Press release
Point of Sale (POS) Terminal Market to observe 13.5%+ gains to 2024, By Top Manufacturers: NCR Corporation, Panasonic, NEC Corporation, Toshiba, Epicor Software, JDA Software, Verifone, Wincor Nixdorf, Ingenico Group Dominating
(Point of Sale) POS Terminals Market
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Global Point of Sale (POS) Terminal Market is expected to exceed USD 125 billion by 2024. This growth is accredited to the rising demand for cashless transactions and the ease of convenience offered by these devices. They also help in minimizing the total cost of ownership by delivering great performance, reliability and remote manageability. In addition, they help the retailers in carrying out detailed payment, inventory management, printing of bills and carry out loyalty programs for the customers.
The flourishing e-commerce industry is anticipated to provide growth opportunities for the Point of Sale (POS) Terminal market due to the rising demand for digital sales channel. The vendors are focusing on replacing the traditional sales channel with the digital ones owing to the rise in the number of online customers and the need to penetrate into the untapped markets. Various e-commerce giants are also offering the card-on-delivery options which increase the demand over the near future.
Point of Sale Terminals Market, By Application
• Entertainment
• Healthcare
• Hospitality
• Retail
• Warehouse
• Others
Point of Sale Terminals Market, By Product
• Mobile
• Fixed
Point of Sale Terminals Market, By Component
• Software
• Hardware
The security concerns associated with the usage of these systems will inhibit the industry growth over the forecast timeline. This is due to the concern regarding the revelation of the confidential information while using these devices. Various vendors manufacture such systems with hidden keypads to offer risk free transactions. Although, the security concerns associated with the use of web based systems for conducting businesses online will also hamper the Point of Sale (POS) Terminal market growth.
The Mobile POS terminal segment is projected to grow at the significant CAGR in the Point of Sale (POS) Terminal market over the coming years owing to the lucrative opportunities it is providing advantage of harnessing the smartphones to accept payments instantly. It is widely used in tradeshows, events and flea markets to enable the rapid movement of the customers through the checkout lines.
The retail sector is getting more organized across the world, which will provide impetus for the industry growth over the next few years. This is due to the development of customized devices by the vendors to offer real time dashboard options, user profiles for different users. Such functionalities enable the retailers to streamline the workflow, thereby boosting sales and profits.
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The Asia Pacific Point of Sale (POS) Terminal market is expected to witness high growth owing to the evolution of retail sector in countries such as India and China. The demonetization effect in India has caused the customers towards cashless transactions and the convenience offered by it. The manufacturers in the region are actively focusing on launching devices integrated with NFC, Bluetooth and QR Code enabled which will further escalate the demand.
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Key players participating in the Point of Sale (POS) Terminal market include VeriFone Systems, Ingenico SA, New POS Technology, NEC Corporation, NCR Corporation, and PAX Technology. The Point of Sale (POS) Terminal market is characterized by the demand for technologically advance devices which offers functionalities such as recording information of repeat customers, payroll data and inventory management.
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