Car POS Machine Market Size Analysis, Growth, Top Regions, Key Players and Forecast to 2031

The global car POS machine market is anticipated to grow at a considerable CAGR of 7.8% during the forecast period. Cloud computing refers to the on-demand access of data and programs from a centralized pool of resources. The rising adoption of the cloud platform is considered to be one of the major factors augmenting the growth of the car POS machine market. The growth is attributed to the faster deployment of new capabilities including the introduction of advanced technologies such as AI. Deployment of new IT solutions for improving the business capabilities takes subsequently higher time in the case of conventional on-premise service-based systems compared to cloud-based solutions. In addition, getting a new application to deploy successfully often takes months, resulting in a waste of time. However, deploying a new application in a cloud platform requires only a week or two. Furthermore, the cloud platform assists in reducing the cost by using a consistent set of best practices. Cloud service eliminates the extra time required to run the application after its deployment, which results in business benefits.

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However, the security concern is the major barrier to the implementation of contactless payment. There are chances of proximity intercept, in which a card’s signal is grabbed by a fraudster’s device. For instance, Researchers Team at Which? (2015) performed a test for observing the security level of contactless payments. By using an easy-to-buy card reader and free software, it is possible to steal details from contactless cards. This easy-to-buy card reader and free software can extract a card number and expiry date from 10 different contactless cards. Thus, this factor may restrain the growth of the car POS machine market during the forecast period.

Impact of COVID-19 Pandemic on the Global Car POS Machine Market

The COVID-19 pandemic resulted in an increased demand for contactless and mobile POS systems as people were spending more time at home due to lockdown restrictions and were ordering ready-to-eat food from foodservice chains and retail stores. For instance, in May 2020, Meatless Farm launched its first online delivery platform, partnering with the UK’s frozen vegan pizza company, One Planet Pizza, following the recent launch of its own D2C home delivery service referred to as OPP direct, a personalized pizza delivery service. Therefore, a surge in the online sales of food products amid the COVID-19 pandemic had forced restaurant owners to deploy mobile POS systems by eliminating conventional, fixed POS systems which will change the market dynamics post the COVID-19 pandemic.

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Segmental Outlook 

The global car POS machine market is segmented based on the type and application. Based on the type, the market is segmented into wired and wireless. Among these types, the wireless segment is expected to grow fastest with the rising adoption of cloud-based solutions. Based on the application, the market is sub-segmented into passenger vehicles and commercial vehicles. 

Regional Outlooks

The global car POS machine market is further segmented based on geography including North America (the US, and Canada), Europe (Italy, Spain, Germany, France, and Others), Asia-Pacific (India, China, Japan, and Others), and the Rest of the World (the Middle East & Africa, and Latin America).  

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