Point-of-Sale (POS) Terminal Market
Point-of-Sale (POS) Terminal Market (Component: POS Terminal Devices, POS Software, and Services; Device Type: Fixed POS and Portable/Mobile POS; and Application: Restaurants, Hospitality, Healthcare, Retail, Warehouse/Distribution, Entertainment, and Others) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020-2030
Press Release :
No Checkout POS Systems Gain Strong Foothold in Mainstream Retail Businesses
Generating e-receipts and payment by face are some of the key attributes of point-of-sale (POS) terminals, which are helping manufacturers to stand out from the competition in the market. Retail business owners are demanding innovations in POS systems to meet convenience requirements of customers. The trend of no checkout POS is capturing the point-of-sale (POS) terminal market. E-commerce giant Amazon gained a lot of popularity for its innovative no checkout POS concept, which automatically generates payments as soon as a customer walked out the door.
No checkout POS systems are acquiring strong foothold in mainstream retail business. This concept is generating value-grab opportunities for companies in the point-of-sale (POS) terminal market, since it eliminates the need to hire employees at the POS counter, resulting in cost savings. This explains why the market is expected to advance at a striking CAGR of ~11% during the forecast period.
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Mobile POS Apps Ensure Repeat Customers with Hustle-free Counter Experience
Companies in the point-of-sale terminal market are gaining expertise to innovate in mobile POS apps. Individuals are provided with a choice of instant payment at coffee shops or pay later, since on-the-go individuals prefer paying, while leaving the shop. Mobile POS apps are gaining increased visibility among individuals, as they help to quicken procedures and cut down on mealtime. Retail shop owners and the HoReCa (Hotel, Restaurant, and Café) sector are focusing on providing a hustle-free counter experience to ensure repeat customers.
Mobile POS apps are gaining increased popularity in the U.K. coffee shops and retail stores. Companies in the point-of-sale (POS) terminal market are increasing efforts to develop apps that facilitate simple scanning of the code on products to generate payments automatically.
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Energy-efficient POS Terminals Outweigh Old-fashioned Systems with Spinning Disks
The point-of-sale (POS) terminal market is expected to reach a value of US$ 184.2 Bn by the end of 2030. However, in due course, companies need to address several disadvantages of POS systems such as expensive investment and dependency on the Internet, as many point-of-sale terminals operate on cloud. Hence, providers of point-of-sale terminals are educating their clients about the dos and don’ts of buying a system to avoid costly expenditures.
Companies in the point-of-sale (POS) terminal market are educating their clients about the advantages of POS systems, and how they help to enhance a customer’s buying experience. On the other hand, the demand for energy-efficient point-of-sale (POS) terminals is surging, since users desire to achieve cost savings. Manufacturers are introducing the solid state drive (SSD) technology to make POS systems more lightweight, durable, and fast as compared to old-fashioned spinning disk POS systems.
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Will POS Terminals Lose Sheen Post COVID-19 Pandemic?
Touchless payments have become the need of the hour during the ongoing COVID-19 (coronavirus) pandemic. Since the trend of digital payments is surging in India, companies in the point-of-sale (POS) terminal market are tapping into incremental opportunities by means of increasing the availability of POS machines. There is a growing awareness about regularly disinfecting the point-of-sale terminals to inhibit the spread of coronavirus. Retail business owners are adopting NFC (Near Field Communication)-enabled POS systems to accept payments of smaller values whilst minimizing physical contact.
The total number of point-of-sale terminals has exceeded by several million machines deployed by merchants acquiring banks. Manufacturers in the point-of-sale (POS) terminal market are capitalizing on this trend to deploy innovative payment options in machines.
Amidst political and trade conflicts between India and China, the Make in India movement launched by the current ruling government has created revenue opportunities for Indian POS providers during the ongoing COVID-19 pandemic. Manufacturers are increasing efforts to enhance the virtual shopping experience of customers by providing them with giant tablet devices that showcase latest collection of clothing. However, traditional POS machines are potentially cumbersome and do not provide energy savings. Hence, companies in the point-of-sale (POS) terminal market should educate clients about ENERGY STAR® ratings for POS equipment as specified by the EPA and U.S. Department of Energy.
Point-of-Sale (POS) Terminal Market: Overview
- The global point-of-sale (POS) terminal market is expected to expand at a CAGR of ~11% during the forecast period, primarily driven by rise in demand for mobile POS terminals
- The point-of-sale (POS) terminal market is expected to be valued at US$ 30.7 Bn in 2020 and reach US$ 184.2 Bn by 2030
- In terms of component, the POS terminal devices segment is anticipated to account for notable share as compared to the other components of the point-of-sale (POS) terminal market
- In terms of device type, fixed POS is set to dominate the market during the forecast period, whereas portable/mobile POS is expected to be the fastest growing segment during the forecast period
- North America remains a prominent market for point-of-sale (POS) terminals globally, and the market in the region is expected to be valued at US$ 21,726 Mn by the end of 2020
Point-of-Sale (POS) Terminal Market Definition
- The point-of-sale (POS) terminal market report provides analysis of the market for the period 2018 - 2030, wherein 2019 is the base year, 2020 is the estimated year and 2020 to 2030 is the forecast period. Data for 2018 has been included as historical information.
- In this report, we analyze the growth drivers that enhance the value of the point-of-sale (POS) terminal market and various opportunities prevailing in the market
- Providers of point-of-sale (POS) terminals are focused on developing innovative solutions to serve specific requirements of end users, which is expected to drive the market in the upcoming years
North America Point-of-Sale (POS) Terminal Market Snapshot
- Key countries that significantly contribute to growth of the point-of-sale (POS) terminal market in North America are the U.S., Canada, and Mexico. The U.S. witnesses increasing emphasis by governments for the development of centralized payment systems in order to attain a cashless economy. This results in driving the point-of-sale (POS) terminal market in the U.S.
Key Drivers of Point-of-Sale (POS) Terminal Market
- Rise in demand for mobile POS terminals: Mobile point-of-sale (mPOS) refers to specialized wireless devices such as tablets and smartphones that are capable of functioning as an electronic point-of-sale terminal or cash register. The implementation of mPOS allows several industries to conduct financial transactions at any place, owing to mobility, improved customer experience, and saving of space. Innovative mobile software and technologies are creating significant opportunities for retail, warehouse, and healthcare sectors. Increase in the use of tablets has accelerated the adoption of mPOS solutions, which integrate multiple transaction methods with services such as e-Commerce sites and fixed in-store sales terminals. mPOS is creating a paradigm shift in the point-of-sale (POS) terminal market. Adoption of iPads for payment applications has propelled the traditional point-of-sale (POS) terminal market.
- Enhanced customer experience and low total cost of ownership (TCO) compared to conventional channels of payment: Advanced POS technology competes with older point-of-sale systems such as PC cash drawers (PCCD) and cash registers. Retailers are seeking ways to update the legacy checkout systems in order to enhance customer service and operational efficiency. Retailers have realized that even a small cost reduction could lead to significant improvements in the bottom-line of their businesses. Advanced POS systems offer higher reliability and durability as compared to traditional systems such as cash registers. TCO is reduced significantly due to higher reliability of modern POS systems, in turn boosting the demand for POS solutions from small and medium size businesses. In recent years, retailers have started to look beyond the initial expenses and focus on lower TCO as compared to traditional POS.
Key Restraints of Point-of-Sale (POS) Terminal Market
- Security concerns pertaining to data breaches: According to a recent study (2018) by the Electronic Transaction Association, better data security is the number one priority for customers. POS systems handle critical information, and they are often exposed to the risk of security breaches. Every POS system needs to connect with an external network. The device type of network connection depends on the store or retailer. While small businesses connect their POS systems via cellular data connections, larger businesses connect their systems with the help of their internal network. POS terminal systems can be managed remotely via these internal networks. This may result in theft/loss of important information such as credit card numbers.
Point-of-Sale (POS) Terminal Market: Competition Landscape
- In April 2020, Miura Systems Ltd. partnered with NMI to deploy POS solutions in 27 European countries with the help of Elavon. This initiative would help the company to increase its market presence in Europe.
- In January 2020, Diebold Nixdorf introduced the all-in-one point-of-sale (POS) system "BEETLE A1150," specifically for retail and banking industries. This initiative would help the company to increase its product portfolio and enhance its market presence worldwide.
Point-of-Sale (POS) Terminal Market: Company Profile Snapshot
- Ingenico Group S.A.: Ingenico Group S.A. is a France-based company specializing in payment solutions, providing trusted, secure, and smart solutions to allow worldwide transactions across all channels, such as in-store, online, and mobile. The company’s mPOS solutions include mPOS EMV SDK, mPOS card readers, and mPOS platforms.
- NEC Corporation: NEC Corporation offers a wide range of display units, such as PC monitors, large LCD monitors, projectors, plasma display monitors, on-campus bulletin boards, theatrical cinema projectors, and color management monitors. It also provides various modular and touch screen POS products and solutions.
- NCR Corporation: NCR Corporation offers omni-channel technology solutions to retail, hospitality, telecommunication, and financial services sectors. The company's key offerings include automated teller machines (ATMs), point-of-sale (POS) terminals and devices, self-service kiosks, omni-channel platform software, and other software applications.
- Wincor Nixdorf International (Diebold Nixdorf): Wincor Nixdorf International was acquired by Diebold Nixdorf in 2016. Diebold Nixdorf is a leading provider of IT solutions and services to retail banks and retail industry. Diebold Nixdorf AG is represented in over 130 countries around the world and has its own subsidiary companies in 40 of these countries.
Point-of-Sale (POS) Terminal Market – Scope of the Report
A latest study collated and published by Transparency Market Research (TMR) analyzes the historical and present-day scenario of the global point-of-sale (POS) terminal market to accurately gauge its potential future development. The study presents detailed information about the important growth factors, restraints, and key trends that are creating the landscape for the future growth of the point-of-sale (POS) terminal market, to identify the opportunistic avenues of the business potential for stakeholders. The report also provides insightful information about how the point-of-sale (POS) terminal market will progress during the forecast period 2020-2030.
The report offers intricate dynamics about the different aspects of the point-of-sale (POS) terminal market that aids companies operating in the market in making strategic development decisions. TMR’s study also elaborates on the significant changes that are highly anticipated to configure the growth of the point-of-sale (POS) terminal market during the forecast period. It also includes a key indicator assessment to highlight the growth prospects of the point-of-sale (POS) terminal market, and estimates statistics related to the market progress in terms of value (US$ Mn and Million Units).
The study covers a detailed segmentation of the point-of-sale (POS) terminal market, along with key information and a competitive outlook. The report mentions the company profiles of key players that are currently dominating the point-of-sale (POS) terminal market, wherein various developments, expansions, and winning strategies practiced and executed by leading players have been presented in detail.
Key Questions Answered in TMR’s Report on Point-of-Sale (POS) Terminal Market
The report provides detailed information about the point-of-sale (POS) terminal market on the basis of comprehensive research on various factors that play a key role in accelerating the growth potential of the market. Information mentioned in the report answers path-breaking questions for companies that are currently functioning in the market and are looking for innovative ways to create a unique benchmark in the point-of-sale (POS) terminal industry, so as to help them make successful strategies and take target-driven decisions.
- How are key market players successfully earning revenue out of the advantages of point-of-sale (POS) terminals?
- What will be the Y-o-Y growth of the point-of-sale (POS) terminal market between 2020 and 2030?
- What are the winning imperatives of market frontrunners in the point-of-sale (POS) terminal market?
- Which will be the fastest growing application segment?
Research Methodology - Point-of-Sale (POS) Terminal Market
The research methodology adopted by analysts to combine the point-of-sale (POS) terminal market report is based on detailed primary as well as secondary research. With the help of in-depth insights of the industry-affiliated information that is obtained and legitimated by market-admissible resources, analysts have offered riveting observations and authentic forecasts of the point-of-sale (POS) terminal market.
During the primary research phase, analysts interviewed industry stakeholders, investors, brand managers, vice presidents, and sales and marketing managers. On the basis of data obtained through the interviews of genuine resources, analysts have emphasized the changing scenario of the point-of-sale (POS) terminal market.
For secondary research, analysts scrutinized numerous annual report publications, white papers, industry association publications, and company websites to obtain the necessary understanding of the point-of-sale (POS) terminal market.
Point-of-Sale (POS) Terminal Market - Segmentation
TMR’s research study assesses the point-of-sale (POS) terminal market on the basis of component, device type, application, and region. The report presents the extensive market dynamics and progressive trends associated with different segments, and how they are influencing the growth prospects of the point-of-sale (POS) terminal market.