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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