A point-of-sale terminal market is a type of electronic transaction terminal, which is a computerized alternative for a conventional cash register. Point-of-sale terminals mostly involve a computer, an inventory, and other devices or software utilized to trade goods or services. They also broadcast sales data that are to be posted to the accounts of customers. The POS system has the ability to record and track orders, process debit and credit cards, connect to other systems in a network, and manage inventory.A point-of-sale terminal has a personal computer at its core, which is coupled with input/output devices and application-specific programs for the particular environment that it serves. For instance, a POS system for an eatery is likely to have all the items in the menu stored in a database that can be checked in numerous ways. POS terminals are mostly employed in industries that have a point-of-sale such as a service desk, such as restaurants, museums, lodging, and entertainment.
Global POS Terminals Industry to Rise at 11.6% Growth Rate
The global POS terminals industry had reached a value of US$36.86 billion in 2013. It is expected to rise at an 11.6% CAGR during the period of 2014 to 2020. This industry is segmented into wireless and mobile POS terminals and fixed POS terminals on the basis of product types. Fixed POS terminals accounted for the largest share in the total revenue generated in 2013. It held a share of around 81% in the total POS terminals market.The ease of utilization, mobility, and lower overall cost of ownership has propelled the larger adoption of wireless and mobile POS as compared to traditional POS terminals. Mobile POS terminals are majorly needed in medium- and small-scale businesses due to their affordable primary cost and rising preference for smartphones and tablets at workplaces. Software and hardware are the two segments of the POS industry according based on components. Various applications and operating platforms for mobile POS are leading to the increment in acceptance of software in mobile POS.
Increasing adoption of Advanced Payment Option to Propel Market Growth
On the basis of application, the POS terminals industry is categorized into healthcare, restaurant, retail, hospitality, entertainment, warehouse/distribution, and others such as government, field service, and transportation. In 2013, the retail market accounted for the biggest application segment of POS terminals, accounting for around 34% of the overall POS terminals market. Increasing adoption of sophisticated payment options by small retailers is expected to propel the growth of the POS terminals market in the retail industry. It is expected that the healthcare industry will be the fastest growing segment of the POS terminals market during the period of 2014 to 2020, increasing at a 16.1% CAGR.
North America, Europe, Asia Pacific, and the Rest of the World are the regional markets for POS terminals. In terms of revenue, North America accounted for the biggest market for POS terminals in 2013. Constant demand for POS solutions from developed economies such as the U.S. and Canada is attributed to the considerable growth in quick-service restaurants, retail stores, and casinos in this region.In the European POS terminals market, compliance requirements such as MasterCard, EuroPay, and Visa (EMV) regulations are propelling the POS terminals market, as these have improved payment security. The demand from economies such as China, Hong Kong, Japan, India, and Australia is likely to drive the Asia Pacific POS terminals market, making this region the fastest growing regional market from 2014 to 2020.
Intense Competition among Players Resulting in High Fragmentation in Market
Key players in the POS terminals industry include Samsung Electronics Co., Ltd., Panasonic Corporation, Toshiba Corporation, Hewlett-Packard Company, Cisco Systems, Inc., VeriFone Systems, Inc., MICROS Systems, Inc., PAX Technology Limited, NEC Corporation, and Ingenico S.A.The POS terminals industry is highly fragmented, with extreme competition among market participants. Wal-Mart and some other retail giants are spreading their business across the globe, which is resulting in a growing demand for POS solutions in the whole world.
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