Development of innovative solutions to improve profit margins across industry verticals will fuel global POS terminals market share. Security features, wireless communication technology, growing requirement for paper-less receipts, and prevention of fraudulent transactions will boost product demand. According to Global Market Insights, Inc., “Point of Sale Terminals Industry was worth USD 40 billion in 2015, and is anticipated to be valued at USD 103.52 billion by 2023, growing at a CAGR of 11.2% over 2016 to 2023.”
POS terminals comprise hardware and software components. Software-based POS terminals are cost-effective and integrated with advanced features that facilitate convenience across the value chain, which will drive software Point of Sale terminals market. Hardware-based POS terminals market accounted for a significant 85% of the overall industry share in 2015.
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Fixed and mobile are the two types of POS terminals. Increasing usage of mobile devices such as tablets and smartphones will propel mobile Point of Sale terminals market size, which is expected to grow at a CAGR of more than 19% over 2016 to 2023. Unrestrained information access, convenient online payments, and rising consumer preferences toward high-tech mobile devices will catalyze industry growth.
POS terminals find applications across the retail, warehouse, healthcare, entertainment, and hospitality sectors.
Retailers are increasingly adopting advanced technology such as EMV to prevent transaction frauds and implement secure online payments, which will catalyze Point of Sale terminals market. Products used for the retail sector are endowed with advanced features such efficient invoice system, discount offers, inventory management systems, data backup, and customer record maintenance. Retail POS terminals industry attributed to more than 30% of the overall share in 2015, driven by the requirement for a secure work module and growing demand for operational efficiency.
Highly developed infrastructure and rising demand for online bill payments will significantly propel healthcare Point of Sale terminals market size over 2016-2023. Furthermore, increased investments in the healthcare sector coupled with an efficient system to track patient information will stimulate industry growth.
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Rising demand for tablets and smartphones coupled with the upgradation of retail stores across countries such as China and India will stimulate APAC POS terminals market. Increasing adoption of mobile wallet payments such as Apple Pay and Samsung Pay will drive U.S. Point of Sale terminals industry size, which was significantly high in 2015.
The industry participants are engaging in mutual collaborations to improve profit margins and strengthen regional presence. For instance, Revel Systems recently collaborated with Shell Partner to increase Shell’s business through mobile payments by installing POS systems at gas stations.
Moreover, strategies to combat the increasing security threats across various sectors will also be one of the top priorities of the manufacturers.
Key market players are VeriFone Holdings, Ingenico Group, and PAX Technology, NCR Corp., Cisco, CDL Logistics, Demandware, LS Retail, Cegid Group, and CitiXsys Inc.
Browse key industry insights spread across 178 pages with 67 market data tables & 62 figures & charts from this report Point of Sale Terminals Market in detail along with the table of contents:
Global Market Insights has segmented the POS terminals market on the basis of product, component, application, technology, and region:
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