POS Terminal Market Recent Industry Developments And Growth Strategies Adopted By Players
Ingenico S.A., PAX Technology Limited, NEC Corporation, , VeriFone Systems Inc., MICROS Systems Inc., Cisco Systems Inc., Hewlett-Packard Company, Toshiba Corporation, Panasonic Corporation, Samsung Electronics Co. Ltd., and NCR Corporation were the key vendors for POS terminal services in 2016.
The global market for POS terminal stood at US$54.68 bn in 2016 vis-à-vis revenue and is poised to expand at a CAGR of 11.5% between 2017 and 2025.
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Early Implementation of Technology Pushes North America to Top Position
The application segments of POS terminal market are restaurant, hospitality-lodging, grocery/supermarket, warehouse/distribution, healthcare, retail, field service, and government. Retail, among them, accounted for the leading market share in 2016. This is mainly because of ease of fast processing of bills, data backup, maintenance of customer database, inventory management, and management of customer loyalty programs.
North America, at present, dominates the global POS terminal market in terms of revenue contribution. In 2016, the region held a significant 30% share of the overall market. This is due to significant use of POS terminal across the retail and entertainment sectors and early implementation of technology.
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Demand for Enhanced Services from Savvy Consumers Boosts Market Growth
Some of the key growth drivers in the global POS terminal market is the high acceptance of POS terminal across the hospitality, retail, warehouse/distribution, and healthcare sectors due to ease of use and high return on investment. POS terminal have an array of use, which include printing bills, making payments, inventory management, and carrying out customer loyalty programs.
The rapid growth of the retail and hospitality sectors in developing economies have had a profound impact on the growth of POS terminal market. Small and medium sized retailers and quick service restaurants in the emerging economies of China and India are increasingly adopting POS solutions for enhanced customer experience. With the entry of retail giants such as Wal-Mart to emerging economies, the demand for POS solutions is further expected to rise. Therefore, Asia Pacific is expected to display significant growth with the leading CAGR over the forecast period.
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The growth of the market is further supplemented with the rising adoption of mobile POS in retail and hospitality sectors as they are more systematic and allow prompt processing of credit. Further, it offers ease of use, as any tablet or mobile can be remodeled into mobile POS by simply fastening a reader to it. Thus, mobile POS terminal are expected to experience high growth over the coming years.
Furthermore, advancements in POS terminal systems, in recent years, such as real time analytics features is working in favor of the growth of the market. Last but not the least, compliance requirements such as Europay, Mastercard, and Visa (EMV) are driving the growth of POS terminal market as they are ensure enhanced security of payments.
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