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With the growing digitisation and advancements in the payments industry, there has been an increase in the adoption of POS machines across different industry verticals, which is aiding the growth of the POS machines industry. These machines help small and medium businesses to expand and boost their sales while the large businesses use POS systems to gain consumer insights, which are then utilised to develop various discount schemes and personalised marketing strategies, improving overall customer experience. Other factors like the growing focus on customer relationship management (CRM), increased demand for user-friendly and convenient payment processing methods and decline in the trend of carrying cash for shopping are significantly contributing to the growth of the industry. Some of the major players in the industry include Ingenico Group and PAX Technology Limited.
In developing regions, the favourable government initiatives towards promoting the use of online banking and mobile banking have significantly contributed to the industry growth. The market is further supported by the availability of affordable smartphones and iPads through e-commerce platforms like Amazon.com, Inc. (NASDAQ: AMZN) and Alibaba Group Holding Ltd (NYSE: BABA). The increase in the number of smartphone users is expected to enhance the market share of mobile banking services in the regions, which will enhance the growth of the overall POS machines industry in the forecast period.
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The major players in the global POS machines market are Ingenico Group, PAX Technology Limited, Aures Group, Castles Technology Co., Ltd, and Cybernet Manufacturing, Inc., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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