Point of Sale Terminal Market Outlook - 2027
The global point of sale terminal market is experiencing significant growth and is expected to grow considerably in the next few years. Point of sale terminals refer to electronic devices used for processing card payments, printing bills, inventory management, and implementing loyalty programs across various end-use verticals such as hospitality, healthcare, retail, restaurants distribution/ warehouse, and entertainment.
Point of sale terminal helps to store, capture, share, and report data related to the sales transaction. It eases the shopping experience. Ongoing technological innovations have led to advancements in these systems, which include mobile point of sale with bar code scanners and cloud-based POS, increasing the efficiency of businesses by providing high return on investments.
The global point of sale terminal market is segmented on the basis of type, component, end users and region. Based on type, the market is divided into fixed point of sale terminals, and mobile point of sale terminals. In terms of component, the market is categorized into hardware, software, and service. On the basis of end users the market is divided into entertainment, healthcare, hospitality, and retail. Geographically, the market is analyzed across several regions such as North America, Europe, Asia-Pacific, and Latin America, Middle East & Africa (LAMEA).
Key players operating in the global point of sale terminal industry include Micros Systems, Inc., Cisco Systems, Inc., Toshiba Corporation, Panasonic Corporation, Ingenico S.A., Emerge Mobile (Pty) Ltd., Samsung Electronics Co., Equinox Payments, LLC, Yoco Technologies (Pty) Ltd. Miura Systems Ltd., Vectron Systems SA, NCR Corporation, iVeri Payment Technologies (Pty) Ltd.. These companies have adopted several strategies such as product launches, partnerships, collaborations, mergers & acquisitions, and joint ventures to strengthen their foothold in the global point of sale terminal market.
COVID-19 scenario analysis
- To subdue the spread of COVID–19, respective governments have shutdown day-to-day business operations by implementing a full-scale lockdown. Labor shortages and delays in project completion are a few factors plaguing the global point of sale terminal industry resulting in a decline in production.
- The global point of sale terminal market forecast has been significantly impacted by the outbreak. New projects throughout the world have stalled which have significant demand for point of sale terminal market.
- The global factories have struggled to manufacture and assemble new devices as workers have stayed in their homes and even the already available devices in various warehouses cannot be transported due to current rules & regulations, which disrupted the global supply chains.
- The impact of COVID-19 on this point of sale terminal market trends is temporary as just the production and supply chain is stalled. Once the situation improves, production, supply chains, and demand for these products are gradually going to increase.
- This is expected to provide opportunities for companies to think about ways of increasing production, research about technologies, and improve current products.
Top Impacting Factors
Modern point of sale systems integrate multiple systems into a single terminal to handle a range of operations, including cash collection, card payments, billing, printing, and data analysis. Innovations in technology have cause advancements in these systems, Mobile-POS and automated POS systems, which fully automate the checkout processes. In addition, the point of sale terminal market is fueled by innovations leading to an increase in the acceptance across various industries verticals such as restaurants, hospitality, and entertainment.
Real-time inventory, lower maintenance cost, and accurate transaction are the key advantages of the point of sale systems. Debit card, credit card, and e-wallet will completely change the dynamics of point of sale payment in the upcoming years substituting the cash payment at the point of sale terminals. This is owing to increasing adoption among people and upsurge in online payments. Furthermore, increased in smartphone usage is making online transactions easier to use, and with wide range of offers and services, it is leading to a larger customer base.
New product Launches to Boost the Market
The market is categorized into on-premise and cloud. On-premise deployment includes manual installation at the customer’s premise. The installation includes electrical work, cabling & cabling permits, and hardware & software installation. Cloud point of sale deployment involves the installation of SaaS-based software in retailers existing personal computers. Cloud-based system does not require installation of any separate hardware and can work on existing computers, tablets, or smartphones. This significantly reduces operational costs, especially for SMB owners. Brick & mortar retailers are more inclined toward using smartphones or tablets for point of sale rather than spending on a complex system. Therefore, cloud-based software is expected to gain decent traction over the forecast year.
Surge in Usage in Automotive and Industrial Applications
The market is segmented into hospitality, healthcare, restaurants retail, warehouse, and entertainment. Point of sale terminals helps avoid manual faults in financial billings and inventory management and offer better reliability to businesses. As a result, there is a significant increase in demand for point of sale terminals in medium and large industries. The healthcare segment is expected to record the highest growth, owing to the rising need for managing patient information, tracking employee statistics, and smooth payment process.
Key Benefits of the Report
- This study presents the analytical depiction of the global point of sale terminal market along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with a detailed analysis of the global point of sale terminal market share.
- The current market is quantitatively analyzed to highlight the global point of sale terminal market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed point of sale terminal market analysis based on competitive intensity and how the competition will take shape in the coming years.
Questions Answered in the Point of Sale Terminal Market Research Report
- Which are the leading market players active in the point of sale terminal market size?
- What are the current trends that will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities of the point of sale terminal market?
- What are the projections for the future that would help in taking further strategic steps?
Point of Sale Terminal Market Report Highlights
By End Users
Key Market Players
Intuit QuickBooks Point of Sale, Clover, Toshiba Global Commerce Solutions, NCR Corporation, Verifone, Samsung Electronics, Diebold Nixdorf, CipherLab, PAX Technology, Ingenico