EMV POS Terminals Market Report Overview
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The global EMV POS terminals market size was USD 10500 million in 2022. As per our research, the market is expected to reach USD 20979 million in 2031, exhibiting a CAGR of 7.9% during the forecast period.
The global COVID-19 pandemic has been unprecedented and staggering, with the EMV POS terminals market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.
EMV POS terminals are payment terminals that are designed to process transactions using EMV (Europay, Mastercard, and Visa) chip cards. EMV technology is named after the three companies that originally developed the standard to improve the security of credit and debit card transactions.
Unlike traditional magnetic stripe cards, EMV chip cards contain a small embedded microchip that generates a unique transaction code for each payment, making it more difficult for fraudsters to clone the card or steal sensitive card data during transactions.
The market is to projected to rise with an outstanding growth rate during the forecast period due to the shift in fraud liability, the security benefits of EMV technology, regulatory compliance requirements, and consumer expectations for safer transactions. Additionally, the market is fragmented by type, by application, and by geographical expansion of the market. With respect to the type of device, portable countertops & pin pad, mpos, and smart pos are available in the market. On the other hand, retail and hospitality are the prime application segments of the market to lift the demand for the device.
COVID-19 Impact: Contactless Payment Accelerated the Market Dynamic
During the coronavirus outbreak, there was a heightened awareness of hygiene and a preference for contactless payment methods to minimize physical contact. This led to an increased demand for EMV POS terminals with contactless payment capabilities. In addition to this, with lockdowns and social distancing measures in place, online shopping and e-commerce surged. As a result, the demand for secure online payment solutions increased, and businesses invested in EMV-compliant e-commerce payment gateways which boosted the demand for the device. Thereby, the market witnessed an acceleration in growth during the COVID-19 pandemic particularly, in 2022-2021, which is anticipated to continue to rise in the future as well.
Latest Trends
"Trend of Virtual Terminals and MPOS Solutions Develop the Market Opportunity"
The market for EMV POS terminals is continuously growing exponentially due to several trends and advancements in technology. Contactless and mobile payments gained popularity due to their convenience and safety. Also, merchants are required to provide seamless shopping experiences with omnichannel integration, while enhanced security features such as P2PE and tokenization are in demand. Besides, cloud-based solutions offer flexibility and integrated software solutions streamlined operations. Virtual terminals and mPOS solutions allowed businesses to accept payments anywhere, and some providers began supporting cryptocurrency acceptance which is attributed to support the growth of the market during this projection timeframe.
EMV POS Terminals Market Segmentation
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- By Type Analysis
According to type, the market can be bifurcated into Portable Countertop & Pin Pad, Mpos, and Smart Pos.
- By Application Analysis
Based on application, the market can be divided into Retail and Hospitality.
Driving Factors
"Need for Payment Fraud Reduction Uplift the Demand for Secured Solution"
Due to rising incidents of transactional fraud, the demand for the device continues to increase as EMV technology provides enhanced security which makes it difficult for fraudsters to clone or counterfeit EMV chip cards. As a result, merchants and payment networks sought to reduce card-present fraud by adopting EMV POS terminals.
"Regulatory Compliance Boost the Growth of the Market"
The second key driving factor is monetary regulation compliance. Many countries and payment card networks have mandated the adoption of EMV technology to combat card-present fraud. Thus, merchants are required to upgrade their POS terminals to comply with these regulations which is driving EMV POS terminals market growth.
Restraining Factors
"Cost of Implementation Can Confine the Market Extension"
Upgrading to EMV POS terminals can be expensive for some merchants, especially for small businesses or those with a large number of terminals. The cost of acquiring new terminals, training staff, and ensuring compatibility with existing systems could be a significant barrier that can hinder the expansion of the market.
EMV POS Terminals Market Regional Insights
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"North America Dominates the Market Due to Growing Acceptance of Contactless Payments"
According to market research, North America is one of the significant regions leading the market for EMV POS terminals. The adoption of EMV technology in North America gained momentum after a liability shift in 2015, compelling merchants to upgrade their terminals for enhanced security. Regulatory mandates, consumer expectations for secure payments, and the growing acceptance of contactless payments further contributed to North America's leadership in the market.
Key Industry Players
"Key Players Offers Smart POS Solutions with EMV-Compliant Devices to Provide Comprehensive Payment Capabilities"
With regard to key players, major companies lead in the market through innovation, offering diverse product portfolios catering to various business needs and industries. They have a significant global presence with extensive distribution networks and strategic partnerships. In addition, emphasizing security and compliance, these companies provide excellent customer support and services, building a reputation for reliability and quality. Strong brand recognition, market share, and compatibility with various payment methods further solidify their leadership position. As well as their marketing efforts and industry influence contribute to their prominence in the market. Subsequently, in terms of global market revenue, the top two key players hold the majority of the EMV POS terminals market shares.
List of Market Players Profiled
- Ingenico
- PAX Technology
- SZZT Technology
- Verifone
Report Coverage
This report defines the EMV POS terminals market. It emphasizes the market value, expected CAGR, and USD value over the forecast period, before and after the impact of the COVID-19 pandemic restrictions on the international market, and how the industry is going to turn the corner is also stated in the report. The report provides significant market data with its product type and product applications, end-use details, and an idea of the market growth in the future. This report also provides an understanding of the growing market trends and developments and their effects on the market growth, driving factors along with restraining factors that impact the market dynamics. Along with this, the leading region, key players of the market, and their tactics to beat the market competition, sustainable policies, their collaboration, mergers, companies’ profile, previous years’ revenue, profit & loss, and market position based on their share value in the market, are also explained in the report.
REPORT COVERAGE | DETAILS |
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Market Size Value In |
US$ 10500 Million in 2022 |
Market Size Value By |
US$ 20979 Million by 2031 |
Growth Rate |
CAGR of 7.9% from 2022 to 2031 |
Forecast Period |
2022-2031 |
Base Year |
2023 |
Historical Data Available |
Yes |
Regional Scope |
Global |
Segments Covered |
Type and Application |
Frequently Asked Questions
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What value is the global EMV POS terminals market expected to touch by 2031?
The global EMV POS terminals market is expected to touch USD 20979 million in 2031.
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What CAGR is the EMV POS terminals market expected to exhibit during 2022-2031?
The EMV POS terminals market is expected to exhibit a CAGR of 7.9% over 2022-2031.
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What are the key driving factors of the EMV POS terminals market?
The shift in fraud liability, the security benefits of EMV technology, regulatory compliance requirements, and consumer expectations for safer transactions are the key driving factors of the EMV POS terminals market.
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What are the key players in the EMV POS terminals market?
The key players in the EMV POS terminals market include Ingenico, PAX Technology, SZZT Technology, and Verifone are top players in the market.