Global POS Terminal Market: Overview
According to a new market report pertaining to the
global POS
terminal market published by Transparency Market Research, the
global POS terminal market is projected to reach US$ 37.0 Bn by 2027.
The POS terminal market is projected to expand at a CAGR of 12.8% from 2019 to 2027. Increasing
demand of organizations in the area of real time user interaction, quick
payment is driving the growth of the market.
- Rise
in Demand for Mobile POS Terminals - Mobile point-of-sale (mPOS)
refers to specialized wireless devices such as tablets and smartphones
that are capable of functioning as an electronic point-of-sale terminal or
cash register. The implementation of mPOS allows the sales and service
industries to conduct financial transactions at any place, owing to
mobility, improved customer experience, and saving of space. Furthermore,
according to custom research by HP company, till 2018, 3% of
enterprise merchants have fully deployed an mPOS solution, and 86% of
companies are either currently in the process of implementing or are
planning to implement mPOS in the next two years. Thus, the anticipated
demand for mPOS is expected to drive the POS terminals market during the
forecast period.
- Enhanced
Customer Experience and Low Total Cost of Ownership (TCO) as Compared to
Conventional Channels of Payment - Advanced POS technology
competes with older point-of-sale systems such as PC cash drawers (PCCD)
and cash registers. Retailers are seeking ways to update the legacy
checkout systems in order to enhance customer service and operational
efficiency. Retailers have realized that even a small cost reduction could
lead to significant improvements in the bottom-line of their businesses.
The advent of advanced payment technologies such as NFC and Europay,
Master Card, and Visa (EMV) and an increase in the adoption of payment
options such as debit and credit cards have played a role in boosting demand
for POS terminals. Furthermore, many of the terminals currently installed
do not have the capacity to be upgraded and will require replacement,
which is likely to boost the market.
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POS Terminal Market: Market Taxonomy
The global POS terminal market has been segmented in terms
of type, component, application and region. Based on type, the market has been
segmented into Fixed POS Terminal and Wireless and Mobile POS Terminal.
Based on component, the market has been segmented into hardware, software
and services. Software is further segmented into on-premise and cloud. Services
has been further segmented into Integration, Implementation and Consulting.
Based on application, the market has been segmented into Restaurant,
Hospitality, Healthcare, Retail, Warehouse / Distribution, Entertainment and
Others {Field Service, Government, Transportation, etc.} By region, the global
POS terminal market is divided into North America, Europe, Asia Pacific, Middle
East & Africa, and South America. Initially, vendors across the ecosystem
of POS terminal were analyzed based on type of technology providers in the
market.
POS Terminal Market: Regional Outlook
North America is expected to dominate the POS terminal
market during the forecast period. Asia Pacific is expected to see increasing
growth in the POS terminal market. The POS terminal market in Middle East &
Africa, Europe, and South America is also expected to expand rapidly during the
forecast period.
The report provides in-depth segment analysis of the global
POS terminal market, thereby providing valuable insights at macro as well as
micro levels. Analysis of major countries which hold growth opportunities or
account for significant share has also been included as part of geographic
analysis of the POS terminal market.
POS Terminal Market: Competition Dynamics
The research study includes profiles of leading companies
operating in the global POS terminal market. Key players profiled in the report
include Cisco Systems, Inc., Emerge Mobile (Pty) Ltd., Equinox
Payments, LLC, Ingenico S.A., iVeri Payment Technologies (Pty) Ltd, Micros
Systems, Inc., Miura Systems Ltd., NCR Corporation, Panasonic Corporation,
Samsung Electronics Co., Ltd., Toshiba Corporation, Vectron Systems SA, Yoco
Technologies (Pty) Ltd.
The global point-of-sale (POS) terminal market is
segmented based on:
Product Type
- Fixed
POS
- Wireless
and Mobile POS
Component
- Hardware
- Software
Application
- Restaurant
- Hospitality
- Healthcare
- Retail
- Warehouse
/ Distribution
- Entertainment
- Field
Service
- Government
- Transportation
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