Point-of-sale systems are the final contact point of businesses that are employed to handle checkouts and payments.
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The Global Point Of Sale Terminal Market Was Valued At USD 57.896 Billion In 2017, And Is Expected To Reach USD 109.461 Billion By 2023, Witnessing A CAGR Of 11.2% During The Forecast Period Of 2018-2023.
Modern POS systems integrate multiple systems into single terminal, to handle a range of operations, including billing, cash collection, card payments, printing, data analysis,. The scope considered in our study includes hardware terminals, software deployed in these terminals, and related services.
With an increasing concentration of businesses and growing customer frequency, businesses are looking for technologies that streamline processes and integrate into a single contact point.
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Innovations in technology have led to advancements in these systems, namely MPOS and automated POS systems, which completely automate the checkout processes. POS systems also help increase the operational efficiency of businesses, by offering almost 24% saving in operations and high returns on investments.
Ease of Use and Increased Efficiency Driving the Growth of the Market
Point-of-sale systems have emerged as a reliable alternative to traditional cash registry systems. These systems give merchants multiple capabilities, such as tracking of sales, faster checkouts, easy forwarding of orders, monitoring the inventory, secure payments,.
These features enable merchants to increase productivity, and subsequently, sales. The new generation systems need minimal interaction from a technician to install the systems, as these devices with plug-and-play capabilities are being deployed with most of the pre-installed software components.
This eliminates the hassles of setting up the system for users, and thus makes it easy for small and medium merchants to adopt these systems. Thus, the ease of use offered by the systems and increased efficiency are driving the growth of these systems across the globe.
Hardware Component Dominating the Market Landscape
Many industries are developing smooth inventory and money management systems, as customers’ needs have increased over time. Modern POS systems are simple to use than the cash registers, and are being widely used in various sectors, as they help in all aspects, such as inventory management, transaction management, cash management, revenue management, and data analysis.
Further improvements in these areas are increasing the demand for the POS systems. Hardware components have also registered significantly up gradation over the last few years, as the usage of POS terminals is growing in line with global consumerism.
POS hardware systems have changed, with the increasing number of e-wallets and card accommodations and payment flexibility. On a daily basis, businesses have already started using these interfaces.
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North America to Dominate the Market
North America is the largest segment of the market studied. The significant share of the region can be primarily attributed to the adoption of POS terminals across various industries, particularly retail, entertainment, and healthcare.
There is a constant demand for POS terminals in countries, such as the United States and Canada, where this demand is attributed to the significant growth of retail outlets, casinos, restaurants, and booming tourism. The United States is a major segment in the global and North American POS terminal markets.
For several years, various types of POS terminals are being used in outlets in the country, thus boosting the need for replacement with updated technologies. The emergence of POS terminals would go a long way in bolstering the regional market.
The increased competiveness among the vendors and manufacturers is expected to bring about interesting growth prospects in the world of automation.
Key Developments in the Market
- Jul 2017: Samsung partnered with PayPal Holdings Inc., to provide payment access through PayPal for all Samsung Pay users in the United States.
- Jun 2017: Verifone and Sage collaborated to offer integrated point-of-sale (POS) and business accounting solutions on Verifone Carbon 8.
- May 2017: Verifone introduced Verifone Carbon 8, an affordable and portable POS solution which is the newest member of the Carbon family.
- Feb 2017: Ingenico Group, OT (Oberthur Technologies), a global provider of embedded security software products, services, and solutions, and Vodafone collaborated to define a disruptive connectivity management solution, based on embedded Universal Integrated Circuit Card (eUICC). This partnership is expected to bring the best of their know-how to revolutionize payment terminal connectivity in an agile way.
- Jan 2017: Retail giant McColl and International Toy Retailer Hamleys invested in Oracle’s Retail Xstore point-of-service and MICROS Family Workstation 6, in order to improve McColl’s in-store guest experience. Continued…
Reasons to Access this Report
- Provision of the impact of opportunities offered by technological advancements in microelectronics and computing techniques.
- Analysis of various perspectives of the market, with the help of Porter’s five forces analysis.
- Regional analysis of the market studied.
- Identification of the latest developments, market shares, and strategies employed by the major market players.
- Three months analyst support along with the Market Estimate sheet (in Excel).
- Cisco Systems Inc.,
- Toshiba Corporation,
- VeriFone System Inc.,
- Samsung Electronics Inc.,
- MICROS Systems Inc.,
- Hewlett Packard Enterprise,
- Ingenico SA,
- NEC Corporation,
- Panasonic Corporation,
- PAX Technology,
- Dell Inc.
Table of Content:
1.1 Key Deliverables of the Study
1.2 Study Assumptions
1.3 Market Definition
1.4 Key Findings of the Study
- Research Approach and Methodology
- Executive Summary
- Market Dynamics
4.1 Market Overview
4.2 Industry Attractiveness- Porter's Five Industry Forces Analysis
4.2.1 Bargaining Power of Suppliers
4.2.2 Bargaining Power of Consumers
4.2.3 Threat of New Entrants
4.2.4 Threat of Substitute Products or Services
4.2.5 Competitive Rivalry among Existing Competitors
4.3 Factors Driving the Market, Continued…
- Technology Snapshot
- Global Point of Sale Terminal Segmentation
6.1 By Components
6.2 By Type
6.2.1 Fixed Point-of-sale Terminals
6.2.2 Mobile Point-of-sale Terminals
6.3 By Application
6.3.3 Healthcare, Continued…
- Vendor Market Share
- Competitive Intelligence- Company Profiles
8.1 Cisco Systems Inc.
8.2 Toshiba Corporation
8.3 VeriFone System Inc., Continued…
- Outlook of the Point of Sale Terminal Market
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