The Point of Sale (POS) system is operated through POS software, which should also be compatible with the hardware used in the system. The POS software is developed with respect to specific industry verticals, which would facilitate to serve and record a huge amount of online transaction information.
In retail, Point of Sale Terminal Market software facilitates the data to provide scalability with respect to identifying the products of different date ranges or units. The POS system is also integrated with inventory management system in the process to manage the proper availability of the products. In general, POS terminal offers flexibility, reliability, and more importantly transparency for smooth running of the business operation.
However, most of POS systems are developed on generic operating systems such as Windows Embedded, Windows XP, and UNIX operating systems. These operating systems are vulnerable to cyber-attacks, which eventually lead to large-scale data breaches. Thus, lack of point to point encryption is considered to be a major challenge for the POS terminal market over the forecast period.
Moreover, the surging demand for contactless payments, associated with an increase in adoption of NFC devices in the commercial and industrial sector is expected to drive the POS terminal market. Additionally, the evolution of chip-based payment solution and personal identification number (PIN) is presumed to lower security threats that result in driving the demand for POS terminal market over the forecast period.
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The POS Terminal market is categorized as differentiated by component, product, deployment, and end-user.
By component, the POS terminal market comprised hardware, software, and services. Based on hardware, the market includes mobile devices such as tablets and smartphones synchronized with a debit/credit card reader, cash drawers, monitors, and others. On the basis of services, the segment is classified as professional services and managed services. By deployment, the market is bifurcated into on-premises and on-cloud. Furthermore, by product type, the POS terminal is classified as fixed terminal and wireless POS terminal. Based on end-user, the market is classified as retail, warehouse, healthcare, restaurants, hospitality, entertainment, and others.
According to Market Research Future analysis, POS Terminal market has been valued at approximately over USD 87 billion growing with a 9% CAGR during the forecast period 2017-2023.
Some of the key players of wireless POS terminal market include Ingenico (France), Verifone (U.S.), First Data (U.S.), Winpos (Finland), BITEL (Korea), Cegid Group (France), Moneris (Canada), Elavon (U.S.), Castles Technology (Taiwan),Newland Payment Technology (China), CITIXSYS AMERICAS (U.S.), Touchbistro (Canada), PAX Global Technology (Hong Kong), NCR Corporation (U.S.), Diebold Nixdorf (U.S.), Squirrel Systems (Canada), and BBPOS (Hong Kong).
The POS terminal market is differentiated by component, product type, deployment, and end-user.
By component, the POS terminal market is sub-segmented as hardware, software, and services. Based on hardware, the market is categorized as mobile devices such as tablets and smartphones synchronized with a debit/credit card reader, cash drawers, monitors, and others. Based on services, the segment is categorized as professional services and managed services. On the basis of deployment, the market is segmented as on-premises and on-cloud. Furthermore, by the product, the POS terminal is classified as fixed terminal and wireless POS terminal. Based on end-user, the market is classified as retail, warehouse, healthcare, restaurants, hospitality, entertainment, and others.
Geographically, the Wireless POS Terminal market are categorized into four different regions such as North America, Asia Pacific, Europe and the Rest of the World.
North America is expected to be a prominent region in the wireless POS terminal market over the forecast period. The U.S. and Canada are the leading countries in the region attributed to the rising enhancement in payment industry associated increase in solution providers specifically concentrated on customized or business-specific solutions. In the light of these factors, the Wireless POS Terminal market is anticipated to be driven over the review period 2017-2023. Owing to, rising awareness for online transaction particularly in retail and e-commerce sector, Asia Pacific region is expected to be the fastest growing region in wireless POS terminal market over the forecast period 2017-2023. Additonally, India is expected to be the fastest growing economy for the wireless POS terminal attributed to post demonetization effects.
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- Research Firms.
- Government Agencies
- Point of Sale terminal Service Providers
- Associations, organizations, forums and alliances related to Point of Sale terminal
- Software solution providers
- Educational Institution, University and Research Organization.
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