Point of Sale Terminals Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)
The Point of Sale Terminals Market is Segmented by Component (Hardware, Software, Service), Type (Fixed Point of Sale Terminals, Mobile Point of Sale Terminals), End-user Industry (Entertainment, Hospitality, Healthcare, Retail), and Geography.
ABOUT THIS REPORT
Scope of the Report
Key Market Trends
TABLE OF CONTENTS
2018 - 2026
Fastest Growing Market:
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The point of sale terminal market is expected to register a CAGR of 20% during the forecast period of 2021 to 2026. The POS terminal market has grown significantly over the past few years, owing to its ability to offer an increased return on investment and ease of access. POS systems that facilitate transactions from the central component of businesses across industries, like retail, hospitality, transportation, and banking, have gained importance in companies of small and big sizes, over the years.
POS terminal systems evolved from being transaction-oriented terminals/devices to systems that can integrate with the company’s CRM and other financial solutions. This evolution, thus, empowered the end-users with business intelligence to better manage their revenue streams and inventory. With the functional benefits that the advanced POS systems offer, companies have replaced their traditional billing software with POS systems, thus, securing the growth of the POS system market.
The rising financial frauds across the world have influenced the government regulatory bodies to secure payment transactions over the past few years. With customers demanding safe and reliable digital transactions, the need for using secure payment processes has increased. These regulatory bodies, therefore, have impacted the adoption of POS terminals in a positive manner. With the increasing mobility trends across the world, mobile POS systems are gaining traction. With the advent of cashless transactional technologies, POS has witnessed an increase in adoption rates.
The growth in e-commerce and the entangling of the brick-and-mortar and online retail practices are expected to affect the future growth of the terminals and face-to-face outlets. With the option of cash on delivery, provided by the major e-commerce platforms, a sudden surge in the adoption of mobile POS terminal has been noticed.
Due to the coronavirus pandemic, android-based POS terminals, which are almost solely manufactured in China, are most affected. Moreover, there is a shortage of swipe machines to process digital payments at retail outlets.
Coronavirus can be transmitted via payment terminal buttons. This is the reason to keep the POS terminals clean from time to time. PAR, a subsidiary of Par Tech Technology Corporation, recently advised restaurant operators to keep POS terminals clean as the company is willing to protect customers and employees from the coronavirus outbreak.
Scope of the Report
The Point of sale is the time and location where a transaction is completed. A POS system is computer hardware and software, that manages the transaction during the sale of a product or a service. It helps to store, capture, share, and report data related to the sales transaction. It eases the shopping experience and helps to expedite the checkout process, resulting in customer satisfaction. Inventory management, stock in hand, availability of a product, and pricing information are primary data that are acquired from the systems.
Fixed Point of Sale Terminals
Mobile/Portable Point of Sale Terminals
Other End-user Industries
Middle East and Africa
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Key Market Trends
Fixed Point of Sale to Drive the Growth of Market
The fixed point of sale (POS) system is considered as the best choice for many merchants for their business operations. Consequently, there are many advantages of choosing an Android-based Fixed point of sale POS hardware.
Zebra Technologies offer a fixed point of sale solutions to keep transactions fast and accurate, and lanes are flowing smoothly with scanners that help cashiers to scan items of all sizes that can read barcodes in nearly any condition.
Fixed POS solutions are used as they give any business the benefit of a more robust management solution, including inventory management, robust business functionality, a cash drawer, employee time clocks, and the capability to manage loyalty programs and gift cards. Moreover, this traditional form of technology has been around for decades and has been the most recognized and accepted way in the past to process cash payments, check, and credit/debit cards.
95% of brick-and-mortar stores process payments that take place with fixed POS solutions, and mobile POS solutions considered as enhancements, and not a replacement, for the traditional POS. Moreover, businesses would excel better with fixed POS solutions than mobile, as they offer robust features and are more familiar to the average employee.
Fixed POS solutions still serve a prominent purpose within brick-and-mortar stores and contain a more comprehensive business management solution for merchants desiring a product with robust features.
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North America to Dominate the Point of Sale Terminals Market
North America is expected to witness significant growth for the POS terminal market. The substantial growth in the POS market in the region can be primarily attributed to the adoption of POS terminals across various industries, particularly retail, entertainment, and healthcare.The United States is a major segment in the North American POS terminal market. For several years, various types of POS terminals have been used in outlets in the country, thus boosting the need for replacement with updated technologies.
Many companies across the region are focusing on providing POS solutions and services. For instance, Global Payments, a global electronic payment (e-payment) processing company, launched Ingenico iCT250 contactless point-of-sale (POS) terminal built on Ingenico’s Telium2 platform in Canada. The iCT250 provides merchants with advanced features for processing cardholder payment transactions. The iCT250 offers built-in contactless processing, vivid color screen, and large, backlit buttons for high visibility.
North America is expected to be an ‘Early Adopter’ Of mPOS. The region has “advanced technological infrastructure.” From apparel stores to stadiums, retailers are adopting the mobile point of sale (mPOS) systems. The region is coveted for its consumer spending power, and it will continue to present a highly competitive and lucrative market in the region.
With cloud-based apps on the rise and expected to replace machine resident programs in the future, robust reliable and proven hybrid multi-function configurable POS systems, like POS-n-go, will meet the business needs of small and medium-sized merchants and restaurants across North America. Most of the convenience retailers in North America depend on NCR POS hardware and software.
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The point of sale terminals market is highly fragmented with the presence of a large number of players that occupy around half of the market share. Moreover, these players are investing large amounts of money on R&D activities to introduce innovative payment technologies in the market. Strict government regulations and policies in several countries will drive the market, making it more attractive and competitive. Some of the key developments in the market are:
November 2019 - NCR Corporation announced the acquisition of POS Solutions, the leading point-of-sale and restaurant solutions provider in central Texas. Bringing POS Solutions into the NCR family aligns with its strategy to increase ita capabilities to deliver its solutions and serve its customers in thriving local restaurant markets, like Austin.