The POS market delves into the possible growth opportunities for the global market and the chronological growth of the market throughout the forecast period.
The global Point-of-Sale (POS) market was valued at USD 39.04 Billion in 2015, and is projected to reach USD 108.52 billion by 2025, growing at a CAGR of 10.9% over the forecast period. Rising investments in technological advancements such as end-to-end encryption for delivering secured payment solutions and customers convenience are projected to escalate the demand.
Rapidly increasing smartphone penetration has encouraged the industry players to become more focused on software technology. The technology is also expected to witness a gradual shift owing to rapid technological developments in POS terminal solutions.
Furthermore, the proliferation of Near Field Communication (NFC) devices is anticipated to increase the demand for contactless payments, further impacting the growth. For instance, in November 2016, Indian economy was demonetized by government forbidding higher currency notes and launched “Digital India” initiative for online transaction and cashless economy promotion.
Such initiatives have substantially boosted the technology in India. Indian banks have exceeded the target of 1 million POS terminals post demonetization, henceforth, accelerating the growth.
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Prominent players include VeriFone Systems, PAX Technology, Ingenico S.A., HP Company, Panasonic Corporation, Cisco Systems, Toshiba Corporation, MICROS Systems, and Samsung Electronics. R&D activities, new advanced product launches, mergers & acquisitions, and expansions are few strategies adopted by industry players to cater to the needs of the market.
For instance, in July 2017, Bambora was acquired by Ingenico, a Swedish payment-services company to expand fast growing end-to-end payment solutions for SMBs in Europe.
Lower prices of supporting software, ease of adoption & use, cost effective integration, space & time saving, and portability are few of the trends shifting the market from conventional cash payments to Point of Sale payments. Additionally, increasing mobile payment alternatives and gradual increase in ecommerce transactions offering lower fees have projected the increase in growth over the forecast period.
Wide adoption of wireless payment terminal, promoting cashless transactions in emerging economies, rising application of MasterCard, Euro Pay, & Visa cards, and wireless technology emergence in mobile handsets and wearable also drives the market. However, stringent regulations in applying for government certifications for technology, and rising data security concerns are estimated to pave hurdle for the growth.
Non-compliance to PCI Data Security Standards (DSS) raises the possibility of card data breaches, results adverse impact on customer trust and representatives reputation. Though, solutions such as Omnishield Assure have been developed for card information protection via point-to-point encryption.
The solution consequently reduces the burden and minimizes the risk of financial breach.
The global POS technology has been segmented by product type, component, deployment, and application. On the basis of product type, the industry has been segregated as fixed POS terminal, wireless, and mobile POS terminal.
Component segment has been segmented as hardware and software, while deployment segment has been bifurcated as cloud and on-premise. Based on application, the market has been segmented by restaurants, hospitality, retail, warehouse & distribution, and entertainment.
Services segment is anticipated to grow at the highest rate over the forecast period
The services segment is projected to witness enormous growth owing to growing security threats to personal & financial data. Penetration of services segment majorly in emerging economies is also driving growth.
Software segment has been expected to witness significant growth over the forecast period owing to advancements in cloud computing, resulting in growing application of Software-as-a-Service (SaaS) platform-based systems.
North America is predicted to hold the largest market share of the POS terminal
North America region has been anticipated to dominate the industry, accounting for over one third of the revenue. Although, Asia Pacific region is anticipated to developed as a beneficial player over the forecast period owing to rising levels of incomes & standards of living in emerging economies of India, & China.
Moreover, government initiatives to support digital economy are increasing the demand in the region. Significant unbanked population and low penetration in emerging nations are estimated to offer lucrative opportunities for growth over the forecast period.
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