Point-Of-Sale (POS) terminal market is driven by significant increase in electronic transaction across the globe. A Point-Of-Sale (POS) terminal is combination of hardware with software that will read the credit or debit card to process the payments at any location. POS terminal offers multiple ranges of features such as employee scheduling, reporting, customer relationship management (CRM), inventory management in addition to different payment options. With the growing need of POS terminal across the end-user industry such as restaurants, retail shops, and hospitality is giving rise to the popularity of mobile POS.
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Plastic currency such as credit card, debit card and also e-wallet are changing the dynamics of the POS payment by replacing the paper currency transaction, is the major factor that is driving the POS terminal market. Reliable alternative to the traditional cash system, empowering merchandisers as well as consumers to give and have easy service, low price, easy functions, and user-friendliness are the factors behind the growth of the POS terminal industry. Additionally, the POS terminal eliminates all the hassle of setting up making it favorable to adopt by the micro small medium enterprises (MSME) will also augment the growth of POS terminal system. However, unorganized banking sector and delayed service will hamper the market growth.
Regionally, North America along with Europe holds a significant share in the market attributed to the rapid adaptation of advanced technologies and presence of advanced infrastructure across the region. Additionally, the adoption of POS terminal-based payment methods by different industries such as healthcare, retail, entertainment and many more is propelling the growth of the POS terminal market in the region. Additionally, increased initiative by the government such as demonetization in the India and adoption of new technology to fulfill the needs of changing lifestyle is also driving the growth of the market in emerging region.
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Segmentation Analysis of the Industry
The global POS terminals market is segmented on the basis of type, deployment type, and application. Based on type, the market is further classified into mobile POS and fixed POS. Based on application, the market is further classified into healthcare, retail, hospitality, transportation, and others such as media and entertainment and government. POS terminals are being significantly adopted in the retail sector.
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Industry Key Players
Some of the key players in the market include NCR Corp., NEC Corp., Verifone Inc., Ingenico Group SA, Toshiba Corp., and HP, Inc. These companies are adopting certain strategies, such as merger and acquisitions, partnerships and collaborations, and product launches to increase market share and gain competitive advantage globally. For instance, in August 2017, NCR Corp.
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