The point of sale (POS) is where the transaction is completed, and the time of making the payment by the customer to the merchant for the goods purchased or the service taken. At this point, the merchant prepares an invoice or calculates the amount to be paid by the customer and give options to make payment.
After the payment is received, a receipt for the transaction is issued by the merchant. POS terminals includes broad application range such as inventory management, printing bills, loyalty programs, and payments.
As a result of the enhanced return on investment (ROI) offered by POS systems the market for POS terminals has picked up rapid adoption in the recent years.
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In comparison to the traditional system, the enhanced POS systems provides higher durability and reliability which leads to decrease in the cost of ownership thus, increasing the demand for POS solutions in both medium and small sized businesses.The emergence of mobile POS (mPOS) terminals has challenged the ongoing payment and transaction techniques due to its enhanced features such as better user experience and mobility.
With the use of mPOS, the financial transactions can be conducted at the customer place, which in turn improves customer experience. Moreover, the initial cost of mPOS is low as compared to traditional fixed POS systems creating a demand in medium and small sized businesses.
Retail and hospitality sector are experiencing rapid progress in demand for mPOS solutions due to enhanced ROI and augmented demand for customer analytics features. With the advancement in technology, the market for mPOS and wireless terminals has increased significantly.
As these systems provide many essential advantages such as ease to use, lesser cost of deployment and mobility. Furthermore, the usage smartphones and tablets too has increased in offices, therefore, opting for mPOS is more economical than fixed POS terminals.
The reasonable price for wireless communication technologies and taking of TCP/IP connectivity empowered terminals are features favorable to mPOS terminals growth.
The global market for POS terminals is segmented on the basis of type into wireless, mobile POS and fixed POS. Further, on the basis of components the global POS terminals market is segmented into POS software, POS hardware and POS services.
In addition, global POS terminals market can be bisected on the application basis into retail, entertainment, government, warehouse/distribution, hospitality, restaurants, transportation and others. The global POS terminals market is bifurcated on the basis of regions into North America, Europe, Asia Pacific, South America and Middle East & Africa.
North America dominates the POS terminals market followed by APAC. Asia Pacific is expected to witness high growth due to increased small and medium businesses and decrease in cost of ownership.
Existence of huge software base in China and India can lead to positively influence the software segment due to propagation in the retail stores.
Global Point of Sale Market Players:
- Panasonic Corporation
- Ingenico S.A.
- MICROS Systems Inc.
- VeriFone Systems Inc.
- NEC Corporation
- Hewlett-Packard Development Company LP
- PAX Technology Limited
- Cisco Systems Inc.
- Toshiba Corporation
- Samsung Electronics Co. Ltd
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