Ocean View, DE -- (SBWIRE) -- 06/16/2020 -- The global POS terminals market is poised for robust growth on account of rising product penetration across various business verticals. Point of sale terminals are increasingly being deployed across the healthcare, retail, BFSI and hospitality sectors owing to the dire need for efficient payment solutions. These system help consumers to easily make transaction using their debit or credit cards.
With increasing number of cashless transactions being initiated in numerous businesses, POS terminals market may record significant traction in the coming years. According to reports, developed nations like Sweden and South Korea are on the verge of becoming a cashless economy.
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Biometric technology is expected to witness high growth in the POS terminals market owing to its ability to provide secure payment solutions and convenience to customers. Several financial organizations are widely adopting these terminals to strengthen security and reduce payment frauds. In addition, these systems help to make quick check-outs at cash counters and improve payment process in retail outlets. China, India, Japan, and the U.S. are experiencing high adoption of biometric POS devices owing to rapid technological advancements in the payment industry.
Windows OS will witness high demand in the POS terminals market owing to increased reliability, ease of use, security, and multilingual features. Several manufacturers have designed these systems to run on Windows OS. For instance, Touch Dynamic, a manufacturer of electronic devices is offering retail POS systems compatible with Windows 10 for proper operation of these devices. Moreover, the software is being updated consistently for improving functionalities with POS devices. For instance, in April 2018, Microsoft Corporation released an updated & secured version of Windows 10, which included 20% reduction in system stability issues in OS and reduction in driver stability issues.
Point-of-sale terminals are experiencing high demand in the warehousing and logistics industry sector owing to their ability to effectively manage inventory and distribution operations for improved margins. These terminals provide order and work planning tools to maximize production efficiency. These terminals also provide intangible stock control for warehouse operations such as order receipt, production, shipment, and delivery. Several companies are developing POS software specific for the logistics and warehousing industry for helping them to deliver high-value services to customers.
POS Terminals Market is expected to exceed USD 140 billion by 2025. Rising technological advancements and increasing adoption of advanced payment solutions in several industrial sectors such as healthcare, BFSI, retail, hospitality, and others will drive the industry growth.
- Manufacturers are focusing on developing smart payment solutions for specific industrial purposes. For instance, Ingenico Group is offering a POS system for the retail industry, which easily accepts all payment methods and helps retailers to increase conversion rate and customer experience.
- Increasing number of cashless transactions in emerging economies will positively impact the POS terminals market growth. Among advanced economies, Sweden and South Korea are increasingly shifting to a cashless society.
- Europe industry growth is largely attributed to the rise of e-commerce transactions in the region, primarily in the UK, France, and Germany
- Rise in the adoption of smartphones and government efforts for digitization are encouraging economies to adopt digital payment methods
- These terminals allow customers to make payment transaction using credit and debit card payments through an EMV chip. With the increasing adoption of cashless payments in several economies, the POS terminals market is expected to witness considerable growth in the coming years.
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The key players operating in the POS terminals market are Panasonic Corporation, Toshiba Corporation, PAX Technology, NEC Corporation, POS Direct Ltd., NCR Corporation, VeriFone Systems, Inc., LS Retail, Ingenico Group, Diebold Nixdorf, Micros Systems, Inc., Bucher Industries AG, Cegid Group, Bitel Co., Epicor Software Corporation, and Cybernet. These players are introducing differentiated and innovative products to sustain in the highly competitive market. Moreover, the players are expanding across several countries with high economic developments and digital advancements.
Table of Contents (ToC) of the report:
Chapter 5 POS Terminals Market, By Component
5.1 POS terminal market component trends
5.2 Hardware
5.2.1 POS terminal hardware market, 2014 - 2025
5.3 Software
5.3.1 Global POS terminal software market, 2014 - 2025
5.4 Services
Chapter 6 POS Terminals Market, By Technology
6.1 POS terminals market technology trends
6.2 Biometric
6.2.1 Global biometric POS terminals industry, 2014 - 2025
6.3 Traditional
6.3.1 Global traditional POS terminals industry, 2014 - 2025
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