Transparency Market Research (TMR) notes that the global point-of-sale (POS) terminal market is experiencing an intense competition between several players. Thus, the competitive landscape of the market is highly fragmented in nature. Moreover, numerous new vendors are also emerging in the global point-of-sale (POS) terminal market, which is further escalating the level of competition among players. Some of the prominent names of such vendors include Panasonic Corporation, Toshiba Corporation, Cisco Systems, MICROS Systems Inc., and NCR Corporation.
The topmost vendors are earning the maximum benefits of their historic presence in the global point-of-sale (POS) terminal market. Moreover, these players have maintained a track record to produce high-quality POS machines and terminals. However, rising use of debit and credit cards has provided many business opportunities for several market vendors. Although, the presence of several local vendors in the market could be a subtle threat to the growth of the leading companies as well as players. Other players in the global point-of-sale (POS) terminal market are concentrating on new mergers and acquisitions to accentuate their position at a global level. This salient feature is adopted by many companies in the market who are aiming to expand their territories.
TMR’s experts project that the growth of the global point-of-sale (POS) terminal market is to occur at an impressive 11.50% CAGR during the assessment period from 2017-2025. The market was valued US$54.68 bn in 2016.
From the perspective of applications, the demand for POS terminal especially in the hospitality sector is rising day by day. This is because of the growing need for instant money in every critical and emergency conditions. On the regional front, North America is the dominant region in the global point-of-sale (POS) terminal market due to the rapid growth and development in the retail and entertainment sectors.
Rising Need for End-to-end Encryption for Secured Payment Augments Demand in Market
With the governments’ planning and approach in transforming the country’s economy to a cash-less economy through the influence of digital payment methods, the demand for POS terminals is at an unprecedented high. The facilities of POS terminals has led to increased adoption of credit and debit cards. Thus, growing awareness about the benefits of POS terminals among consumers are highly responsible for fueling growth in the global point-of-sale (POS) terminal market. Additionally, the global point-of-sale (POS) terminal market is expected to witness a steady growth, owing to the rising technological advancements and rapid adoption of POS solutions in various industrial sectors such as healthcare, retail, BFSI, and hospitality.
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Furthermore, soaring demand for mobile payment solutions in the global point-of-sale (POS) terminal market is anticipated to rise at a substantial pace, owing to its increased mobility and flexibility in performing the payment process. Additionally, the retail sector has also become customer-centric these days, which has led to the raised adoption of POS terminals across such sector. Such factors are majorly providing impetus to the growth of the global point-of-sale (POS) terminal market.
Unorganized Banking Sector may Hinder Market’s Growth
The growth of the global point-of-sale (POS) terminal market is obstructed by several factors include the banking sector’s inability in timely dispatching debit/credit cards. Nonetheless, mass distribution of POS systems to various retail outlets by multiple nationalized banks can compensate for such restraints. However, the global point-of-sale (POS) terminal market is also expected to grow once the new policies for debit and credit card insurance come to the fore.
The review is based on a market research report by TMR, titled, “POS Terminal Market (Product Type – Fixed POS Terminal, Wireless and Mobile POS Terminal; Component – Hardware and Software; Application – Restaurant, Hospitality, Healthcare, Retail, Warehouse/Distribution, and Entertainment) – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 – 2025”.