The EMV POS terminals market is projected to grow at a CAGR of 6.1% in terms of revenue from 2021-2028, with the retail and hospitality sectors as the major contributors. The global EMV POS terminals market is estimated to be valued at USD 74.5 billion by 2028, growing from an estimated value of USD 44.4 billion in 2018.
EMV stands for Europay, MasterCard, and Visa. It is also known as Chip & PIN or chip-and-signature card system that was developed in the 1990s to counter fraud from counterfeit credit cards. EMV POS terminals are devices used by merchants to process transactions securely without swiping a customer's credit card through an electronic reader: instead of providing a signature on paper, customers enter their personal identification number (PIN) into the terminal with a keypad affixed to the device. This technology provides additional security because it uses cryptographic keys where both parties share unique secrets stored only in secure hardware modules within each EMV payment terminal which makes them difficult to attack remotely using malware since they require physical access or proximity.
On the basis of type, the EMV POS terminal is segmented into portable countertop and pin pad, Mpos, smart pos.
A portable countertop terminal is a device that has been designed to be used at places where there are no wires or cables. It can support many functions and it’s usually small in size. The PIN pad of the terminals allows input from both sides, meaning that it doesn’t have to be oriented as long as you know how to use PIN pads! The most common type of portable countertop terminal is an ATM machine with limited capabilities such as dispensing cash only for smaller transactions and sending receipts through email or text messages if desired. They're also known for being cost-effective (less expensive than other types of terminals), easy to service & install, highly secure because they don't store any data, and easy to use.
A mPOS is basically an EMV POS that has been modified so that it does not need a cash drawer attached to it anymore but rather connects wirelessly over Bluetooth technology to a smartphone or tablet.
A Mpos is a type of point-of-sale terminal that can process transactions more quickly because it has built-in processing power. This allows merchants to perform tasks such as voiding sales or refunding customers faster than if the merchant was using a traditional POS system. The increased processing speed also saves money for retailers by reducing wait time and other operating costs.
Mpos systems are typically used by larger retailers and chain stores that may have more than one POS terminal on-site but don't necessarily need a smart pos system to process transactions at each location. A Mpos is usually compatible with many types of software such as retail management programs for inventory tracking purposes, or accounting packages for payroll and receivables.
Smart Pos systems are more sophisticated than Mpos in the sense that they have advanced features such as remote management capabilities, portability, and so on. Smart pos technology has been increasingly used by retailers due to its high-security features and automated functions. The remote management feature, for example, allows retailers to monitor their stores from outside the store premises via a cloud-based software system. The software will also allow retailers to manage inventory from a remote location. This would be extremely useful if the store is located in an area where users have limited internet connectivity, as it allows them to conduct business transactions without being physically present at their stores. Additionally, smart pos systems are more secure than mpos and they can offer multi-level protection.
On the basis of application, the EMV POS terminal is segmented into retail, hospitality & leisure industries.
EMV POS Terminals for the retail industry can be used to improve customer experience. This would allow retailers to provide superior service and eliminate inefficiencies such as long lineups at checkout counters, overpriced items, and low-quality products. EMV terminals are more secure than chip-and-pin cards, which means that customers have a safer shopping experience. It also helps verify transactions quicker by eliminating time spent on error rectification when swiping or inserting chip cards into the terminal slot during payment processing while simultaneously preventing loss of revenue due to fraudulent activity.
EMV POS terminals are increasingly being used in the hospitality and leisure industry due to their reliability. The integration of EMV technology makes these devices a perfect fit for foodservice establishments and casinos that want customers to feel confident when they use their cards or mobile wallets at point-of-sale (POS).
Some hotel chains have already begun installing EMV POS systems, for example, Hilton Worldwide which has 750 hotels across the globe with an average of 20 restaurants per property. With this system installed, guests can enter their card PIN number into fast food kiosks without having to insert any physical credit card – saving time and money on both ends. When it comes to gaming establishments like roulette tables or slot machines, people often need cashiers as they play, and EMV POS terminals can help make the customer’s experience more convenient.
On the basis of region, the global EMV POS terminals market is segmented into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. North America is expected to lead the market due to increasing demand for EMV compliant POS terminals from retail stores in the U.S., Canada, and Mexico as well as the growing adoption of EMV based credit cards by shoppers. The retail segment dominated the global EMV POS terminal market with maximum share during 2018-2028 followed by the hospitality sector.
In terms of revenue contribution, it accounted for 13% during the 2010-2018 period globally. The growth can be attributed to an increase in the adoption of EMV compliant credit cards by shoppers, increasing demand for EMV compliant POS terminals from retail stores in U.S., Canada, and Mexico as well as growing acceptance among merchants.
* EMV POS terminals market is growing rapidly due to the increased number of contactless transactions.
* The Increasing need for security and data protection, especially after a series of global data breaches like the Target breach in 2013 which made retailers tighten their spending plans on new systems.
* The trend towards mobile commerce has fueled the demand for more point-of-sale (POS) terminals at retail outlets as well as hotels, restaurants, and other hospitality establishments.
The vendors are increasing with innovative features that increase customer engagement time by providing them with personalized offers through coupons or discounts linked to their past purchase history using location-based services; hence boosting sales irrespective of economical cycles. Some examples are Apple Pay, Google Wallet & Samsung Pay.
Up Market Research published a new report titled “EMV POS Terminals Market research report which is segmented by Types (Portable Countertop & Pin Pad, Mpos, Smart Pos), By Applications (Market size and forecast, Retail, Hospitality), By Players/Companies Ingenico, PAX Technology, SZZT Technology, Verifone”. As per the study, the market is expected to grow at a CAGR of XX% in the forecast period.
|Report Attributes||Report Details|
|Report Title||EMV POS Terminals Market Research Report|
|By Type||Portable Countertop & Pin Pad, Mpos, Smart Pos|
|By Application||Market size and forecast, Retail, Hospitality|
|By Companies||Ingenico, PAX Technology, SZZT Technology, Verifone|
|Regions Covered||North America, Europe, APAC, Latin America, MEA|
|Historical Year||2018 to 2019 (Data from 2010 can be provided as per availability)|
|Number of Pages||239|
|Number of Tables & Figures||168|
|Customization Available||Yes, the report can be customized as per your need.|
The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.
The market is segmented by Type Portable Countertop & Pin Pad, Mpos, Smart Pos and By Application Market size and forecast, Retail, Hospitality.
Some of the companies that are profiled in this report are:
EMV POS Terminals Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.
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Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.
We have studied the EMV POS Terminals Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.
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