Point of Sale (POS) Terminal Market is Expecting Market Size of USD 87 Billion by 2023
With many countries around the world going digital and the percentage of cashless transactions rising, Point of Sale (POS) terminal is set to becoming a growing market. Retail outlets use POS to receive card payments without any use of their cash registers to read cards directly. Being a broad concept, POS involves displays and devices engaging in online transactions with the help of barcode scanners, cash register, and computers. Wireless POS terminal is portable. It is used in hotels & hospitality, retail outlets as well as by small vendors. Via 3G technology, POS terminal can connect to the network for online transactions.
Today, the use of Europay, MasterCard, and Visa (EMV) debit and credit cards for payments in restaurants is increasing in various countries. Mobile POS (mobile devices equipped with POS terminal software) allow businesses to re-engineer their operations regarding engagement with customers, helping them in new ways. Going beyond accepting payments via mobile devices synchronized with secure card reader devices, the advanced POS today utilize tablet based services to allow providing information on offers, demonstrations of products, permit deliveries scheduling, and enabling application forms to be filled in, apart from accepting payments. For Mobile POS, moving beyond small business environment means customization of software to suit the requirements of the new business. Software customization is the new trend now, and norm of "one size fits all" is now fading away.
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According to a report published by Market Research Future (MRFR), the global point of sale (POS) terminal market is expected to witness 9% CAGR during the forecast period (2017-2023).
This report segments POS terminal market on the basis into the component, deployment, end-user and product type. Component-based segmentation covers hardware, software, and services. Hardware sub-segment includes mobile devices cash drawers, mobile devices such as tablets and smartphones synchronized with a debit/credit card reader and monitors. Based on deployment, the market is segmented into on-premises and on-cloud. Based on Product, the market has been into based segmentation segments the market into the fixed terminal and wireless POS terminal. Based on end-user, the market is segmented into entertainment, healthcare, hospitality, restaurants, retail, warehouse, and others. By regional segmentation, POS terminal market covers North America, Asia Pacific, Europe, and the rest of the world (RoW). During the forecast period, North America is expected to have significant growth in the point of sale terminal market. Major revenue from North American market is generated from United States of America (USA) and Canada because both countries have the advanced infrastructure. The European market for POS terminal is expected to grow gradually with United Kingdom (UK), France and Germany expecting accounting to generate major revenue shares of the region’s market and lead rest of Europe for the same. In Asian countries, the market for POS terminals is steadily has gaininged momentum on account of the increased internet penetration recently because majority consumers in Asia Pacific region used cash due to internet not available everywhere and few consumers having bank accounts. Recently in the Asia Pacific region, The growth of POS terminals market has picked up speed as be cause in the countries such as China and like India, governments have started promoting the cashless economy by encouraging payment via debit and credit cards. In the Asia Pacific, the maximum scope for the growth of POS terminal market is China, India, and Japan.
Key Players
The key players in point of sales (POS) terminal market include are Castles Technology (Taiwan), Cisco Systems (USA), BBPOS (Hong Kong), CITIXSYS AMERICAS (USA), Diebold Nixdorf (USA), Elavon (USA), HP Company (USA), Ingenico S.A. (France), NCR Corporation (USA), Newland Payment Technology (China), Panasonic Corporation (Japan), PAX Technology (Hong Kong), Squirrel Systems (Canada), Touchbistro (Canada), Verifone Systems (USA) and Zebra Technologies (USA).
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Segmentation:
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.
Regional Analysis
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.