Italy POS Terminals Market Size

Italy POS Terminals Market Analysis

The Italy POS Terminal market is expected to register at a CAGR of 13.5% during the forecast period of 2022-2027. The POS terminal market has grown significantly over the past few years, owing to its ability to offer an increased return on investment and ease of access. POS systems that facilitate transactions from the central component of businesses across industries, like retail, hospitality, transportation, and banking, have gained importance in companies of small and big sizes over the years.

• POS terminal systems have evolved from being transaction-oriented terminals/devices to systems that can integrate with the company's CRM and other financial solutions. This evolution has empowered end-users with business intelligence to better manage their revenue streams and inventory. Lower maintenance costs, accurate transactions, and real-time inventory are key advantages of POS systems. With the functional benefits that the advanced POS systems offer, companies have replaced their traditional billing software with POS systems, thus, securing the growth of the POS system market.
• In Italy, the government encourages SMEs to go digital by creating programs that help drive the POS terminal market. For instance, the European Commission approved a EUR 400 (USD 452) million financial assistance program from Italy in November 2021. The assistance will assist Italian SMEs involved in internationalization operations in preparation for their digital and green transition. The plan is accessible to all sectors as long as they meet the international, digital, and green conditions for application.
• The modern POS terminals reduce the cost of setup, deployment, maintenance, and power consumption over time, leading to the total cost of ownership. Various vendors offer modular POS terminals with attributes such as touchscreen displays and low power consumption, which helps in reducing the overall cost of ownership. Companies such as Sharp Electronics, NEC Corporation, and others offer fixed POS solutions with touchscreen displays and robust processors that help improve operations and reduce failures. In addition, the POS offered by Aures comes with fanless temperature control to reduce the number of moving parts in a terminal.
• The growing need for mobile POS terminals with convenience features like invoice management, inventory management, and image scanners across industry verticals, including retail, tourism, and e-commerce, will push the POS terminal market forward. Furthermore, as debit and credit card technology evolved, contactless payments became popular for completing a rapid transaction without inputting a PIN, driving up demand for the POS terminal market in Itlay.
• Furthermore, the COVID-19 epidemic has substantially altered how customers purchase, affecting various business segments. The pandemic had a significant impact on the retail industry. Consumers have also increased their usage of diverse sales tactics, such as curbside pickup, virtual consultations, contactless payment, social commerce, or social media purchasing. According to the most recent retail experts and shopper surveys, this new habit is projected to persist during the projection period. Such changes have influenced POS terminal demand.
• Growth in smartphone penetration, a large base of SMEs and micro-merchants, and an expansion of card user base due to different government and bank card acceptance programs are boosting the mPOS market.
• However, the challenge posed to the market's growth is the security concerns due to the usage of critical information. POS terminals are connected to the network and the internet, making them vulnerable to attacks to gain access to and manipulate it like any other insecure machine. The terminal communicates with the rest of the network means attackers could access unencrypted card data, including Track2 and PIN information, providing all the necessary information required to steal and clone payment cards.