The point of sale (POS) terminals are used for customer’s payment from debit or credit cards and it is also used for tracking and keeping records of the customer orders. The current technological developments and innovations have led to the adoption of cloud-based POS and mobile POS with various barcode scanners, which help in increasing the efficiency of the businesses. Apart from this, the rising technological advancement in the POS terminals such as POS with image scanners, invoice management, payment facility and inventory management is driving the growth of POS terminals in various end-use industries.. Rapidly increasing the need for mobile point of sale (mPOS) terminals due to its contactless payments has been a point of momentum. As there is increase in demand for contactless and cashless payments across the world and rise in the requirement for merger or unification of in-store and online sale, the adoption of mobile POS terminals is expected to increase in the coming years.
Furthermore, during the COVID-19 crisis, there has been rise in the digital transformation and in digital services across various end-use industries which includes retail, healthcare and hospitality, among others, which has also shown robust growth opportunities in the POS terminals market.
In addition, advanced technological software that are integrated with POS system offer safe and secure payment options, help in employee data storage capability and also provide customer data analysis to various end users, thus, acting as driving forces for the market.. Rising use of Near Field Communication (NFC) and RFID technology for payment, increases the security in transaction, reduces operation time and also enhance the convenience for procuring, thus supports the rising demand of market. Apart from this, the point of sale terminals market provides different types of terminals such as fixed POS terminals and mobile POS terminals, whereas fixed POS terminal dominates the market, owing to its extensive use in large enterprises but its installation cost is high as compared to mobile POS terminals. Moreover, mobile POS terminals are expected to show highest growth rate during the forecast period, due to rise in expansion in the networking infrastructure and large number of initiatives taken by various governments across the developing countries for improving internet connectivity.
However, government initiatives such as Internet Initiative Japan, Brasil Eficiente, Digital India, and Germany’s Digital Hub Initiative, among others shows the rise in digitization across the world, which may also increase the adoption of mobile POS terminals among consumers.
Additionally, these fixed and mobile POS terminals are majorly used in various end-use industries, for instance, retail, hospitality, restaurants, healthcare and warehouse/distribution, etc.. Among them, retail industry is projected to dominate the market due to growing retail chains and stores across the world and their adoption of POS terminals as a payment option. Moreover, restaurant and warehouse or distribution sector may also show comparatively highest growth in the market. In restaurants, there is a need to improve staff’s productivity, increase order management and to enhance customer satisfaction, which can be fulfilled by POS terminals helping in increasing the adoption. Apart from this, POS terminals are also used for fast payments processing, and also allows in managing various types of menus, orders, payments and billings for the customers.
The top companies operating in POS terminals market are investing huge amount of money in R&D for designing various innovative and advanced payment solutions, therefore, increasing the effectiveness of various operations. Apart from this, these top companies are also implementing various business strategies which include product developments, new product or service launches and collaborations and partnerships to expand their customer base and product offerings. The major players in point of sale (POS) terminals market are Ingenico Group S.A., NCR Corporation, VeriFone, Inc., PAX Technology, Inc., Elavon Inc., Revel System, Inc., Oracle Corp., ShopKeep, Fujian Newland Payment Technology Co. Ltd. and Squirrel Systems.
Trends and Future Outlook:
- Rising internet connectivity and growing use of cloud computing technology in the point of sale systems.
- Increasing adoption of cashless and contactless payment across various end-use industries.
- Due to security measures various advanced technologies are used in POS systems such as biometric-enabled POS for payment authentication.