The global POS terminal market is expected to reach over approximately USD 87 billion by 2023 growing at a 9% CAGR over the forecast period 2019-2023. Global Point Of Sale (Pos) Terminal Market Research Report, By Component (Hardware, Software, and Services), By Product Type (Fixed and Wireless), By Deployment (On-Cloud and On-Premises), and By End-User – Forecast Till 2023
The Point of Sale Terminal Market is operated through POS software, which should also be compatible with the hardware used in the system. The POS software is developed with respect to specific industry verticals, which would facilitate to serve and record a huge amount of online transaction information.
In retail, Point of Sale Terminal Market software facilitates the data to provide scalability with respect to identifying the products of different date ranges or units. The POS system is also integrated with inventory management system in the process to manage the proper availability of the products. In general, POS terminal offers flexibility, reliability, and more importantly transparency for smooth running of the business operation.
However, most of Point of Sale Terminal Market systems are developed on generic operating systems such as Windows Embedded, Windows XP, and UNIX operating systems. These operating systems are vulnerable to cyber-attacks, which eventually lead to large-scale data breaches. Thus, lack of point to point encryption is considered to be a major challenge for the POS terminal market over the forecast period.
Moreover, the surging demand for contactless payments, associated with an increase in adoption of NFC devices in the commercial and industrial sector is expected to drive the POS terminal market. Additionally, the evolution of chip-based payment solution and personal identification number (PIN) is presumed to lower security threats that result in driving the demand for POS terminal market over the forecast period.
The Point of Sale Terminal Market is categorized as differentiated by component, product, deployment, and end-user.
By component, the Point of Sale Terminal Market comprised hardware, software, and services. Based on hardware, the market includes mobile devices such as tablets and smartphones synchronized with a debit/credit card reader, cash drawers, monitors, and others. On the basis of services, the segment is classified as professional services and managed services. By deployment, the market is bifurcated into on-premises and on-cloud. Furthermore, by product type, the POS terminal is classified as fixed terminal and wireless POS terminal. Based on end-user, the market is classified as retail, warehouse, healthcare, restaurants, hospitality, entertainment, and others.
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Market Key Players
Some of the key players of Point of Sale Terminal Market include Ingenico S.A. (France), Verifone Systems (U.S.), PAX Technology (Hong Kong), HP Company (U.S), Cisco Systems (U.S), Elavon (U.S.), Castles Technology (Taiwan), Newland Payment Technology (China), Panasonic Corporation (Japan), CITIXSYS AMERICAS (U.S.), Touchbistro (Canada), NCR Corporation (U.S.), Diebold Nixdorf (U.S.), Zebra technologies (U.S.), Squirrel Systems (Canada), and BBPOS (Hong Kong).
The Point of Sale Terminal Market is segmented by component, product type, deployment, and end-user.
By mode of component, the Point of Sale Terminal Market is segmented into hardware, software, and services.
By mode of hardware, the market is segmented into mobile devices which categories as tablets and smartphones mainly synchronized with debit/credit card reader, monitors and more.
By mode of deployment, the market is segmented into on-premises and on-cloud, and by product, the Point of Sale Terminal Market is classified as fixed terminal and wireless POS terminal.
By mode of end-user, the market is segmented into the retail, warehouse, healthcare, restaurants, hospitality, entertainment, and others.
Geographically, the point of sale terminal market is shown its tremendous growth in the regions namely North America, Asia Pacific, Europe, and the Rest of the World.
North America is expected to have significant growth in point of sale market due to advanced infrastructure development.
Asia-Pacific is also viewed as the fastest growing region in point of sale terminal market and is predicted to earn instantaneously in the coming years. India, Japan, and China are the leading countries who are in support of POS system, owing to the increased awareness about the software and Government approaches in promoting the cashless economy.
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January 10, 2017: HP has announced that it is expanding its SMB offerings with the launch of a new all-in-one POS system partnering with PayPal to utilise its payment processing services.
July 2017: Samsung partnered with PayPal Holdings Inc., to offer payment access through PayPal for all Samsung Pay users in the United States.
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This post was originally published on Trading Herald