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(Wireless-NewsWire.Com, August 22, 2018 ) Industry Trend Analysis
In 2012, the global POS terminals market was evaluated around USD 28 billion and is expected to reach approximately USD 84.53 billion by 2022 while registering itself at a compound annual growth rate (CAGR) of 11.68% over the forecast period. The market has experienced a major turnaround, due to the extensive expansion of POS terminal solutions and a variety of technological innovations happening at a rapid pace. The rising demands for incorporated POS, the proliferation of NFC devices, along with the demand for contactless payments in the industrial network are anticipated to fuel the global market. Amplified funding in the line bursting technology is predicted to act as a vital factor in boosting the market demand. Though, the requirement for extended government regulations and certifications, combined with data security concerns, is likely to restrain the growth of the market. The refusal to PCI Data Security Standards (DSS) enhances the possibility of card data breaches, which ensues in the financial and non-financial impacts, involving the loss of client trust and status of the company.
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Product Outlook and Trend Analysis
The market can be segmented according to the product into mobile and fixed POS terminals. In 2015, the fixed terminals ruled the global market. The mobile POS terminals market is expected to grow at a compound annual growth rate of around 18% over the forecast period. The continuously changing customer expectations, rising credit/debit card payments, and advanced data analytics are estimated to boost the mobile point-of-sale terminal demand. Enhanced security, paper-free receipting services, reduced customer time in line, and free floor space are the major factors fueling the mobile POS demand over the conventional systems. The introduction of reasonable wireless communication technologies has contributed to an amplified customer acceptance for such systems.
Component Outlook and Trend Analysis
By components, the global market can be segmented into software and hardware. The hardware elements comprise smartphones and tablets linked with monitors, cash drawers, credit/debit card reader, and others. The software section is expected to grow at a compound annual growth rate of 14% over forecast years. This growth might be assigned to the innovations in cloud computing, ensuing in the rising use of the point-of-sale systems based on the Software-as-a-Service (SaaS) platform. The proficient software incorporates functionalities of screen terminals and barcode scanners over these systems and provides backup data restoring and features further.
Application Outlook and Trend Analysis
According to applications, the global POS terminals market classified into entertainment, hospitality, restaurants, healthcare, warehouse, retail, and others. The rising use of these systems over the retail segment is expected to boost the demand and is predicted to grow at a compound annual growth rate of around 10% during the forecast years. The elevated degree of accessibility and portability enhances the utilization of mobile terminals over this segment. These terminals render inventory management with accounting facilities, hence making it more comfortable to trail third-party billing and inventory. Different organizations are propelling over more simple transaction processes and are incorporating the point-of-sale systems with merchandising, inventory, Customer Relationship Management (CRM), and marketing data for presenting a unique, interactive, and personalized experience to consumers.
Regional Outlook and Trend Analysis
In 2015, North American market ruled the global POS terminals market, reporting for around 30% of the market revenue share. Though, the increasing customer base around emerging regions like Asia Pacific, due to the amplified SMBs and the drop in the total cost of ownership (TCO), is anticipated to impact the growth of the regional market positively. The low infiltration and extensive uncounted population in nations are projected to boost the demand during the forecast years.
Competitive Outlook and Trend Analysis
Companies dominating the POS terminals market share include MICROS Systems, Ingenico S.A., PAX Technology, Verifone Systems, HP Company, Panasonic Corporation, Cisco Systems, Toshiba Corporation, Samsung Electronics, and NEC Corporation. Mergers and acquisitions are the major strategies implemented by market vendors.
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The global POS terminals market is segmented as follows –
By Product
Fixed
Mobile
By Component
Hardware
Software
By Application
Restaurants
Hospitality
Healthcare
Retail
Warehouse
Entertainment
Others
By Region
North America
U.S
Canada
Mexico
Europe
Germany
France
UK
Italy
Spain
Rest of Europe
Asia-Pacific
Japan
China
Australia
India
South Korea
Rest of Asia Pacific
Rest of the World
Brazil
South Africa
Saudi Arabia
United Arab Emirates
Others
Some of the key questions answered by the report are:
What was the market size in 2014 and forecast from 2015 to 2023?
What will be the industry market growth from 2015 to 2023?
What are the major drivers, restraints, opportunities, challenges, and industry trends and their impact on the market forecast?
What are the major segments leading the market growth and why?
Which are the leading players in the market and what are the major strategies adopted by them to sustain the market competition?
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Qurate Business Intelligence
Nehal Chinoy
+919881074592
nehal@qurateresearch.com
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