The POS terminals market in Europe will gain considerable momentum, as it is set to reach the $30 billion benchmark by the year 2026, according to reports. A major reason behind this growth trend is the rapid increase in digitization of various services across countries like Germany, France, Italy, Spain and Austria.
The number of POS terminals adopting biometrics technology is on the rise in the region. Enhanced level of data security provided by biometrics to retailers is a major factor cited. The best thing about this technology is that it not only helps businesses keep a track of their transaction history but also gives them exclusivity to access their confidential data files. This greatly reduces the risk of unauthorized person hacking into the system through passwords.
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Since the digital era is not showing any signs of fading out, the industry players have come out with various electronic payment platforms. This will have a positive impact on the growth of POS terminals sector in Europe. These platforms are much more convenient to handle as they are a one-stop destination for all kinds of payments. This significantly reduces the risk of carrying large amounts of cash and reduces dependence on it as well.
Digitization of products and services has given rise to POS terminals becoming tech-savvy as well. Manufacturers bring together the best and advanced technologies and integrate them into their products. When these traditional products become hi-tech, they offer a whole range of benefits to their end-users. For example, NCR Corporation, in 2019, launched its own POS system that integrates its payment processing technology with Samsung’s Quantum tablets.
This setup has helped business owners keep better track of payments while also providing transaction data and history of each customer to enhance interactions with them. Similar trends will strengthen POS terminals market forecast in Europe.
Contactless payments are on the rise, thanks to the COVID-19 pandemic. Due to the fear of contracting the virus, several customers today are opting for these modes of payment. Credit card companies as well, have introduced contactless payment cards since then.
An excellent example of this is the Contactless Visa Card introduced by the credit card company. This card has a contactless symbol embedded in it, helping the user tap the card on the POS terminal while paying. These initiatives are going to encourage the growth of POS terminals sector in Europe.
Data security is another factor driving the growth of POS terminals market. While cloud-based POS systems are better to store large amounts of data, they are still prone to being victims of cyber-attacks. This is why most retailers prefer to use the traditional ones as the data can be stored on the businessman’s local server. They hold complete ownership of this data, leading to complete data privacy.
The retail industry is rapidly expanding across Europe, giving rise to demand for POS terminals across several retail chains. In fact, according to market reports, the overall sales in the retail sector increased by a whopping 3.4% in the year 2019 as compared to the previous year. The reason for the rising demand for these devices is the convenience and speed with which financial transactions can be done. Customers don’t have to stand in long queues with cash in their hand and can finish paying for their purchases with just a swipe.
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The companies involved in this market in Europe are Toshiba Corporation, Hewlett Packard Enterprise, Micros Retail Systems, Ingenico Group, Samsung Electronics, PAX Technology, among others.
Table of Contents (ToC) of the report:
Chapter 2 Market Snapshot
2.1 Europe POS terminals market snapshot
Chapter 3 Europe POS Terminals Market Trends
3.1 Industry coverage
3.2 Industry size, 2016 – 2026
3.3 Impact of COVID-19 pandemic
3.4 Value chain analysis
3.4.1 Company product snapshot
3.5 Innovation landscape
3.6 Regulatory norms & directives
3.7 Drivers & restraints
3.7.1 POS Terminals Market drivers
3.7.2 POS Terminals Market restraints
3.8 Industry analysis – Porter’s
3.9 Competitive benchmarking, 2019
3.9.1 Strategy dashboard
3.10 PEST analysis
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