Modern POS Terminals Offer Business Intelligence and Cost-Effective Solutions – Market Forecast to 2028
Point Of Sale Terminal Market Value Of P O S Transactions By Country In Europe In U S D Billion 2020 2024
Dublin, Sept. 08, 2023 (GLOBE NEWSWIRE) — The “Point of Sale (POS) Terminal Market – Growth, Trends, COVID-19 Impact, and Forecasts (2023-2028)” report has been added to ResearchAndMarkets.com’s offering.
The Point-of-Sales (POS) Terminal Market is expected to register a CAGR of 7.2% over the forecast period. The POS terminal market has witnessed significant growth over the past few years, owing to its ability to offer an increased return on investment (ROI) and ease of access.
POS terminal systems that facilitate transactions from the central component of businesses across industries, like retail, hospitality, transportation, and banking, have gained importance in small and big-sized companies over the years.
Key Highlights
POS terminal systems have evolved from transaction-oriented terminals/devices to systems that integrate with the company’s financial solutions and CRM. The evolution has empowered end-users with business intelligence (BI) to better manage their revenue streams and inventory. Accurate transactions, lower maintenance costs, and real-time inventory are critical advantages of point-of-sale systems. With the several functional benefits that the advanced point-of-sale systems offer, companies have replaced traditional billing software with POS systems, thus securing the growth of the point-of-sale (POS) systems market.
Modern POS terminals reduce the cost of deployment, setup, power consumption, and maintenance over time, leading to the cost of ownership. Several vendors offer modular point-of-sale terminals with attributes such as low power consumption and touchscreen displays, which helps reduce ownership costs.
However, security remains a challenge for the point-of-sales market’s growth due to the usage of critical information. POS terminals are connected to the network and the internet, making them vulnerable to attacks for access manipulation as is the case with any other insecure machine. The way the terminal communicates with the rest of the network means attackers could access unencrypted card data, including Track2 and PIN information that can be used to steal and clone payment cards.
Point of Sale (POS) Terminal Market Trends
Hardware Segment to Account for the Largest Market Share
The scope of hardware components primarily constitutes an integrated POS system that features additional transactional capabilities and standalone POS terminals (transaction enablement units). While a lot of legacy hardware has typically been modular, the advent of All-In-One units has allowed for the deployment of fixed units and portable POS tablets in the market that feature built-in payment terminals, scanners, and printers.
In some countries, credit and debit cards are only processed via payment terminals, owing to a belief that physical attributes offer reliability. This tradition has allowed counters to be overridden with terminals in stores typically. The demand is further supported by the fact that credit and debit card data is comparatively less vulnerable to hackers, unlike when payment cards are processed through a POS system where the security measures depend on end-users and developers.
Due to several security threats, most new hardware manufactured for the market is designed to enable smoother transactions. However, the forced distancing due to the pandemic has spurred the development of contactless payments with dedicated authentication features. The addition of cameras and fingerprint sensors is pushing for larger form sizes. Still, it is also being countered by industry developments that allow manufacturers to go smaller in the hunt for microelectronics.
Asia Pacific to Witness Significant Growth
Asia Pacific is a region at the forefront of technology adoption, which is also influencing the market growth for POS terminals. The prominence of cashless payments in different countries is also a factor that creates new opportunities for the market.
The usage of credit and debit cards in point-of-sale payments is also a factor that is driving the need for POS terminals. Further, investments by vendors in the region through innovation, strategic partnerships, and mergers and acquisitions are driving market growth in the region. According to the Reserve Bank of India, there were more than 4.7 million PoS terminals recently in India. PoS terminals saw steady growth in business sectors like restaurants, grocery shops, and gas and fuel stations.
Point of Sale (POS) Terminal Market Competitor Analysis
The Point of Sale Terminal Market is significantly fragmented with the presence of a large number of players such as iMetrics Pte Ltd, Samsung Electronics Co. Ltd, Panasonic Corporation, Casio Computer Co. Ltd, NEC Corporation, PAX Technology, and many more. Moreover, these players are investing large amounts of money in R&D activities to introduce innovative payment technologies in the market. Strict government regulations and policies in several countries will drive the market, making it more attractive and competitive.
A selection of companies mentioned in this report includes
- iMetrics Pte Ltd
- Samsung Electronics Co. Ltd
- Ingenico SA
- VeriFone System Inc.
- Micros Retail Systems Inc. (Oracle)
- HP Development Company LP
- Panasonic Corporation
- Bindo Labs Inc.
- NEC Corporation
- PAX Technology
- Casio Computer Co. Ltd
- NCR Corporation
- Newland Payment Technology
- NEXGO (Shenzhen Xinguodu Technology Co. Ltd.)
- Toshiba Global Commerce Solutions
- Fujitsu Ltd
- Qashier PTE Ltd
- Diebold Nixdorf
- NCR Corporation
- Cow Hills Retail BV
- Ctac NV
- Agilysys Inc.
- GK Software SE
- Infor Inc.
- Aptos Inc.
- PCMS Group Ltd
- Cegid Group
- Toshiba Tec Corporation
For more information about this report visit https://www.researchandmarkets.com/r/9xwpob
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