The POS Terminal Landscape of 2014: Key Players and Market Share Trends

Introduction

The Point of Sale (POS) terminal market has undergone significant changes in recent years. With advancements in technology and shifting consumer preferences, the requirement for efficient and user-friendly payment terminals has become crucial. In 2014, the POS terminal landscape saw various industry players competing for market share amidst increasing demands. In this article, we'll dive deep into the key players in the POS terminal market in 2014 and explore the market share trends that shaped this ever-evolving industry.

The Global Market Scenario in 2014

The global POS terminal market was valued at approximately $45 billion in 2014 and was expected to grow at an impressive compound annual growth rate (CAGR) of 15% through 2024. The demand for POS terminals in 2014 was driven by several factors, such as the shift towards cashless payments, increasing adoption of mobile wallets, and advancements in wireless communications.

Additionally, in 2014 there was a rapid expansion of small and medium-sized businesses (SMBs), which further increased the demand for cost-effective POS solutions. Industry players were focusing on building customer loyalty and retention by providing tailored solutions that catered to specific business needs.

Key Players in the POS Terminal Market Share in 2014

As the market for point of sale terminals heated up in 2014, various industry players were jockeying for positions that would allow them to seize significant market shares. The major contenders in the POS terminal market in 2014 included the following companies:

1. Ingenico Group: A French multinational corporation, Ingenico held a dominant position in the global market as it manufactured and provided payment terminals, solutions, and services. Ingenico accounted for over 30% of the global POS terminal market share in 2014.

2. Verifone Systems Inc.: Competing closely with Ingenico, Verifone was a leading provider of POS payment solutions in the market. The American-based company had been engaged in developing, marketing, and servicing payment terminals and business solutions for merchants. Verifone commanded a significant market share of around 20% in 2014.

3. PAX Technology Limited: A Chinese tech company, PAX specialized in electronic payment terminals and solutions. In 2014, PAX managed to capture around 10% of the global market share, owing to its advanced products and excellent services.

4. NCR Corporation: The American information technology company dominated the retail POS terminal segment with a strong market presence in various sectors, such as banks, airlines, and hospitality. NCR held around 5% of the global market share of POS terminals in 2014.

5. Other Players: Smaller organizations, such as Square Inc., Revel Systems, and Intuit Quickbooks, collectively made up the remaining market share in 2014. These companies were also providing tailored POS solutions to businesses, offering quality alternatives to the industry giants.

Region-Specific Market Trends in 2014

The POS terminal market in 2014 saw substantial growth in various regions across the globe. The Asia-Pacific region, for instance, experienced an increased adoption of POS terminals in countries such as China, India, and Japan, due to a booming retail and e-commerce sector.

Europe was a prominent market for POS terminal solutions in 2014, with Western Europe dominating the regional market share. The major contributing factors were stringent regulatory frameworks and the general acceptance to adopt cashless transactions.

The North American market shared a similar trajectory with increasing adoption of wireless technologies and contactless payment options. As consumers gravitated towards mobile wallets and digital transactions, the demand for innovative payment solutions rose dramatically in the region.

Challenges and Market Shifts in 2014

With growing competition and rapidly evolving technologies, the POS terminal market faced a few challenges in 2014. Data security remained a key concern, and the need for secure transaction processes and systems were on the rise. Companies struggled to collaborate and establish partnerships with other industry players to gain access to innovative technologies.

On the flip side, these challenges provided ample opportunities for the industry to grow and improve. Market players were increasingly focusing on research and development, regulatory compliance, and the integration of advanced technologies into their existing product lines.

Adapting to the Future

As the POS terminal industry continues to evolve, 2014 marked a crucial point in shaping the market landscape. Comparing the past with the present gives businesses a better understanding of market trends and the measures required to stay relevant.

The industry's incline towards catering to SMBs, addressing regulatory compliances, and adopting innovative technologies paved the way for a dynamic and ever-changing market ecosystem. These trends will likely continue into the future, shaping and defining the market landscape as businesses strive to meet the demands of an increasingly digitalized world of payments and transactions.