Unlocking Growth in the POS Terminal Market: Key Trends and Innovations Driving the Future of Payment Solutions

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.

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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. 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.

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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. 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.

Impact of COVID-19 on POS Terminal Market:

1. The COVID-19 pandemic has acted as a catalyst for the development of automation technologies by global companies, especially in the area of drones for the purpose of surveillance and medicine delivery, IT industry.

2. The unprecedented economic impact of COVID-19 on demand and supply, along with implications on geopolitics, and globalization, will influence the future of automation.

3. The coronavirus pandemic may drive enhancement of automation, digitalization, and artificial intelligence (AI) in the automobile sector in post COVID era to improve resilience to future pandemics.

4. In a situation like this, automation and robotics could reduce dependence on human labor and increase productivity, preventing the chances of future plant shutdowns. In addition to this, IoT, AI, and digitalization will become extremely relevant going forward and are going to define the new way of working. This lockdown provides us an opportunity to adopt these new trends, thus increasing the opportunities for the POS terminal market in the upcoming years.

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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.

Advanced POS technology is better than older point-of-sale systems such as PC cash drawers (PCCD) and cash registers. Retailers are seeking ways to update the checkout systems in order to enhance customer service and operational efficiency. Retailers have realized that even a small cost reduction could lead to significant improvements in their businesses. The advent of advanced payment technologies such as NFC and Euro pay, Master Card, and Visa (EMV) and an increase in the adoption of payment options such as debit and credit cards have played a role in boosting demand for POS terminals.

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Key benefits of the report:

1. This study presents the analytical depiction of the global POS terminal industry along with the current trends and future estimations to determine the imminent investment pockets.

2. The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global POS terminal market share.

3. The current market is quantitatively analyzed to highlight the global POS terminal market growth scenario.
Porter's five forces analysis illustrates the potency of buyers & suppliers in the market.

4.The report provides a detailed global POS terminal market analysis depending on competitive intensity and how the competition will take shape in coming years.

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