|Global POS Terminals Market was over USD 40 billion in 2016, and is expected to exceed USD 125 billion by 2024. This growth is accredited to the rising demand for cashless transactions and the ease of convenience offered by these devices. They also help in minimizing the total cost of ownership by delivering great performance, reliability and remote manageability. In addition, they help the retailers in carrying out detailed payment, inventory management, printing of bills and carry out loyalty programs for the customers.
The flourishing e-commerce industry is anticipated to provide growth opportunities for the POS terminals market due to the rising demand for digital sales channel. The vendors are focusing on replacing the traditional sales channel with the digital ones owing to the rise in the number of online customers and the need to penetrate into the untapped markets. Various e-commerce giants are also offering the card-on-delivery options which increase the demand over the near future.
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The security concerns associated with the usage of these systems will inhibit the industry growth over the forecast timeline. This is due to the concern regarding the revelation of the confidential information while using these devices. Various vendors manufacture such systems with hidden keypads to offer risk free transactions. Although, the security concerns associated with the use of web based systems for conducting businesses online will also hamper the POS terminals market growth.
The software segment will witness a high growth in the POS terminals market over the forecast timeline owing to the ability to improve the operational efficiency of the retail stores. It reduces the error rates and helps in speeding up the transaction process. It also provides the merchants with customized reports to witness critical information such as frequent purchasing of items and enable them to gain more insights about their business.
The Mobile POS terminal segment is projected to grow at the significant CAGR in the POS terminals market over the coming years owing to the lucrative opportunities it is providing advantage of harnessing the smartphones to accept payments instantly. It is widely used in tradeshows, events and flea markets to enable the rapid movement of the customers through the checkout lines.
The retail sector is getting more organized across the world, which will provide impetus for the industry growth over the next few years. This is due to the development of customized devices by the vendors to offer real time dashboard options, user profiles for different users. Such functionalities enable the retailers to streamline the workflow, thereby boosting sales and profits.
The Asia Pacific POS terminals market is expected to witness high growth owing to the evolution of retail sector in countries such as India and China. The demonetization effect in India has caused the customers towards cashless transactions and the convenience offered by it. The manufacturers in the region are actively focusing on launching devices integrated with NFC, Bluetooth and QR Code enabled which will further escalate the demand.
Key players participating in the POS terminals market include VeriFone Systems, Ingenico SA, New POS Technology, NEC Corporation, NCR Corporation, and PAX Technology. The POS terminals market is characterized by the demand for technologically advance devices which offers functionalities such as recording information of repeat customers, payroll data and inventory management.
Browse key industry insights spread across 280 pages with 211 market data tables & 81 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), Industry Analysis Report, Regional Outlook (U.S., Canada, Mexico, Germany, UK, France, Italy, Russia, South Korea, China, India, Japan, Brazil), Application Potential, Price Trends, Competitive Market Share & Forecast, 2017 – 2024” in detail along with the table of contents:
Chapter 7 POS Terminals Market, By Technology (Revenue, Volume)
7.1 POS terminals market share by technology, 2016 & 2024
7.2.1 Global biometric POS terminals market, 2012 – 2024
7.2.2 Global biometric POS terminals market, by region, 2012 – 2024
7.2.3 Global biometric POS terminals market, by product, 2012 – 2024
7.3.1 Global traditional POS terminals market, 2012 – 2024
7.3.2 Global traditional POS terminals market, by region, 2012 – 2024
7.3.3 Global traditional POS terminals market, by product, 2012 – 2024
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