This market research study presents a detailed segmentation of the EMV POS terminal market in the US by end-user (hospitality and retail). The key leading vendors in the market are Ingenico Group and VeriFone Systems.
Technavio’s market research analysts estimate the EMV POS terminal market in the US to grow at a CAGR of 20% between 2016 and 2020. Owing to rise in fraudulent transactions, the demand for Europay, MasterCard, and Visa (EMV) POS terminals is increasing because of growing payment services and the use of debit or credit cards for safe and secure transactions. This shift towards secure payments has accelerated the adoption of EMV cards and EMV POS terminals. The forecast period is also expected to witness the advent of contactless EMV POS payment terminals in the US.
The new market research report from Technavio provides a breakdown and analysis of the EMV POS terminal segments by technology.
“This market is expected to witness vast growth during the forecast period with several large retailers and medium-sized retailers migrating to software as a service platforms (SaaS) in the cloud from back-end processes. This will enable retailers to store a significant amount of data that can be accessed from anywhere by authorized units. These solutions require fewer IT resources and help in cutting down associated costs and complexities. They are expected to enhance cloud-computing technology and the related POS processing environment for retailers. This recent shift in preference for cloud-based solutions is expected to bolster the growth prospects of this market in the coming years,” says Sunil Kumar Singh, Lead Analyst, Hardware & Semiconductor, Technavio Research
The retail sector is the largest end-user of EMV POS terminal, and accounts for almost half of the overall market revenue. The retail sector includes supermarkets, hypermarkets, gas stations, drug stores, specialty stores, and mass merchandise stores. Factors such as the shift toward organized retailing in the US along with the pressure to sustain competition and retain market share has resulted in the integration of advanced POS systems. Moreover, large retailers like Walmart and Target give bulk orders for EMV POS terminals to minimize risks and enhance the use of technology across their retail stores, thereby resulting in an augmented demand for EMV POS terminals and related hardware and software.
The leading vendors in the EMV POS terminal market in the US include Ingenico Group and VeriFone Systems. This market is highly competitive owing to the presence of well-established players that are adopting new technologies to gain a competitive edge. The competition is expected to intensify with vendors adopting new technologies and an increasing number of M&A transactions.
A more detailed analysis is available in the Technavio report, EMV POS Terminal Market in the US 2016-2020.
We can customize reports by other regions and specific segments upon request.
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