Market Overview:
The Point of Sale (POS) system is operated through POS software, which should also be compatible with the hardware used in the system. The POS software is developed with respect to specific industry verticals, which would facilitate to serve and record a huge amount of online transaction information.
In retail, POS software facilitates the data to provide scalability with respect to identifying the products of different date ranges or units. The Point of Sale Terminals Market Size is also integrated with inventory management system in the process to manage the proper availability of the products. In general, POS terminal offers flexibility, reliability, and more importantly transparency for smooth running of the business operation.
However, most of POS systems are developed on generic operating systems such as Windows Embedded, Windows XP, and UNIX operating systems. These operating systems are vulnerable to cyber-attacks, which eventually lead to large-scale data breaches. Thus, lack of point to point encryption is considered to be a major challenge for the POS terminal market over the forecast period.
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Moreover, the surging demand for contactless payments, associated with an increase in adoption of NFC devices in the commercial and industrial sector is expected to drive the point of sale terminals market size. Additionally, the evolution of chip-based payment solution and personal identification number (PIN) is presumed to lower security threats that result in driving the demand for POS terminal market over the forecast period.
The POS Terminal market is categorised as differentiated by component, product, deployment, and end-user.
By component, the POS terminal market comprised hardware, software, and services. Based on hardware, the market includes mobile devices such as tablets and smartphones synchronized with a debit/credit card reader, cash drawers, monitors, and others. On the basis of services, the segment is classified as professional services and managed services. By deployment, the market is bifurcated into on-premises and on-cloud. Furthermore, by product type, the POS terminal is classified as fixed terminal and wireless POS terminal. Based on end-user, the market is classified as retail, warehouse, healthcare, restaurants, hospitality, entertainment, and others.
According to Market Research Future analysis, POS Terminal market has been valued at approximately over USD 87 billion growing with a 9% CAGR during the forecast period 2017-2023.
Segmentation:
The development of the point of sale (PoS) terminal market is determined by the performance of the following market segments:
By component
This segment handles the POS software, hardware, and services.
By type
mPOS, portable countertop, smart POS, and PIN Pad are among the kinds of point of sale terminals available, as are smart mobile dongles and micro POS.
By industry
The home delivery and service delivery sector, medical and hospitality, retail, taxi and transportation, entertainment, sports, and media sectors all make up the industry component of the point of sale terminal market.
Regional Analysis:
North America is likely to dominate the global wireless POS terminal market over the forecast period due to the widespread availability of the digital infrastructure needed to operate wireless POS terminals. The U.S. and Canada are among the leading national markets for wireless POS terminals.
Competitive Leaderboard:
Leading players in the global wireless POS terminal market include BBPOS, Squirrel Systems, Diebold Nixdorf, NCR Corporation, PAX Global Technology, Touchbistro, CITIXSYS AMERICAS, Newland Payment Technology, Castles Technology, Elavon, Moneris, Cegid Group, BITEL, Winpos, First Data, Verifone, and Ingenico.
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