Point of Sale Terminals Market size predicted to grow with 18% CAGR to hit USD 100 billion by 2023
“”Major companies accounting for global POS terminal market share are Ingenico and VeriFone. Electronics payment manufacturer PAX Technology, Panasonic, NEC, Toshiba, Samsung, HP, and Cisco are among other notable participants.””
“POS Terminals Market Size By Application (Entertainment, Healthcare, Hospitality, Retail, Warehouse), By Product (Mobile, Fixed), By Component (Software, Hardware), By Technology (Biometric, Traditional), Industry Analysis Report, Regional Outlook (U.S., Mexico, Germany, UK, China, India, Japan, Brazil), Application Potential, Price Trends, Competitive Market Share & Forecast, 2012 – 2023”
The volume of the global point of sale terminals market was more than 43000 million US dollars during year 2015. It is predicted to cross 100000 million US dollars by the end of year 2023. The global industry is expected to register a CAGR of more than 18% during the estimated span.
The global point of sale terminals market has experienced a substantial turnaround due to significant expansion of point of car terminal services and different technical modernizations taking place at rapid speed. Increasing demand for integrated point of sales, contactless methods of payments and creation of NFC equipments in industrial ecosystem are few of the aspects predicted to stimulate the growth of the global industry. Growing investment in line bursting technology is predicted to play an important part in enhancing the demand & growth of the global industry.
Widespread use of wireless technology for communication purpose and heavy demand of point of sale terminals across different areas of applications are the key factors driving the growth of the global point of sale terminals market.
But the requirement for widespread government certifications and rules along with data safety concerns is predicted to hinder the growth of the global point of sale terminals market. Further, the non conformance to PCI data security standards enhances the chance of card information violations leading to fiscal as well as non fiscal impacts that includes reputation loss of representatives & loss of consumer faith.
Based on the product type, the global point of sale terminals market is divided into wireless & mobile point of sale terminals and fixed point of sale terminals.
The fixed terminals section led the global point of sale terminals market during year 2015. This section had also dominated the global industry in year 2013 in revenue terms. The main reason for the growth of the section is its quick acceptance of advanced market technology.
The wireless & mobile point of sale terminals section has substantially grown since these systems provide few natural benefits like low initial installation cost, mobility and user friendly feature. Further, the demand for mobile point of care terminals is very high among small & medium scale enterprises due to less initial set up costs. Also the utilization of smart phones and tablets has substantially grown in offices contributing to the demand and growth of the section. All these factors are projected to add towards the demand and growth of the section in future.
In addition to this, factors like growing credit card payments, rapidly changing customer choices and advanced data analytics are predicted to add to demand of mobile point of sale terminals. Increased security, paper free receipt services, minimized consumer time in line and free floor space are few of the factors predicted to stimulate the demand and growth of the mobile point of sale terminals.
Wireless & mobile applications can develop new revenue producing channels. Thus, dealers are accepting many marketing channels to power their techniques to compete in the industry. Further, the introduction of cost effective wireless communication technologies in the market has resulted in enhanced acceptance of these wireless & mobile systems. This has enhanced the demand and growth of the point of sale terminals market all across the globe.
Depending upon the component, the global point of sale terminals market is bifurcated into software and hardware. Hardware section includes payment terminal, workstation and accessories.
Payment terminal includes smart phones and tablets paired with debit or credit card readers. While accessories includes monitors, receipt printers, bar code scanners, wireless bar code scanners, PIN pad, cash drawers ,physical inventory scanners and tag printers.
Software section is predicted to expand rapidly during the estimated span. The expansion is credited to modernization in cloud computing technology leading to enhanced use of SaaS platform based point of sale systems. The growth of the section can also be attributed to the fact that software combines functions of barcode scanners as well as screen terminals across the point of sale systems and then offers data backup.
Based on the application, the global point of sale terminals market is segmented into retail, restaurant, hospitality, super market, entertainment, healthcare, warehouse and others. Others section includes transportation, field service and government.
Retail section was the biggest application section during year 2013. Different kinds of modernizations in the point of sale terminal systems used today in retail section like acceptance of real time analytics is contributing towards the expansion of the global point of sale terminals market.
Acceptance of point of sale terminal systems in healthcare section and their growing utilization in warehouse section is predicted to stimulate the future growth of the global point of sale terminals market.
Healthcare section has displayed substantial increase in demand for point of sale terminals due to rise in infrastructural growth & healthcare spending. Thus the global point of sale terminals market has recognized profitable prospects in healthcare section. The healthcare section is predicted to register rapid growth in future.
Rising need for modern analytics in warehouse section is predicted to contribute towards the growth of the global point of sale terminals market. Depending upon the geographical location, the global point of sale terminals market is segmented into APAC zone, North American subcontinent, European continent and region of the rest of the world.
During year 2013, the North American subcontinent led the global point of sale terminals market in terms of revenue. It also dominated the market during year 2015 in terms of revenue. The reasons behind the growth of the market includes substantial demand for point of sale terminals from hospitality & retail sections as well as quick execution of modern technology in the regions of North America. Further, constant demand for point of sale services across nations like USA and Canada is predicted to promote the growth of quick service restaurants, retail shops and entertainment industry leading to the growth of the point of sale terminals market in the subcontinent.
The European continent, compliance needs like Visa, EuroPay and Master card rules are promoting the growth of the point of sale terminals market in the region as these rules have enhanced safety payments. Nations like UK, Germany and France are witnessing substantial growth in the healthcare section owing to large scale investments in technology upgrading healthcare services in these nations and thus adding to the market growth in these regions.
APAC zone is predicted to be rapidly growing zone due to growing hospitality & retail sections in India and China. The growing consumer base across emerging economies of APAC zone due to growth of small scale, middle scale & large scale firms and minimization of total ownership cost in these economies are the factors predicted to favourably affect the point of sale terminals market in APAC zone. Further demand from nations like Hong Kong, Japan, Australia, China and India is predicted to promote the growth of the market in the APAC zone. The low levels of penetration and large population in the countries of APAC zone is predicted to drive the demand & growth of the market during estimated span.
Growing demand for mobile point of sale terminals from small & middle sized firms is predicted to stimulate the demand & growth of the point of sale terminals market in region of the rest of the world.
Strategic mergers and acquisitions is a key business strategy adopted by the key market participants to increase their market share and ROI.
Browse key industry insights spread across 178 pages with 67 market data tables & 62 figures & charts from the report, “(Point of Sale) POS Terminals Market Size By Application (Entertainment, Healthcare, Hospitality, Retail, Warehouse), By Product (Mobile, Fixed), By Component (Software, Hardware), By Technology (Biometric, Traditional), Industry Analysis Report, Regional Outlook (U.S., Mexico, Germany, UK, China, India, Japan, Brazil), Application Potential, Price Trends, Competitive Market Share & Forecast, 2016 – 2023” in detail along with the table of contents:
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