The payment machine mounting system market in North America was valued at US$ 74.89 million in 2019 and is projected to reach US$ 95.21 million by 2027; it is expected to grow at a CAGR of 3.5% from 2020 to 2027.
The US, Canadian, and Mexican governments are increasingly emphasizing on the retail sector. This is attributed to the fact that the retail sector is one of the primary sectors for GDP growth. In an attempt to grow the retail sector, the governments are urging the retailers to expand their stores across the respective country’s borders. Increase in number of retail stores positively impacts the adoption of technologies. Since Point of Sale (POS) systems are well matured in the North American retail sector, the increase in retail stores in the US, Canada, and Mexican provinces is reflecting the rise in demand for POS systems. This, in turn, increases the demand for POS stands, thereby, boosting the payment machine mounting system market.
Adoption of POS solution within the retail, healthcare, and hospitality industries is increasing. This is impacting the adoption of payment machine mounting systems, such as adapters, cash drawers, and trays. Rise in number of retail outlets, hospitals, pubs, and restaurants across the region is one of a major factors responsible for driving the growth of POS solutions and related products such as mounting stands. The retail companies having online presence are putting additional efforts on expanding their imprints through physical stores. Also, changing lifestyle and eating habits of individuals have resulted into increasing number of restaurants and pubs throughout the world. Furthermore, rise in construction of hospitals worldwide is another aspect playing a greater role in boosting the penetration of POS solutions and mounting systems. Moreover, the emerging economies of North America are witnessing rise in construction of retail stores & hospitals, which is projected to provide growth opportunities to the providers of payment machine mounting systems. In addition, continuous technological developments have resulted into emergence of modular mounting solutions for the benefit of mentioned industries.
The US is a major market for payment machine mounting systems especially due to booming retail and entertainment sector. However, due to closure of retail outlets, the consumption of payment mounting solutions has been decreased. Also, the country imports the payment mounting systems from other countries, which has been affected owing to restrictions on supply chain and overseas trade. The factory and business shutdowns across the US, Canada, and Mexico are impacting the adoption of payment mounting systems in retail stores, hotels, museums, and convention center applications. North America is home to a large number of technology companies. Hence, the impact of coronavirus outbreak on the North America market is anticipated to be quite severe in 2020 and likely in 2021. Hence, the ongoing COVID-19 crisis and critical situation in the US is going to impact the North America payment machine mounting systems market growth in a negative manner for the next few quarters.
The overall North America payment machine mounting systems market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the payment machine mounting systems market. The process also serves the purpose of obtaining overview and forecast for the payment machine mounting systems market with respect to all the segments pertaining to the region. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants who typically take part in this process include industry experts, such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants, such as valuation experts, research analysts, and key opinion leaders specializing in the North America payment machine mounting systems market. Apollo Electronics Co. Ltd., HPC Systems, ENS-CO, and Ergonomic Solutions are among the key players serving the payment machine mounting systems market in North America.