Brooklyn, NY, December 9, 2017 – According to a new study published by Polaris Market Research the worldwide POS Terminals market is anticipated to reach USD 169.4 billion by 2026. In 2017, the fixed POS terminals dominated the global market, in terms of revenue. North America accounted for the largest share of the global POS terminals market in 2017.
There has been an increasing adoption of POS terminals across the world owing to rising internet penetration, and increasing need for digital payments. The global POS terminals market is driven by the increasing need to simplify payment transactions along with enhanced customer management and inventory management. Technological advancement along with integration of cloud-based POS solutions and android-based POS solutions is expected to accelerate POS adoption in the coming years. However, increasing risks of data leaks and lack of security associated with POS terminals restricts the growth of this market.
North America generated the highest revenue in the market in 2017, and is expected to grow at a substantial rate during the forecast period. This is due to increasing support from government to encourage secure transactions. Advanced NFC and EMV-enabled devices are being adopted across the region to minimize frauds and security breaches related to payments. Increasing penetration of mobile devices, affordable mobile POS terminals, and growing acceptance by small and medium-sized businesses further supports market growth in this region. The use of POS terminals in varied industries such as healthcare, retail, and hospitality among others accelerates its adoption. Asia-Pacific is expected to grow at the highest CAGR during the forecast period.
The various types of POS terminals included in the report includes fixed POS terminals and mobile POS terminals. In 2017, fixed POS terminals accounted for the largest share in the global market. Fixed POS terminals are widely used across business with high transaction volume, and can be easily integrated with hardware devices. Additionally, fixed POS terminals are also used for customer management, employee management, sales analysis, and customer loyalty programs. However, adoption of mobile POS terminals is gradually increasing owing to their affordable prices, and growing demand for wireless technologies. These devices are easy to use, offer mobility, cost efficiency, and overall profitability.
On the basis of components, the global POS terminals market is segmented into hardware components, and software components. The hardware components include computer, receipt printer, bar code scanner, magnetic strip reader, and cash drawer. The hardware segment is expected to dominate throughout the forecast period owing to the high costs associated with them. The hardware is used across various industries with software varying according to industry specific requirements. The software segment is expected to grow significantly in the coming years owing to additional features offered such as customer loyalty programs, employee management, and business process monitoring. Growing adoption of cloud-based POS solutions would also supplement market growth.
The Various end-users of POS terminals market include retail, healthcare, restaurant, hospitality, and others. In 2017, the retail sector accounted for the largest share in the global POS terminals market and is expected to maintain its lead during the forecast period. The retail sector comprises large supermarkets and hypermarkets, grocery and departmental stores, and specialty retail stores among others. The retail sector majorly uses fixed POS terminals to cater to the high volume of fast checkouts. Use of POS terminals in the retail sector ensures faster service, provides data related to past transactions, offers customer loyalty solutions, and reduces human errors. The growing retail sector in developing countries of Asia-Pacific is expected to drive the market growth in the coming years.
The well-known companies profiled in the report include VeriFone Systems, Micros Systems, Ingenico S.A., Pax technology Limited, Cisco Systems, Squirrel Systems, Toshiba Corporation, POS Direct Ltd, Panasonic Corporation, NEC Corporation, NCR Corporation, Hewlett-Packard Corporation, and Samsung Electronics. These companies launch new products and collaborate with other market leaders to innovate and launch new products to meet the increasing needs and requirements of consumers.
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