The global point of sale (POS)market’s revenue is foreseen to touch USD 107.5 billion by 2026 and the market is anticipated to display a CAGR of 8.0% during the forecasted years.
Point-of-sale terminals are electronic devices which are used to process card payments at the retail locations. They basically read the information from the customer’s debit/credit card such as: whether there are sufficient funds in the customer’s bank account to complete the transaction. If yes, then it transfers the funds from customer’s account to the seller’s account through a payment network. Finally, this transaction is recorded in the terminal and a receipt is printed. These are the basic functions of a typical POS terminal. Innovations in POS software has resulted in them performing additional functions such as reporting, inventory management, analytics, accounting and CRM can also be performed.
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POS terminals available to businesses range from simple mobile payment processors to those who can manage multi-location businesses. Also, these machines can be either fixed or wireless connection depending upon the requirement and availability of network infrastructure.
Over the last 15 years, e-commerce has transformed traditional brick-and-mortar business. With the arrival of smartphones and next-gen POS systems, the transformation has taken a leap forward. Merchants are not only looking to increase their sales but improve the customer experience. Even if digital checkouts raise concerns over security, cost and stability, the implementation of POS systems by retailers ranging from a small coffee shop to big shopping malls suggests that they are here to stay.
However, the challenges in deploying the infrastructure for POS terminals could be addressed in different ways by each Asian market. For instance, Philippines whose population is spread across over 7000 islands would find it difficult to lay a telecom infrastructure required to support POS terminal deployment.
The global point of sale (POS)market is segmented into product, component, deployment, services, application and region.On the basis product, the global Point of sale (POS)market is segmented into fixed and mobile. On the basis component, the global Point of sale (POS) market is segmented into hardware, software, and services. On the basis deployment, the global Point of sale (POS) market is segmented into on premise and cloud. On the basis services, the global Point of sale (POS) market is segmented into managed services, repair and maintenance services, and professional services. On the basis application, the global Point of sale (POS)market is segmented into restaurant, hospitality, healthcare, retail, warehouse, entertainment, and others. On the basis of region the global Point of sale (POS)market is bifurcated into North America, Latin America, Europe, Middle East & Africa, and Asia Pacific.
Asia Pacific is relied upon to rise as a rewarding business sector enlisting the most elevated CAGR of 9.9 % over the estimate time frame. Expanding income levels and better expectations for everyday comforts in creating nations, for example, India, are bringing about prospering retail showcases, accordingly boosting the interest product demand. Government activities in India to help a cashless economy are driving the market in this region. Low entrance and extensive unbanked populace in creating nations in APAC are likewise expected to give worthwhile development openings the market.
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North America was the second-biggest region market in 2018. Expanding number of payment advances, for example, chip transaction, Near-field Communication (NFC), and contactless payments, has positively affected the region market. Furthermore, upgraded security, with the assistance of consistence necessities including directions from MasterCard, and Visa (EMV), Europay, has driven the product demand.
South-East Asia is one of the fastest growing smartphones markets. This leaves a plenty of room for the low-cost mPOS devices which allow merchants to access the telecom networks without requiring the need of fixed-line connection. Using mPOS, any phone or a tablet can become a POS terminal and the only other requirements are an application and an account with the acquirer or a payment facilitator. Also, the recent spread of NFC-enabled wallets namely Android Pay, Apple Pay and Samsung Pay leverage the existing payment networks while providing higher level of security for transactions.
The crucial enterprises involved in producing point of sale (POS) linked product across the globe are ShopKeep; Ingenico Group;Oracle Corp.;The NCR Corp.;Revel System, Inc.;VeriFone Systems, Inc.;Fujian Newland Payment Technology Co. Ltd.; and PAX Technology, Inc.
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