Point-of-sale (POS) terminals market has gained significant momentum in recent years due to the ease of use and improved return on investment being offered by these systems.
Albany, NY -- (SBWIRE) -- 12/13/2016 -- The three leading companies - Toshiba Corp. / IBM Corp., HP Co., and NCR Corp., held just over 30% of the global point-of-sale (POS) terminals market. This is indicative of a highly fragmented vendor landscape in the market and the prevalence of cut-throat competition. The companies looking to strengthen their position in the market are thus seeking strategies such as mergers and acquisitions, finds Transparency Market Research (TMR) in a new study.
For instance, in April 2012 Toshiba Corp. emerged dominant in the global POS terminals market following its acquisition of IBM's retail store POS solutions business. "Integration across value chain, adoption of novel technologies, and minimizing production cost are other strategies that companies adopt to give impetus to their business.
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The overall POS terminals market is expected to exhibit a favorable CAGR of 11.6% between 2014 and 2020. At this pace, the global market is poised to reach US$79.69 bn by the end of 2020, from the valuation of US$36.68 bn in 2013. Despite North America holding the largest share in the global POS terminals market, Asia Pacific is expected to register a higher CAGR of 13.5% during the course of the forecast period. Based on application, the retail sector led the market in 2013 with a share of 33.8%.
POS Terminals Provide Cost-effective Solutions, Awareness Regarding Which will Boost Market
The growth of mobile POS terminals is the primary factor boosting the global POS terminals market. "Mobile POS terminals provide cost-effective solutions enabling smaller businesses to setup POS terminals and perform tasks without having to invest in electric register or support software," said a lead TMR analyst. Besides, the technology fosters improved mobility to sales and service industries and thus better customer experience.
Implementing POS terminals is associated with improved customer experience and reduction in the total cost of ownership (TCO) as compared to their conventional counterparts. "While the increasing awareness pertaining to the benefits has bolstered opportunities for POS terminals deployment, the market is also expected to gain pace as retailers seek to update their legacy checkout systems in order to ensure better operational efficiency and enhance customer service," observed the TMR report's author.
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Vulnerability to Date Theft Poses Threat
Despite witnessing positive growth opportunities worldwide, security concerns inherent to the technology inhibits its widespread adoption. POS systems deal with critical information and are often exposed to data breaches and security concerns. For POS systems to perform, connection with a supporting external network is needed. However, the type of network connection depends on retailer or store. While small businesses mostly connect their POS systems via cellular data, larger ones connect with the help of internal network. These internal networks enable remotely managing POS terminal systems. The operation makes critical information susceptible to data theft. Hence despite the several advantages of adopting POS terminal solutions, there are various operational, technical, and regulatory challenges that may hamper the market's growth.
Nonetheless, small businesses are expected to increasingly adopt mobile computers, which can support POS applications. Until recently, the technology majorly witnessed deployment across large business, however, with its penetration across smaller companies the global POS terminals market witnesses strong growth potential.