The growing innovations and increasing adoptions of electronic devices across the globe will stimulate (Point of sale) POS terminals market share over the period of 2016 to 2023. The deployment of POS across the various sectors such as healthcare, commercial, retail e-commerce, etc. will enhance the productivity with the features such as improved customer satisfaction, faster table turns, and low cost, which will in turn generate heavy demand for POS terminals worldwide. According to Global Market Insights, Inc., “Global (Point of sale) POS terminals market worth USD 40 billion in 2015, is projected to exhibit an annual growth rate of 11.2% over the coming six years.
On the basis of application, POS terminals market is segmented into healthcare, retail, entertainment, hospitality, and warehouse. The retail sector dominated the Point of sale industry in 2015, by accounting for 30% of the total share. The incorporation of advanced features in POS terminal machine such as improved billing processes, inventory tracking, maintaining customers record, data backup, and offering special discounts will facilitate POS terminals market size in the retail sector over the coming years. Furthermore, its effective operational efficiency will drive retail POS terminals market trends lucratively. The healthcare point of sale terminals will exhibit a lucrative growth over the coming timeframe, owing to the escalating expenditure along with growing investment in the healthcare sector. The ability of POS terminals to track the patient information and improving in fracture will be other notable attributing factors towards the industry growth.
India POS Terminals Market size, by application, 2012-2023 (USD Billion)
The emerging economies such as Asia Pacific will exhibit remarkable opportunities for the industry players, owing to the growing retail outlets such as hypermarkets and supermarkets. As per the study, APAC POS terminals market will collect a revenue of USD 31 billion by 2023. China and India will contribute noticeably towards the regional growth trends. The surging demand for mobile devices such as tablets and smartphones across the APAC will propel the industry size over the period of 2016 to 2023.
mPOS (mobile point of sale) terminals market is anticipated to register an annual growth rate of more than 19% over the coming six years.
The mobile and fixed are two major products of POS terminals market. Most of the customers today are leaning towards the technological advancements such as smartphones, internet, and tablets, which will further drive the mPOS industry size significantly over the coming years. The availability of game changing features such as enhanced user experience and mobility will impact positively on mobile POS terminals market size. Moreover, merchants are adopting this device to attract more customers, due to simplicity, convenience, and flexibility offered by POS terminals while making payments.
Taking into account the component, POS terminals market is segmented into hardware and software. Globally, adoptions of mobile system are increasing, thereby catalyzing the growth of tablet-based POS software industry. The tablets with POS software are used for monitoring stocks, supervising stock records, and taking credit card payments in the retail sectors.
Considering regional outlook, North America POS terminals market dominated the regional landscape in 2015 and will continue its dominance over the coming years, owing to the strict government norms to use advanced NFC and EMV-enabled devices instead of traditional devices. The expanding mPOS (mobile point of sale) terminals market in the U.S. will fuel the North America regional growth considerably.
Market players are focusing on business strategies such as mergers & acquisitions and strategic collaborations to gain competitive edge over the coming years. Ingenico Group, PAX Technology Inc., VeriFone Systems, Inc., Cegid Group, NCR Corporation, CDL Logistics Group, Citixsys Inc., Cisco Systems, LS Retail are some of the key market players in the POS terminals industry.
Written By : Sunil Hebbalkar