The advanced point of Sale terminals provide reliability and high durability as compared to what conventional system like cash registers delivers; it has its outcome in important manner by decreasing price in ownership, by this means point of sales system market demand is growing in medium as well as small extent business. The innovation and launch of personal identification number and chip-embedded payment cards has witnessed high growth in the market. Electronic Funds Transfer terminals are able to sense both magnetic stripe payment cards and smart cards. Rising requirement for smartphone terminals is anticipated to lead the growth in the market.
Necessity of complex and extensive list of government oriented certifications and regulations are anticipated to restrict growth of the market. Apple Pay that was invented and launched in October 2014, has capability to substitute conventional point of sale over the forecast period. PayPal, which is associated with iPad POS can obtain benefit of retailers whose shopfront have been iBeaconized. Top solution providers have emphasized on the incorporation of point of sale terminals with abilities such as pricing, inventory, security, digital signature, to increase their existence in the point of sales system market.
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mPOS systems are anticipated to substitute the existing transaction and payment techniques due to their enhanced functions such as better user experience and mobility. They permit services and sales companies to carry out economical dealings distantly for betterment of client experience. Mobile point of sales system primary costs very less as compared to their usual counterparts and so they have rising demand from small and medium scale business. Hospitality and retail sector have witnessed rise in demand for mPOS solutions, driven by increasing requirement for client analytics functions and maximum return on investments of customer.
Increasing access of mobile handsets is anticipated to increase requirement for Near Field Communication Point of sales system, which are mainly utilized in the transportation segment for ticket dealing. Mobile/Wireless point of sales system utilizes technology such as CDMA, Wi-Fi, 802.11 and GPRS for giving major decreasing cost per deal in regional segment of high telecommunication. Affordable wireless communication technologies are the factor contributing to mobile phones POS system market growth.
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The POS software market has observed stable increment in market due to bigger demand from hospitality and retailers businesses. Point of sales software has been gradually more accepted by wholesalers to allow the acquisition of the right product in the right price and place when the customer demands it, and to build improved forecasts, improving warehouse efficiency.
Point of sales systems have huge range of applications in various sectors such as healthcare, entertainment, retail, warehousing, comprise bill payment and printing, loyalty programs, inventory management. The point of sales terminals market is segmented on the basis of vertical, establishing the requirement for resellers to know the exclusive differentiation within each fragment.
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Conventional small and medium business retail is anticipated to be the main market segment over the upcoming time, followed by hospitality and dining. Healthcare is also anticipated to be a major application fragment due to the enlarged utilization in patient data tracking services and payments.
Traditionally big market in the Western Europe and U.S. have witnessed market diffusion. Asia Pacific is anticipated to show huge expansion because of developed small and medium business and decrease in TCO. The China and India market are anticipated to increase over the forecast period. The existence of a big base of computer engineers in India is anticipated to constructively impact the software market sector over the upcoming time.
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Major players in point of sales market include Hewlett-Packard, Cisco Systems, MICROS Systems, Ingenico S.A. Inc, Panasonic Corporation, NEC Corporation, Samsung Electronics Co, PAX Technology Limited, Ltd., VeriFone Systems Inc and Toshiba Corporation. The Point of sale system market is consolidated due to better acquisitions and mergers being carried out, for example Ingenico’s and Verifone’s acquisition of the POS terminals business.
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