According to a report published by Grand View Research, Inc.; the point-of-sale (POS) terminals market is likely to reach a valuation of around USD 116.06 billion by 2025.
Increasing demand for affordable wireless technologies and mobile POS terminals, and significant technological developments in POS terminals can propel the market during the forecast period (2014 to 2025).
High penetration of smartphones has increased the focus on development of software. Growing developments in end-to-end encryption to enable secured payment solutions. The contactless payment is considered as latest trend in the market and works through near field communication (NFC). It enables secured transaction within few seconds and provides convenience to customers. In addition, the development of chip-embedded payment cards and personal identification number (PIN) has help to reduce the concerns regarding theft of sensitive data. This is expected to support the market growth. Moreover, increasing use of POS terminals among the end-users on their existing systems and tablets through software for their business is also expected to spur the demand over the forecast period. Use of this software can help retailers to cut the operative cost by eliminating need to install new hardware systems.
Full Research Report On Point-of-Sale (POS) Terminals Market Analysis: www.grandviewresearch.com/industry-analysis/point-of-sale-pos-terminals-market
However, factors such as presence of strict regulations, rise in concerns regarding data security, and requirement for government certifications are likely to restrain the market growth.
Worldwide point-of-sale (POS) terminals market can be segmented on the basis of product, component, deployment, service, application, and region.
As per product, the market can be classified into fixed and mobile. In 2016, fixed POS terminals segment estimated for the major market share. However, mobile POS (mPOS) terminals segment is expected to grow with high CAGR of over 16.0% during 2017 to 2025. Growth in debit/credit card payments and better data analytics some of the major factors driving the segment. In addition, advantages such as improved security, reduced customer wait time, free floor space, and paper-free receipt services have increased the preference for these systems over traditional systems.
Based on component, the market can be categorized into, hardware, software, and services. On the basis of deployment, the market can be bifurcated into cloud and on-premises. On-premise segment estimated for the major share in 2016. On-premises deployment includes manual installation of electrical work, cabling and cabling permits, and hardware and software installations at client’s site. The cloud segment is expected to grow significant share over the forecast period. The cloud-based POS involves installation of Software as a Service (SAAS) software on retailers existing computers, tablets, or smartphones. This reduces the operational costs and quite popular among the small and medium business owners.
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As per service, the market can be fragmented into, professional services, managed services, and repair and maintenance services.
Based on application, the market can be split into restaurants, healthcare, hospitality, retail, warehouse, entertainment, and others.
Geographically, the market can be divided into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa.
In 2016, North America dominated the market and estimated for over 30.0% of the revenue. However,
Asia Pacific is likely to exhibit the lucrative gains over the forecast period due to increasing government efforts in the region including countries like India. Less penetration and unbanked population in emerging countries in this region is expected to provide more opportunities in this region. Factors such as improving economic condition and standard of living in emerging countries have resulted in growth of retail sector, which have increased demand for POS services. Moreover, rising government efforts to support cashless transactions is also expected to boost the demand for these solutions. For instance, the government of India banned higher currency bill under demonetization in 2016, and also launched a “Digital India” initiative in to support cashless economy and online transactions. So, the banks in the country are deploying large number of POS terminals and encouraging consumers to use these solutions for transactions by providing discounts.
Prominent companies operating in the market include Samsung Electronics, Panasonic Corporation, Toshiba Corporation, HP Company, and Cisco Systems.
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