The presence of a sizeable number of large players in the global point-of-sale (POS) terminal market makes stiff competition prevail among them. The competition is expected to further intensify as aspiring players, especially software vendors are seeking entry into the market.
One of the key growth drivers for the global POS terminal market is the high acceptance of POS terminal across the retail, healthcare, hospitality, warehouse/distribution sectors due to its ease and high return on investment. POS terminal offer several advantages with respect to fast bill processing, maintain customer database, inventory management, offering special discounts, and maintaining customer loyalty programs.
A report by Transparency Market Research predicts the global POS terminal market to rise at a CAGR of 11.5% between 2017 and 2025. The market stood at a valuation of US$54.68 bn in 2016.
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Wireless and Mobile POS Terminal Type to Lead in Future
The segments of the global POS terminal market based upon terminal type are fixed type and wireless and mobile type POS terminal. The segment of fixed POS terminal held a whopping 94% of the market in 2016 on account of early adoption of technology.
However, the adoption of wireless and mobile POS is on the rise due to ease of use, mobility, and cost-effectiveness as compared to traditional POS terminal. Small and medium sized businesses are increasingly displaying significant demand for mobile POS terminal due to their affordability as compared to fixed POS terminal and widespread use of smartphones and tablets at workplaces and in businesses.
The application segments of the global POS terminal market include restaurant, grocery/supermarket, field service, hospitality-lodging, healthcare, warehouse/distribution, retail, and government. Retail, among all, was the leading application segment holding 33% of the market in 2016. The rising popularity of technology-driven payment options among small retailers is anticipated to have a positive impact on the growth of the global POS terminal market.
In the coming years, the warehouse application segment is expected to display significant growth due to the rising popularity of mobile POS terminal.
In terms of component, the segments of the global POS terminal market are software and hardware. POS hardware segment comprises payment terminal (reader), workstation and accessories (cash drawer, wireless bar code scanner, PIN pad, tag printers, receipt printer, physical inventory scanner, and tag printers).
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Early Adoption of Technology Makes North America Leading Market
At the regional front, North America led in 2016 holding almost 30% of the market revenue-wise. The growth of the region is mainly due to significant use of POS terminal across several industry sectors such as retail and entertainment. The high adoption of POS terminal among small retailers and quick service restaurants along with large retailers accounts for the significant position of the region in the global market.
Some key vendors operating in the global market for POS terminal are Ingenico S.A, MICROS Systems Inc., NEC Corporation, PAX Technology Limited, VeriFone Systems Inc., Hewlett-Packard Company, Cisco Systems Inc., Toshiba Corporation, Panasonic Corporation, and Samsung Electronics Co. Ltd.
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