areas are investing in setting up card-swipe machines or POS terminals to sustain competition in the market. The steady installation of POS terminals across the country will fuel the growth of the battery market during the forecast period.
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This industry analysis provides a comprehensive study of market shares and sizes of the sub-sectors and geography. A breakdown of the major companies, including their market shares, business overview, key financials, etc. is provided in this study. This market research report also provides a detailed analysis of main drivers, challenges, and opportunities influencing this market.
A thorough study is available in the Technavio report titled, ‘Global Battery Market for POS Terminals 2017-2021’. Technavio also customizes reports by additional regions and specific segments upon request.
Other related reports:
- Global Start-stop Battery Market 2017-2021
- Global EMV POS Terminals Market 2017-2021
- Global POS Terminals Market 2016-2020
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