What is POS Terminal Market?
The Point of Sale (POS) or Point of Purchase (POP) Terminals are mainly referred to as the time or place where the product or services transaction is completed. These are the terminals, where the merchants can calculates the value owned for money and may prepare the invoice for the same. It can also help it selecting the payment modes. The devices used for POS transactions can be weighing scales, cash registers and barcode scanners.
The market study is being classified by Type (Portable Countertop & PIN Pad, Mobile POS and Smart POS) and major geographies with country level break-up. and may see market size of USD119.6 Million by 2026.
VeriFone Inc. (United States), PAX Global Technology Ltd. (China), PayPal (United States), Adyen (Netherlands), CHARGE Anywhere (United States), Square, Inc. (United States), Fujian Newland Payment Technology Co. Ltd (China), Intuit (United States) and SZZT Electronics Co. Ltd. (China) are some of the key players profiled in the study. Additionally, the Players which are also part of the research are SumUp Services GmbH (United Kingdom), INGENICO (France) and Casio (Japan).
Research Analyst at AMA predicts that United States Players will contribute to the maximum growth of Global POS Terminal market throughout the predicted period.
Segment Analysis
Analyst at AMA have segmented the market study of Global POS Terminal market by Type, Application and Region.
On the basis of geography, the market of POS Terminal has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). North America region held largest market share in the year 2020. Europe on the other hand stood as second largest market due to the presence of key companies into the region and high technological advancement. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Market Drivers
- Makes better Customer Relationship Management (CRM)
- Simplifies the Accounting Processes
- Eliminates the Human Errors and Saves Money on Long Term
Market Trend
- Tablet or Mobile Payment Enabled POS Systems
- Data and Analytics Provision
- Cloud Based POS Software
Restraints
- Security Risks
- Prerequisites like Reliable Internet Connections
- Costly Software Upgrades
Opportunities
- Personalized Customer Shopping Experience using POS Software
- AI enabled POS Software
- Point of Service POS Software
Challenges
- Problems Caused By Hardware
- Inaccurate Reporting
- Mobile Compatibility
Market Leaders and some development strategies
Casio’s has invested millions of dollars in developing and introducing a new android POS terminal for the retail and hospitality industry, which will significantly reflect that number of prominent players will cause a major disruption in the overall POS industry share. In addition to this, Lexus and Toyota Financial Services have launched an in-house electronic POS system named as NGage. According to industry experts, this POS system developed by Toyota will be one of the substantial factors influencing growth of POS terminal industry.
Key Target Audience
POS Terminal Manufacturers, POS Terminal Distributors and Traders, POS Software Providers, Other POS system Providers, Government Agencies and Others