The global POS terminal market is expected exceed approximately USD 87 billion by 2023 with a registered 9% CAGR over the forecast period 2017-2023. Market Research Future in its report reveals the importance of easy handling POS system and its broad usability on a global level. The report also encompasses the POS terminal market’s segmentation and analysis over its growth, insights, and competitive outlook.
Point-of-sale systems are employed to handle checkouts and payments through a digital electronic device which is operated through the integration of software and hardware. POS system is used by retail outlets to handle a range of operations including billing, card payments, cash collection, data analysis and more. Increasing business and growing customer frequency has enabled the POS terminal market to develop and exhibit a higher CAGR in the foreseen years.
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Factors Driving the Markey Growth
Currently, businesses are reaching out for technology that streamlines processes and integrate into a compact system. With the implementation of POS terminals to the retail businesses have benefit to their point of sale in a broader way. Innovations in technology have led to advancements, creating automated Point of Sale Terminal Market, which helps in automating the checkout processes.
In retail, POS software enables complete data to provide scalability and identification of products. In general, Point of Sale Terminal Market systems offer reliability over proper availability of products, flexibility, and transparency for smooth business operations.
Importantly, point-of-sale systems have emerged as a reliable alternative to traditional cash registry systems which, in turn, is attracting more businesses to cater customers in a free hand way. These systems are having smart, yet multiple capabilities such as faster checkouts, easy orders creation, monitoring, secure payments, etc. are broadly increasing productivity and sales. This plug-and-play device has less interaction from technician to install as it is deployed with almost all pre-installed software. This eliminates hassles of collection cash manually and thus makes it easy for all merchants to adopt for the customers.
However, ease of use and increased efficiency are one of the factors that are driving the growth of
Point of Sale Terminal Market at a higher CAGR across the globe. Moreover, the surging demand for contactless payments is associating the adoption of POS terminal in the both commercial and industrial sector. The expected Point of Sale Terminal Market is to grow at a higher valuation of USD 87 billion approximately by 2023, reveals Market Research Report (MRFR).
Market Key Players
Some of the key players of Point of Sale Terminal Market include Ingenico S.A. (France), Verifone Systems (U.S.), PAX Technology (Hong Kong), HP Company (U.S), Cisco Systems (U.S), Elavon (U.S.), Castles Technology (Taiwan), Newland Payment Technology (China), Panasonic Corporation (Japan), CITIXSYS AMERICAS (U.S.), Touchbistro (Canada), NCR Corporation (U.S.), Diebold Nixdorf (U.S.), Zebra technologies (U.S.), Squirrel Systems (Canada), and BBPOS (Hong Kong).
The Point of Sale Terminal Market is segmented by component, product type, deployment, and end-user.
By mode of component, the Point of Sale Terminal Market is segmented into hardware, software, and services.
By mode of hardware, the market is segmented into mobile devices which categories as tablets and smartphones mainly synchronized with debit/credit card reader, monitors and more.
By mode of deployment, the market is segmented into on-premises and on-cloud, and by product, the Point of Sale Terminal Market is classified as fixed terminal and wireless POS terminal.
By mode of end-user, the market is segmented into the retail, warehouse, healthcare, restaurants, hospitality, entertainment, and others.
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Geographically, the point of sale terminal market is shown its tremendous growth in the regions namely North America, Asia Pacific, Europe, and the Rest of the World.
North America is expected to have significant growth in point of sale market due to advanced infrastructure development.
Asia-Pacific is also viewed as the fastest growing region in point of sale terminal market and is predicted to earn instantaneously in the coming years. India, Japan, and China are the leading countries who are in support of POS system, owing to the increased awareness about the software and Government approaches in promoting the cashless economy.
January 10, 2017: HP has announced that it is expanding its SMB offerings with the launch of a new all-in-one POS system partnering with PayPal to utilise its payment processing services.
July 2017: Samsung partnered with PayPal Holdings Inc., to offer payment access through PayPal for all Samsung Pay users in the United States.
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