DUBLIN--(BUSINESS WIRE)--The "Global Point of Sale (POS) Terminal Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.
The global POS Terminal market was valued at USD 72.28 billion in 2020 and is expected to reach USD 116.27 billion by 2026, registering a CAGR of 8.3%, during the forecast period of 2021-2026.
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.
Key Highlights
- POS terminal systems have evolved from being transaction-oriented terminals/devices to systems that can integrate with the company's CRM and other financial solutions. This evolution has empowered end-users with business intelligence to manage their revenue streams and inventory better. Lower maintenance costs, accurate transactions, and real-time inventory are key advantages of the POS systems. 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 modern POS terminals reduce the cost from setup, deployment, maintenance, and power consumption over time, leading to the total cost of ownership. Various vendors offer modular POS terminals with attributes such as touchscreen displays and low power consumption, which helps in reducing the overall cost of ownership. Companies such as Sharp Electronics, Aures Technologies, and others offer fixed POS solutions with touchscreen displays and robust processors that help improve operations and reduce failures. In addition, the POS offered by Aures comes with fanless temperature control to reduce the number of moving parts in a terminal.
- In addition, vendors are launching new solutions on a leasing basis, promoting the market's growth. For instance, Vectron Systems AG offers its Vectron POS 7, launched in September 2020 on a leasing trade basis and upfront payment. The POS system is designed for bakeries and the catering industry. Similarly, Mswipe Technologies offers various products on a leasing trade basis.
- Further, the COVID-19 pandemic has significantly transformed the way consumers shop, affecting several verticals of the market. The retail sector witnessed a drastic change due to the pandemic. Consumers have also increased their use of various sales methods, such as curbside pickup, virtual consultations, contactless payment, and even social commerce, i.e., shopping through social media. According to the latest retail experts and shopper surveys, this new behavior is expected to stay over the forecast period. Such trends have affected the demand for POS terminals across regions.
- However, the challenge posed to the market's growth is the security concerns due to the usage of critical information. POS terminals are connected to the network and the internet, making them vulnerable to attacks to gain access to and manipulate it like any other insecure machine. The way the terminal communicates with the rest of the network means attackers could access unencrypted card data, including Track2 and PIN information, providing all the necessary information required to steal and clone payment cards.
Major Market Trends
- Hardware Segment to Account for the Largest Market Share
- Asia Pacific is Expected to Hold Largest Market Share
Competitive Landscape
The global point of sale terminals market is highly fragmented with the presence of a large number of players like iMetrics Pte Ltd, Samsung Electronics Co. Ltd, Panasonic Corporation, Casio Computer Co. Ltd, NEC Corporation, etc., that occupy around half of the market share. Moreover, these players are investing large amounts of money in 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:
- June 2021 - Samsung Electronics introduced Samsung Kiosk, an all-in-one solution that offers contactless ordering and payment capabilities. Providing customers with easy install options and a protective coating, the Kiosk is now available in 12 countries worldwide, including the United States, Canada, the United Kingdom, Ireland, France, Sweden, the Netherlands, Belgium, Spain, Austria, Australia, and Singapore. Kiosks have quickly become a part of everyday life, providing customers with a simple and interactive way to purchase items while giving businesses an innovative solution to reimagine the workplace and increase efficiency.
- July 2021 - Oracle acquired GloriaFood, an online ordering and marketing platform, to extend its Oracle Micros Simphony Cloud POS platform. According to a press release, the acquisition, completed at the end of June now provides Oracle's restaurant customers to serve diners directly through the web, mobile, and apps.
Additional benefits of purchasing this report:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support
Key Topics Covered
1 INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET INSIGHT
4.1 Market Overview
4.2 Industry Attractiveness - Porter's Five Forces Analysis
4.2.1 Bargaining Power of Suppliers
4.2.2 Bargaining Power of Consumers
4.2.3 Threat of New Entrants
4.2.4 Threat of Substitutes
4.2.5 Intensity of Competitive Rivalry
4.3 Impact of COVID-19 on the POS System Market
5 MARKET DYNAMICS
5.1 Market Drivers
5.2 Market Challenges
5.3 Market Opportunities
6 MARKET SEGMENTATION
6.1 Component
6.1.1 Hardware
6.1.2 Software
6.1.3 Services
6.2 Type
6.2.1 Fixed Point-of-Sale Terminals
6.2.2 Mobile/Portable Point-of-Sale Terminals
6.3 End-user Industries
6.3.1 Entertainment
6.3.2 Hospitality
6.3.3 Healthcare
6.3.4 Retail
6.3.5 Other End-user Industries
6.4 Geography
6.4.1 North America
6.4.2 Europe
6.4.3 Asia Pacific
6.4.4 Middle East and Africa
7 COMPETITIVE LANDSCAPE
7.1 Company Profiles
7.1.1 Hardware Vendors
7.1.1.1 iMetrics Pte Ltd
7.1.1.2 Samsung Electronics Co. Ltd
7.1.1.3 Ingenico SA
7.1.1.4 VeriFone System Inc.
7.1.1.5 Micros Retail Systems Inc. (Oracle)
7.1.1.6 HP Development Company LP
7.1.1.7 Panasonic Corporation
7.1.1.8 Bindo Labs Inc.
7.1.1.9 NEC Corporation
7.1.1.10 PAX Technology
7.1.1.11 Casio Computer Co. Ltd
7.1.1.12 NCR Corporation
7.1.1.13 Newland Payment Technology
7.1.1.14 NEXGO (Shenzhen Xinguodu Technology Co. Ltd.)
7.1.1.15 Toshiba Global Commerce Solutions
7.1.1.16 Fujitsu Ltd
7.1.1.17 Qashier PTE Ltd
7.1.1.18 Diebold Nixdorf
7.1.2 Software Vendors
7.1.2.1 NCR Corporation
7.1.2.2 Cow Hills Retail BV
7.1.2.3 Ctac NV
7.1.2.4 Agilysys Inc.
7.1.2.5 GK Software SE
7.1.2.6 Infor Inc.
7.1.2.7 Aptos Inc.
7.1.2.8 PCMS Group Ltd
7.1.2.9 Cegid Group
7.1.2.10 Toshiba Tec Corporation
8 INVESTMENT ANALYSIS
9 FUTURE OF THE MARKET
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