The global point-of-sale (POS) terminal market features a fairly fragmented landscape with an elevated level of competition among players of all types, notes Transparency Market Research (TMR). Over the years, the competition is likely to intensify accentuated by the entry of software vendors and aspiring players. They are focusing on launching advanced technologies that increase the functionalities of the POS terminals, to gain a competitive edge over others in the coming years.
Some of the prominent players in the market are NCR Corporation, Samsung Electronics Co. Ltd., Panasonic Corporation, Toshiba Corporation, Hewlett-Packard Company, Cisco Systems Inc., MICROS Systems Inc., VeriFone Systems Inc., NEC Corporation, PAX Technology Limited, and Ingenico S.A. A number of players are focused on offering services for technologically-driven consumers in various application industries, which help them enhance the value of business operations.
The global POS terminal market was worth US$54.68 bn in 2016 and in 2016 and is estimated to rise at an impressive CAGR of 11.5% from 2017 to 2025.
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The major product types are fixed type and wireless and mobile type POS terminals. Of these, the fixed terminal type holds the sway and accounted for a lion’s share in the overall market in 2016. The dominance is attributed to their extensive uptake among in various parts of the world in recent years. However, in the coming years, wireless and mobile POS terminals is projected to emerge at an attractive pace. The growth will be driven by their cost-effectiveness, intuitive human interface, and affordability among small and medium-sized businesses.
Geographically, North America is the leading market, as it accounted for the major revenue share in 2016. This can be attributed to the substantial number of early takers for this payment technology. The growth of the regional market is fueled by the rapidly rising demand for POS terminals in the retail and entertainment industry.
Need for Secure, User-Friendly, and Convenient Payments Option Boosting Bolstering Demand
The substantial demand for cost-effective technologies for managing payments and inventories in a wide range of end-use industries such as retail, healthcare, warehouse and distribution, and hospitality is a key factor driving the demand for POS terminals. The intensifying need for secure, user-friendly, and convenient payments in various application segments is driving the POS terminals market. The rising adoption of POS terminals in the retail and hospitality sectors in a number of developing and developed economies is driving the growth of the overall market.
The significant demand for secure and convenience payments options for small retailers in various countries is a key factor bolstering the demand for POS terminals. In addition, the emerging demand for mobile and wireless among small and medium sized businesses, attributed to the marked affordability, is boosting the POS terminals market. Furthermore, the soaring popularity of POS terminals in warehouses in various parts of the world is expected to aid in the rapid expansion of the market.
Innovations in Hardware and Software to Unlock Exciting Prospects
The rising adoption of POS terminals in managing customer database and customer loyalty programs is boosting the market. The advent of POS terminals with modern hardware has enabled the availability of machines with higher performance and aesthetics. The sustained focus on design innovations among manufacturers has led to the development of POS terminals with portable designs. This has opened exciting prospects in the market in recent years.
The pressing need for advanced software to prevent frauds is one of the notable trends expected to drive innovations in the market. Recent advancements in touch technologies have improved the functionalities of POS terminals. This augurs well for the overall market. The wide demand for POS terminals in a growing number quick-service restaurants in developing and developed nations is expected to open promising prospects for manufacturers in the coming years. The advent of real time analytics functionalities is a welcome development in the market.