Global POS Machine Hardware Market 2026 by Manufacturers, Regions, Type and Application, Forecast to 2032
1 Market Overview
- 1.1 Product Overview and Scope
- 1.2 Market Estimation Caveats and Base Year
- 1.3 Market Analysis by Type
- 1.3.1 Overview: Global POS Machine Hardware Consumption Value by Type: 2021 Versus 2025 Versus 2032
- 1.3.2 Smart POS
- 1.3.3 Non-smart POS
- 1.4 Market Analysis by Function
- 1.4.1 Overview: Global POS Machine Hardware Consumption Value by Function: 2021 Versus 2025 Versus 2032
- 1.4.2 Desktop Type
- 1.4.3 Mobile Type
- 1.5 Market Analysis by Product
- 1.5.1 Overview: Global POS Machine Hardware Consumption Value by Product: 2021 Versus 2025 Versus 2032
- 1.5.2 Mobile POS (mPOS)
- 1.5.3 Kitchen Display System (KDS)
- 1.5.4 Other
- 1.6 Market Analysis by Application
- 1.6.1 Overview: Global POS Machine Hardware Consumption Value by Application: 2021 Versus 2025 Versus 2032
- 1.6.2 Retail
- 1.6.3 Restaurant
- 1.6.4 Hospitality
- 1.6.5 Entertainment
- 1.6.6 Other
- 1.7 Global POS Machine Hardware Market Size & Forecast
- 1.7.1 Global POS Machine Hardware Consumption Value (2021 & 2025 & 2032)
- 1.7.2 Global POS Machine Hardware Sales Quantity (2021-2032)
- 1.7.3 Global POS Machine Hardware Average Price (2021-2032)
2 Manufacturers Profiles
- 2.1 Newland NPT
- 2.1.1 Newland NPT Details
- 2.1.2 Newland NPT Major Business
- 2.1.3 Newland NPT POS Machine Hardware Product and Services
- 2.1.4 Newland NPT POS Machine Hardware Sales Quantity, Average Price, Revenue, Gross Margin and Market Share (2021-2026)
- 2.1.5 Newland NPT Recent Developments/Updates
- 2.2 PAX Technology
- 2.2.1 PAX Technology Details
- 2.2.2 PAX Technology Major Business
- 2.2.3 PAX Technology POS Machine Hardware Product and Services
- 2.2.4 PAX Technology POS Machine Hardware Sales Quantity, Average Price, Revenue, Gross Margin and Market Share (2021-2026)
- 2.2.5 PAX Technology Recent Developments/Updates
- 2.3 New POS Technology
- 2.3.1 New POS Technology Details
- 2.3.2 New POS Technology Major Business
- 2.3.3 New POS Technology POS Machine Hardware Product and Services
- 2.3.4 New POS Technology POS Machine Hardware Sales Quantity, Average Price, Revenue, Gross Margin and Market Share (2021-2026)
- 2.3.5 New POS Technology Recent Developments/Updates
- 2.4 Verifone
- 2.4.1 Verifone Details
- 2.4.2 Verifone Major Business
- 2.4.3 Verifone POS Machine Hardware Product and Services
- 2.4.4 Verifone POS Machine Hardware Sales Quantity, Average Price, Revenue, Gross Margin and Market Share (2021-2026)
- 2.4.5 Verifone Recent Developments/Updates
- 2.5 Ingenico (Worldline)
- 2.5.1 Ingenico (Worldline) Details
- 2.5.2 Ingenico (Worldline) Major Business
- 2.5.3 Ingenico (Worldline) POS Machine Hardware Product and Services
- 2.5.4 Ingenico (Worldline) POS Machine Hardware Sales Quantity, Average Price, Revenue, Gross Margin and Market Share (2021-2026)
- 2.5.5 Ingenico (Worldline) Recent Developments/Updates
- 2.6 Shenzhen Xinguodu Technology
- 2.6.1 Shenzhen Xinguodu Technology Details
- 2.6.2 Shenzhen Xinguodu Technology Major Business
- 2.6.3 Shenzhen Xinguodu Technology POS Machine Hardware Product and Services
- 2.6.4 Shenzhen Xinguodu Technology POS Machine Hardware Sales Quantity, Average Price, Revenue, Gross Margin and Market Share (2021-2026)
- 2.6.5 Shenzhen Xinguodu Technology Recent Developments/Updates
- 2.7 Wuhan Tianyu Information
- 2.7.1 Wuhan Tianyu Information Details
- 2.7.2 Wuhan Tianyu Information Major Business
- 2.7.3 Wuhan Tianyu Information POS Machine Hardware Product and Services
- 2.7.4 Wuhan Tianyu Information POS Machine Hardware Sales Quantity, Average Price, Revenue, Gross Margin and Market Share (2021-2026)
- 2.7.5 Wuhan Tianyu Information Recent Developments/Updates
- 2.8 BBPOS
- 2.8.1 BBPOS Details
- 2.8.2 BBPOS Major Business
- 2.8.3 BBPOS POS Machine Hardware Product and Services
- 2.8.4 BBPOS POS Machine Hardware Sales Quantity, Average Price, Revenue, Gross Margin and Market Share (2021-2026)
- 2.8.5 BBPOS Recent Developments/Updates
- 2.9 Centerm
- 2.9.1 Centerm Details
- 2.9.2 Centerm Major Business
- 2.9.3 Centerm POS Machine Hardware Product and Services
- 2.9.4 Centerm POS Machine Hardware Sales Quantity, Average Price, Revenue, Gross Margin and Market Share (2021-2026)
- 2.9.5 Centerm Recent Developments/Updates
- 2.10 MoreFun Electronic Technology
- 2.10.1 MoreFun Electronic Technology Details
- 2.10.2 MoreFun Electronic Technology Major Business
- 2.10.3 MoreFun Electronic Technology POS Machine Hardware Product and Services
- 2.10.4 MoreFun Electronic Technology POS Machine Hardware Sales Quantity, Average Price, Revenue, Gross Margin and Market Share (2021-2026)
- 2.10.5 MoreFun Electronic Technology Recent Developments/Updates
- 2.11 Posiflex Technology
- 2.11.1 Posiflex Technology Details
- 2.11.2 Posiflex Technology Major Business
- 2.11.3 Posiflex Technology POS Machine Hardware Product and Services
- 2.11.4 Posiflex Technology POS Machine Hardware Sales Quantity, Average Price, Revenue, Gross Margin and Market Share (2021-2026)
- 2.11.5 Posiflex Technology Recent Developments/Updates
- 2.12 NCR Voyix
- 2.12.1 NCR Voyix Details
- 2.12.2 NCR Voyix Major Business
- 2.12.3 NCR Voyix POS Machine Hardware Product and Services
- 2.12.4 NCR Voyix POS Machine Hardware Sales Quantity, Average Price, Revenue, Gross Margin and Market Share (2021-2026)
- 2.12.5 NCR Voyix Recent Developments/Updates
- 2.13 Beijing Shenzhou Anfu Technology
- 2.13.1 Beijing Shenzhou Anfu Technology Details
- 2.13.2 Beijing Shenzhou Anfu Technology Major Business
- 2.13.3 Beijing Shenzhou Anfu Technology POS Machine Hardware Product and Services
- 2.13.4 Beijing Shenzhou Anfu Technology POS Machine Hardware Sales Quantity, Average Price, Revenue, Gross Margin and Market Share (2021-2026)
- 2.13.5 Beijing Shenzhou Anfu Technology Recent Developments/Updates
- 2.14 Datecs
- 2.14.1 Datecs Details
- 2.14.2 Datecs Major Business
- 2.14.3 Datecs POS Machine Hardware Product and Services
- 2.14.4 Datecs POS Machine Hardware Sales Quantity, Average Price, Revenue, Gross Margin and Market Share (2021-2026)
- 2.14.5 Datecs Recent Developments/Updates
- 2.15 SZZT
- 2.15.1 SZZT Details
- 2.15.2 SZZT Major Business
- 2.15.3 SZZT POS Machine Hardware Product and Services
- 2.15.4 SZZT POS Machine Hardware Sales Quantity, Average Price, Revenue, Gross Margin and Market Share (2021-2026)
- 2.15.5 SZZT Recent Developments/Updates
- 2.16 ADVANTECH-AURES
- 2.16.1 ADVANTECH-AURES Details
- 2.16.2 ADVANTECH-AURES Major Business
- 2.16.3 ADVANTECH-AURES POS Machine Hardware Product and Services
- 2.16.4 ADVANTECH-AURES POS Machine Hardware Sales Quantity, Average Price, Revenue, Gross Margin and Market Share (2021-2026)
- 2.16.5 ADVANTECH-AURES Recent Developments/Updates
- 2.17 Miura Systems
- 2.17.1 Miura Systems Details
- 2.17.2 Miura Systems Major Business
- 2.17.3 Miura Systems POS Machine Hardware Product and Services
- 2.17.4 Miura Systems POS Machine Hardware Sales Quantity, Average Price, Revenue, Gross Margin and Market Share (2021-2026)
- 2.17.5 Miura Systems Recent Developments/Updates
- 2.18 PayCore
- 2.18.1 PayCore Details
- 2.18.2 PayCore Major Business
- 2.18.3 PayCore POS Machine Hardware Product and Services
- 2.18.4 PayCore POS Machine Hardware Sales Quantity, Average Price, Revenue, Gross Margin and Market Share (2021-2026)
- 2.18.5 PayCore Recent Developments/Updates
- 2.19 Bitel
- 2.19.1 Bitel Details
- 2.19.2 Bitel Major Business
- 2.19.3 Bitel POS Machine Hardware Product and Services
- 2.19.4 Bitel POS Machine Hardware Sales Quantity, Average Price, Revenue, Gross Margin and Market Share (2021-2026)
- 2.19.5 Bitel Recent Developments/Updates
- 2.20 Square
- 2.20.1 Square Details
- 2.20.2 Square Major Business
- 2.20.3 Square POS Machine Hardware Product and Services
- 2.20.4 Square POS Machine Hardware Sales Quantity, Average Price, Revenue, Gross Margin and Market Share (2021-2026)
- 2.20.5 Square Recent Developments/Updates
- 2.21 Touch Dynamic
- 2.21.1 Touch Dynamic Details
- 2.21.2 Touch Dynamic Major Business
- 2.21.3 Touch Dynamic POS Machine Hardware Product and Services
- 2.21.4 Touch Dynamic POS Machine Hardware Sales Quantity, Average Price, Revenue, Gross Margin and Market Share (2021-2026)
- 2.21.5 Touch Dynamic Recent Developments/Updates
3 Competitive Environment: POS Machine Hardware by Manufacturer
- 3.1 Global POS Machine Hardware Sales Quantity by Manufacturer (2021-2026)
- 3.2 Global POS Machine Hardware Revenue by Manufacturer (2021-2026)
- 3.3 Global POS Machine Hardware Average Price by Manufacturer (2021-2026)
- 3.4 Market Share Analysis (2025)
- 3.4.1 Producer Shipments of POS Machine Hardware by Manufacturer Revenue ($MM) and Market Share (%): 2025
- 3.4.2 Top 3 POS Machine Hardware Manufacturer Market Share in 2025
- 3.4.3 Top 6 POS Machine Hardware Manufacturer Market Share in 2025
- 3.5 POS Machine Hardware Market: Overall Company Footprint Analysis
- 3.5.1 POS Machine Hardware Market: Region Footprint
- 3.5.2 POS Machine Hardware Market: Company Product Type Footprint
- 3.5.3 POS Machine Hardware Market: Company Product Application Footprint
- 3.6 New Market Entrants and Barriers to Market Entry
- 3.7 Mergers, Acquisition, Agreements, and Collaborations
4 Consumption Analysis by Region
- 4.1 Global POS Machine Hardware Market Size by Region
- 4.1.1 Global POS Machine Hardware Sales Quantity by Region (2021-2032)
- 4.1.2 Global POS Machine Hardware Consumption Value by Region (2021-2032)
- 4.1.3 Global POS Machine Hardware Average Price by Region (2021-2032)
- 4.2 North America POS Machine Hardware Consumption Value (2021-2032)
- 4.3 Europe POS Machine Hardware Consumption Value (2021-2032)
- 4.4 Asia-Pacific POS Machine Hardware Consumption Value (2021-2032)
- 4.5 South America POS Machine Hardware Consumption Value (2021-2032)
- 4.6 Middle East & Africa POS Machine Hardware Consumption Value (2021-2032)
5 Market Segment by Type
- 5.1 Global POS Machine Hardware Sales Quantity by Type (2021-2032)
- 5.2 Global POS Machine Hardware Consumption Value by Type (2021-2032)
- 5.3 Global POS Machine Hardware Average Price by Type (2021-2032)
6 Market Segment by Application
- 6.1 Global POS Machine Hardware Sales Quantity by Application (2021-2032)
- 6.2 Global POS Machine Hardware Consumption Value by Application (2021-2032)
- 6.3 Global POS Machine Hardware Average Price by Application (2021-2032)
7 North America
- 7.1 North America POS Machine Hardware Sales Quantity by Type (2021-2032)
- 7.2 North America POS Machine Hardware Sales Quantity by Application (2021-2032)
- 7.3 North America POS Machine Hardware Market Size by Country
- 7.3.1 North America POS Machine Hardware Sales Quantity by Country (2021-2032)
- 7.3.2 North America POS Machine Hardware Consumption Value by Country (2021-2032)
- 7.3.3 United States Market Size and Forecast (2021-2032)
- 7.3.4 Canada Market Size and Forecast (2021-2032)
- 7.3.5 Mexico Market Size and Forecast (2021-2032)
8 Europe
- 8.1 Europe POS Machine Hardware Sales Quantity by Type (2021-2032)
- 8.2 Europe POS Machine Hardware Sales Quantity by Application (2021-2032)
- 8.3 Europe POS Machine Hardware Market Size by Country
- 8.3.1 Europe POS Machine Hardware Sales Quantity by Country (2021-2032)
- 8.3.2 Europe POS Machine Hardware Consumption Value by Country (2021-2032)
- 8.3.3 Germany Market Size and Forecast (2021-2032)
- 8.3.4 France Market Size and Forecast (2021-2032)
- 8.3.5 United Kingdom Market Size and Forecast (2021-2032)
- 8.3.6 Russia Market Size and Forecast (2021-2032)
- 8.3.7 Italy Market Size and Forecast (2021-2032)
9 Asia-Pacific
- 9.1 Asia-Pacific POS Machine Hardware Sales Quantity by Type (2021-2032)
- 9.2 Asia-Pacific POS Machine Hardware Sales Quantity by Application (2021-2032)
- 9.3 Asia-Pacific POS Machine Hardware Market Size by Region
- 9.3.1 Asia-Pacific POS Machine Hardware Sales Quantity by Region (2021-2032)
- 9.3.2 Asia-Pacific POS Machine Hardware Consumption Value by Region (2021-2032)
- 9.3.3 China Market Size and Forecast (2021-2032)
- 9.3.4 Japan Market Size and Forecast (2021-2032)
- 9.3.5 South Korea Market Size and Forecast (2021-2032)
- 9.3.6 India Market Size and Forecast (2021-2032)
- 9.3.7 Southeast Asia Market Size and Forecast (2021-2032)
- 9.3.8 Australia Market Size and Forecast (2021-2032)
10 South America
- 10.1 South America POS Machine Hardware Sales Quantity by Type (2021-2032)
- 10.2 South America POS Machine Hardware Sales Quantity by Application (2021-2032)
- 10.3 South America POS Machine Hardware Market Size by Country
- 10.3.1 South America POS Machine Hardware Sales Quantity by Country (2021-2032)
- 10.3.2 South America POS Machine Hardware Consumption Value by Country (2021-2032)
- 10.3.3 Brazil Market Size and Forecast (2021-2032)
- 10.3.4 Argentina Market Size and Forecast (2021-2032)
11 Middle East & Africa
- 11.1 Middle East & Africa POS Machine Hardware Sales Quantity by Type (2021-2032)
- 11.2 Middle East & Africa POS Machine Hardware Sales Quantity by Application (2021-2032)
- 11.3 Middle East & Africa POS Machine Hardware Market Size by Country
- 11.3.1 Middle East & Africa POS Machine Hardware Sales Quantity by Country (2021-2032)
- 11.3.2 Middle East & Africa POS Machine Hardware Consumption Value by Country (2021-2032)
- 11.3.3 Turkey Market Size and Forecast (2021-2032)
- 11.3.4 Egypt Market Size and Forecast (2021-2032)
- 11.3.5 Saudi Arabia Market Size and Forecast (2021-2032)
- 11.3.6 South Africa Market Size and Forecast (2021-2032)
12 Market Dynamics
- 12.1 POS Machine Hardware Market Drivers
- 12.2 POS Machine Hardware Market Restraints
- 12.3 POS Machine Hardware Trends Analysis
- 12.4 Porters Five Forces Analysis
- 12.4.1 Threat of New Entrants
- 12.4.2 Bargaining Power of Suppliers
- 12.4.3 Bargaining Power of Buyers
- 12.4.4 Threat of Substitutes
- 12.4.5 Competitive Rivalry
13 Raw Material and Industry Chain
- 13.1 Raw Material of POS Machine Hardware and Key Manufacturers
- 13.2 Manufacturing Costs Percentage of POS Machine Hardware
- 13.3 POS Machine Hardware Production Process
- 13.4 Industry Value Chain Analysis
14 Shipments by Distribution Channel
- 14.1 Sales Channel
- 14.1.1 Direct to End-User
- 14.1.2 Distributors
- 14.2 POS Machine Hardware Typical Distributors
- 14.3 POS Machine Hardware Typical Customers
15 Research Findings and Conclusion
16 Appendix
- 16.1 Methodology
- 16.2 Research Process and Data Source
According to our (Global Info Research) latest study, the global POS Machine Hardware market size was valued at US$ 5444 million in 2025 and is forecast to a readjusted size of US$ 8304 million by 2032 with a CAGR of 6.9% during review period.
A POS (Point-of-Sale) Machine hardware product refers to the physical electronic device set used at retail or service locations to complete transactions, capture payment data, and interface with business systems. Typical POS hardware includes a main terminal or handheld device (with CPU, memory, display, and operating system), input/output peripherals such as barcode scanners, card readers (magstripe, EMV chip, NFC/contactless), receipt printers, cash drawers, customer displays, and communication modules (Ethernet, Wi-Fi, Bluetooth, cellular). From an industry-chain perspective, the upstream consists of semiconductor suppliers (MCUs/SoCs, memory, secure elements), display panels, touch modules, printers and motors, RF/NFC chips, power management ICs, batteries, enclosures, and EMS/ODM manufacturers that handle PCB assembly and system integration. The midstream is dominated by POS hardware brands and solution providers that design, assemble, certify (EMV, PCI, regional payment standards), and package complete POS terminals for different use scenarios (fixed countertop, mobile POS, self-service). The downstream includes payment acquirers, banks, ISVs, system integrators, distributors, and end users such as retail chains, restaurants, hospitality, transportation, healthcare, and small merchants, where POS hardware is deployed together with POS software, payment gateways, and cloud services. Economically, the POS hardware segment typically operates at moderate gross margins, with increasing value shifting downstream toward software, services, and data, while hardware demand is driven by trends such as cashless payments, omnichannel retail, mobility, and regulatory upgrades (e.g., EMV, fiscalization).
In 2025, global POS Machine Hardware sales volume reached approximately 83.97 million units, with an average global market price of around US$ 63 per unit.
Digitalization of Retail and Service Industries
The accelerating digital transformation of retail, hospitality, transportation, and service sectors is a primary driver of POS hardware demand. Merchants are upgrading from traditional cash registers to smart POS terminals that integrate payment processing, inventory management, CRM, and analytics. This shift increases demand for more capable hardware such as Android POS terminals, smart touch POS, and integrated all-in-one devices, especially in emerging markets where POS penetration is still rising.
Growth of Cashless and Electronic Payments
Rapid adoption of cashless payment methods—including bank cards, QR code payments, mobile wallets, and contactless NFC transactions—directly drives POS hardware shipments. Regulatory support for electronic payments, financial inclusion initiatives, and consumer preference for faster checkout experiences are pushing merchants to deploy compliant POS terminals capable of handling multi-payment standards, EMV, NFC, and secure encryption.
Expansion of Small and Micro Merchants
The global expansion of SMEs, micro-merchants, and informal retail is a strong volume driver for POS hardware. Portable POS (mPOS) and low-cost smart POS terminals enable small businesses, street vendors, and service providers to accept digital payments without complex infrastructure, significantly expanding the addressable market for entry-level and mid-range POS devices.
This report is a detailed and comprehensive analysis for global POS Machine Hardware market. Both quantitative and qualitative analyses are presented by manufacturers, by region & country, by Type and by Application. As the market is constantly changing, this report explores the competition, supply and demand trends, as well as key factors that contribute to its changing demands across many markets. Company profiles and product examples of selected competitors, along with market share estimates of some of the selected leaders for the year 2025, are provided.
Key Features:
Global POS Machine Hardware market size and forecasts, in consumption value ($ Million), sales quantity (K Units), and average selling prices (US$/Unit), 2021-2032
Global POS Machine Hardware market size and forecasts by region and country, in consumption value ($ Million), sales quantity (K Units), and average selling prices (US$/Unit), 2021-2032
Global POS Machine Hardware market size and forecasts, by Type and by Application, in consumption value ($ Million), sales quantity (K Units), and average selling prices (US$/Unit), 2021-2032
Global POS Machine Hardware market shares of main players, shipments in revenue ($ Million), sales quantity (K Units), and ASP (US$/Unit), 2021-2026
The Primary Objectives in This Report Are:
To determine the size of the total market opportunity of global and key countries
To assess the growth potential for POS Machine Hardware
To forecast future growth in each product and end-use market
To assess competitive factors affecting the marketplace
This report profiles key players in the global POS Machine Hardware market based on the following parameters - company overview, sales quantity, revenue, price, gross margin, product portfolio, geographical presence, and key developments. Key companies covered as a part of this study include Newland NPT, PAX Technology, New POS Technology, Verifone, Ingenico (Worldline), Shenzhen Xinguodu Technology, Wuhan Tianyu Information, BBPOS, Centerm, MoreFun Electronic Technology, etc.
This report also provides key insights about market drivers, restraints, opportunities, new product launches or approvals.
Market Segmentation
POS Machine Hardware market is split by Type and by Application. For the period 2021-2032, the growth among segments provides accurate calculations and forecasts for consumption value by Type, and by Application in terms of volume and value. This analysis can help you expand your business by targeting qualified niche markets.
Market segment by Type
Smart POS
Non-smart POS
Market segment by Function
Desktop Type
Mobile Type
Market segment by Product
Mobile POS (mPOS)
Kitchen Display System (KDS)
Other
Market segment by Application
Retail
Restaurant
Hospitality
Entertainment
Other
Major players covered
Newland NPT
PAX Technology
New POS Technology
Verifone
Ingenico (Worldline)
Shenzhen Xinguodu Technology
Wuhan Tianyu Information
BBPOS
Centerm
MoreFun Electronic Technology
Posiflex Technology
NCR Voyix
Beijing Shenzhou Anfu Technology
Datecs
SZZT
ADVANTECH-AURES
Miura Systems
PayCore
Bitel
Square
Touch Dynamic
Market segment by region, regional analysis covers
North America (United States, Canada, and Mexico)
Europe (Germany, France, United Kingdom, Russia, Italy, and Rest of Europe)
Asia-Pacific (China, Japan, Korea, India, Southeast Asia, and Australia)
South America (Brazil, Argentina, Colombia, and Rest of South America)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa, and Rest of Middle East & Africa)
The content of the study subjects, includes a total of 15 chapters:
Chapter 1, to describe POS Machine Hardware product scope, market overview, market estimation caveats and base year.
Chapter 2, to profile the top manufacturers of POS Machine Hardware, with price, sales quantity, revenue, and global market share of POS Machine Hardware from 2021 to 2026.
Chapter 3, the POS Machine Hardware competitive situation, sales quantity, revenue, and global market share of top manufacturers are analyzed emphatically by landscape contrast.
Chapter 4, the POS Machine Hardware breakdown data are shown at the regional level, to show the sales quantity, consumption value, and growth by regions, from 2021 to 2032.
Chapter 5 and 6, to segment the sales by Type and by Application, with sales market share and growth rate by Type, by Application, from 2021 to 2032.
Chapter 7, 8, 9, 10 and 11, to break the sales data at the country level, with sales quantity, consumption value, and market share for key countries in the world, from 2021 to 2026.and POS Machine Hardware market forecast, by regions, by Type, and by Application, with sales and revenue, from 2027 to 2032.
Chapter 12, market dynamics, drivers, restraints, trends, and Porters Five Forces analysis.
Chapter 13, the key raw materials and key suppliers, and industry chain of POS Machine Hardware.
Chapter 14 and 15, to describe POS Machine Hardware sales channel, distributors, customers, research findings and conclusion.