What's Driving the POS Terminals Market Growth? Cisco Diebold Nixdorf Ingenico Group MICROS Systems Inc NCR Corporation Panasonic ParTech, Inc. PAX Technology Samsung Electronics Square

giant seems to be attempting to provide a simpler and secure way of payment to the merchants. As per a market research report, mobile POS terminals industry will record an appreciable growth rate in the years ahead, owing to the growing adoption rate of smartphones and mobiles.

The participants in point of sale terminals market are strictly involved in intensive research and development activities to enhance the POS terminals focusing on the factors such as improved service availability, applicability of the product for small consumers and merchants, cost effectiveness, and minimum processing time. Also, some of the giants are involved in the deployment of modern technology with ample support from the regional governments.

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The advent of IoT has led to the surging adoption of technology and the development of high standard software. Consumers have been expecting card-based transactions to occur within mere seconds. Conforming with consumer expectations, tech companies are heavily investing in tech innovations and advancements, thereby providing a positive boost to POS terminals market size over the years ahead. Pertaining to the implementation of connected software, consumers in the hospitality and retail sectors have deployed this product on a large scale, considering its functionality benefits and user-friendly payment options. For easy accessibility and flexibility of digital transactions, most of the users in retail and hospitality sectors are adopting cloud-based POS solutions, thereby impelling the overall POS terminals industry share.

Keeping eye on the exponentially growing retail market, HFC bank has partnered with Mastercard to strengthen its retail offerings. This partnership is a part of HFC's strategy to expand its services to banking institutions by providing debit cards to the clients, augmenting the POS terminals market. Retail point of sale (POS) terminals market will also grow lucratively over the coming seven years, taking into account, the surging penetration of e-commerce sectors across various regions of the globe. This product is becoming more popular in the retail sector pertaining to the capability of POS terminals to distinguish between different users, availability of real time dashboard, and user-friendly accessibility per transaction, which will suitably boost POS terminals industry share.

The same year also witnessed NEXTEP SYSTEMS, a provider of self-order POS services, form a strategic alliance with LevelUp, the largest mobile payment platform developed by Massachusetts-based startup firm SCVNGR. The alliance will enhance the service efficiency of both the firms by offering more effective and user-friendly online payment options. Speedy self and mobile ordering operations, ensuring a seamless and personalized experience for the users are expected to spur the business expansion and ROI of both these firms, thereby providing a boost to POS terminals industry. POS terminals market share to surpass USD 125 billion by 2024.

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POS terminals industry is an evolving business sector with big players investing heavily in R&D activities to develop new technologies and products for gaining competitive edge. It is more likely that rapid expansion of POS terminals market will encourage new service providers and manufacturers to enter the business further encouraging the existence of fierce competition in the industry. VeriFone Systems Inc., Panasonic Corporation, Ingenico Group, PAX Technology Inc., and Toshiba Corporation are some of the major brands of POS terminals industry.

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