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.
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In retail, POS software facilitates the data to provide scalability with respect to identifying the products of different date ranges or units. The POS system 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.
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 POS terminal market. 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.
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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.
Market Research Future identifies some of the key players of POS Terminal market are Ingenico S.A. (France), Verifone Systems (U.S.), PAX Technology (Hong Kong), HP Company (U.S), Cisco Systems (U.S), Elavon (U.S.), Castles Technology (Taiwan), Newland Payment Technology (China), Panasonic Corporation (Japan), CITIXSYS AMERICAS (U.S.). Touchbistro (Canada), NCR Corporation (U.S.), Diebold Nixdorf (U.S.), Zebra Technologies (U.S.), Squirrel Systems (Canada), and BBPOS (Hong Kong).
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Chip On Board (COB) LED Market 2021: Business Overview on Global Level by Growth Factors, Size, Share, Past Data, Trends, Events and Market Shares Composed for Rapid Growth by 2027
According to MRFR, the global Chip-on-board LED Industry was valued at USD 2.01 billion in 2017 and is exected to reach USD 5.26 Billion by the end of forecast period with a CAGR of 17.88%.
Government's growing focus around the world on promoting energy-efficient lighting has led to increased dema nd for LED lighting. Governments in different countries such as the United States , the United Kingdom and India, among others, offer rebates on energy efficient lamps, thereby enabling customers to buy them. In addition to government initiatives, chip-on-board LEDs have several advantages such as lower power requirements , high light efficiency , better thermal management, and a smaller number of solder joints that reduce the risk of performance losses. These advantages offer this business fast growth. Increasing investment in infrastructure development is also expected to further stimulate growth in the LED chip-on-board market. However, the complex chip-on-board Driven manufacturing process that includes the collection, installing, and interconnection of discrete devices hinders market development.
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By material, the market is bifurcated into MCPCB and ceramic. Ceramic is the most commonly used material for substrate owing to its better thermal performance.
By application, the market is segmented into backlighting, general lighting, automotive lighting and others. General lighting is further segmented into commercial residential, and industrial while backlighting is segmented into smartphones, tablets, monitors, televisions and others. Under automotive lighting, chip-on-board LED market is bifurcated into interior lighting and exterior lighting.
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It is expected that the global demand for Chip-on-board LED will expand at a substantial pace during the 2018 to 2023 forecast period. Chip-on-board LED market geographic analysis is studied for Europe , North America, Asia-Pacific and the rest of the world (including the Middle East, Africa, and Latin America). Asia-Pacific is slated to dominate the Chip-on-board LED market during the forecast period due to the largest manufacturing and usage share among the regions mentioned. Countries such as South Korea, Taiwan, and China contribute to the largest market share due to the presence in these regions of a significant number of vendors. Some of the key providers of chip-on-board LED such as Seoul Semiconductor Citizen Electronics, and Samsung Electronics are based out of Asia-Pacific and also have a vast customer base within the region as well as across the globe. Owing to continued policy efforts such as subsidies and opportunities in the region to improve domestic production capacity, China is expected to experience strong growth during the forecast period. North America is the second dominant region on the Chip-on-board LED market followed by Europe because of the high number of retail and automotive lighting installations. Increased infrastructure spending and rapid technical developments are also expected to drive the growth of chip-on-board LED in these regions.
The key players in the Chip-on-board LED market are identified across all the key regions based on their country of origin, recent key developments, presence across different regions, product diversification, and industry expertise. Some of them are – Citizen Electronics Co. Ltd. (Japan), Osram Opto Semiconductors GmbH (Germany), Cree Inc. (US), GE Lighting (US), Seoul Semiconductor Co. Ltd. (South Korea), Philips Lumileds Lighting Co. (Netherlands), Samsung Electronics Co. Ltd. (South Korea), LG Innotek Co. Ltd. (South Korea) Everlight Electronics Co. Ltd. (Taiwan), and Lumens Co., Ltd. (South Korea). These players contribute a substantial share in the development of Chip-on-board LED market.
Apart from the top key players, there are other players that contribute to the industry growth. These include Cooper Lighting (US), Prophotonix (US), LumiShore Ltd (UK), Leiso Lighting Tech. Ltd (China), Bridgelux Inc. (US) and others.
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Market Research Future (MRFR) is an esteemed company with a reputation of serving clients across domains of information technology (IT), healthcare, and chemicals. Our analysts undertake painstaking primary and secondary research to provide a seamless report with a 360 degree perspective. Data is compared against reputed organizations, trustworthy databases, and international surveys for producing impeccable reports backed with graphical and statistical information.
We at MRFR provide syndicated and customized reports to clients as per their liking. Our consulting services are aimed at eliminating business risks and driving the bottomline margins of our clients. The hands-on experience of analysts and capability of performing astute research through interviews, surveys, and polls are a statement of our prowess. We constantly monitor the market for any fluctuations and update our reports on a regular basis.