Synopsis of Global POS Terminal Market
Point of Sale (POS) terminal is a digital electronic device operated through the integration of software and hardware that facilitate at retail outlets to receive card payments without any use of their cash registers to read cards directly. The implementation cost of POS terminals differs with organizational size and the conditions offered by the suppliers. The small retailers or merchant may not necessarily have to pay a rent for operating the POS devices and the customers do not have to pay any extra fee for using the service of POS terminal. In other words, the point of sale is a broader concept that involves displays and devices to engage online transactions with the help of computers, barcode scanners, and cash register.
Majorly, the POS terminal are operated through two types of product. Wired or Fixed POS terminal and mobile or wireless POS terminal. The wired POS terminal is very convenient to operate. POS terminals accept all types of cards, debit and credit card associated with different types of payments such as magnetic stripe cards, chip cards, and contactless cards.These cards require high internet connectivity for fast transaction process. On the other hand, the wireless POS terminal is handy and portable to use. The wireless POS terminal is extensively used in hotels & hospitality, retail outlets, small vendors and many more. The wireless POS terminal majorly uses 3G technology to connect to the network for online transactions.
However, increase in cyber-threat and growing security concerns are expected to be a major challenge for the POS terminal market over the next few years.
POS Terminal Market, 2017-2023 (USD Billion)
Source: MRFR Analysis
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 2017-2023
Some of the key players of POS 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 POS terminal market is differentiated by component, product type, deployment, and end-user.
By component, the POS terminal market is sub-segmented as hardware, software, and services. Based on hardware, the market is categorized as mobile devices such as tablets and smartphones synchronized with a debit/credit card reader, cash drawers, monitors, and others. Based on services, the segment is categorized as professional services and managed services. On the basis of deployment, the market is segmented as on-premises and on-cloud. Furthermore, by the product, 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.
Geographically, the point of sale (POS ) terminal is segmented into four different regions namely North America, Asia Pacific, Europe, and the Rest of the World.
North America is presumed to have a significant growth in the point of sale terminal market. The United States and Canada are leading countries in the region. This is due to advanced infrastructure in the region. Europe is also expected to have a gradual growth in the market. The United Kingdom, France and Germany are expected to be leading countries in the market owing to mature markets in the region. Asia Pacific is particularly, is presumed to be the fastest growing region in the Point of Sale terminal market over the forecast period. India, Japan, and China are the leading countries in the point of sale terminal market. Owing to, increased awareness campaigns by government to promote the cashless economy.
Frequently Asked Questions (FAQ) :
The point of sale (POS) terminal is expected to expand due to rising initiatives by the governments to promote cashless economy.
The point of sale (POS) terminal market is supposed to expand at 9% CAGR.
The valuation of the point of sale (POS) terminal market is expected to be USD 87 Bn by 2023.
By product type, the segments of the point of sale (POS) terminal market are fixed and wireless.
The growth strategies expected to be witnessed in the market are product development & launches, technological innovations, mergers & acquisitions, etc.