POS Terminal Market | Top Impacting Factors: Market Scenario Analysis, Trends, Drivers, and Impact Analysis

A point of sale terminal (POS terminal) is an electronic device used to process card payments at retail locations. POS software used to read magnetic strips of credit and debit cards is embedded in the hardware device. Functions of POS terminal include reading the information off a customer's credit or debit card, checks whether the funds in a customer's bank account are sufficient, transferring the funds from the customer's account to the seller's account, and recording the transaction and prints a receipt for the purchase made.

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Surge in adoption of portable devices, either proprietary or third-party, as well as contactless capabilities for emerging forms of mobile payments, are driving the growth of the POS terminal market.

Major players analyzed in the market include Cisco Systems Inc., Emerge Mobile (RF) Proprietary Limited, Equinox Payments LLC, Ingenico Group SA, iVeri Payment Technologies (Pty) Ltd, Micros Systems Inc., NCR Corporation, Panasonic Corporation, Samsung Electronics Co. Ltd., and Toshiba Corporation.

Rise in demand for mobile POS terminal for convenience features such as invoice management, inventory management, and image scanner is increasing across industry verticals such as retail, tourism, and ecommerce will drive the growth for POS terminal market. Moreover, with changing technologies in debit and credit cards, contactless payments became popular for making a quick purchase without entering a PIN, surging the demand for POS terminal market. Furthermore, introduction of a cloud-based POS system that is affordable and can be remotely updated, reduces the downtime is driving the growth for POS terminal market. However, stringent regulations and rising data security concern are restraining the growth of POS terminals market growth.

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Furthermore, increasing investment in end-to-end encryption technology for secure payment solutions and suitability to customers is expected to drive the demand for point-of-sale terminals in the forecasted years. Additionally, integration of multifunctional software in POS system will benefit various applications in ensuring safe payment, customer data analysis, and storing employee information which is expected to boost the demands for POS terminal market.

Mobile point of sale mPOS are wireless devices such as tablets and smartphones that are capable of functioning as an electronic point-of-sale terminal or cash register. The implementation of mPOS allows the sales and service industries to conduct financial transactions at any place, owing to mobility, improved customer experience, and saving of space for improving customer experience. Thus, the demand for mPOS is expected to drive the POS terminals market during the forecast period.

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