- Wednesday, 18 November 2015 08:14
- - Aman
The market for point-of-sale terminals has gained significant impetus in the last couple of years owing to the easy usability and high return on investment that it offers. To study the various trends impacting the global point-of-sale terminals market, Transparency Market Research has released a new study titled “Point-of-Sale (POS) Terminals - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 - 2020”. On the basis of revenue, the global point-of-sale terminals market stood at US$36.86 billion in 2013, and it is expected to demonstrate an impressive 11.6% compound annual growth rate during the period of 2014-2020. The report has cited accelerated adoption of mobile POS terminals across retail and hospitality sectors as the key growth driver of the market. POS terminals have widespread application in areas such as inventory management, initiating loyalty programs, printing bills, and payments.
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Based on distinct product categories, the market for POS terminals include fixed, wireless, and mobile POS terminals. Among these, fixed POS terminals led the market in 2013 in terms of revenue. The segment individually accounted for 81% of the overall POS terminals market, majorly due to early adoption of the technology in the market. However, with the progress of technology, the market for wireless and mobile POS terminals has significantly expanded, since these systems offer certain inherent advantages such as mobility, ease of use, and lower cost of deployment compared to precursors. The report observes that the demand for mobile POS terminals is extremely high among small and medium-scale businesses owing to its low initial cost. Moreover, the use of tablets and smartphones has significantly increased in offices, which is why a mobile POS terminal has started making more sense rather than incurring a huge bill for fixed POS terminals.
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In terms of application, the retail sector dominated the POS terminals market in 2013, accounting for 34% of the market. Factors such as escalating adoption of advanced payment technologies, especially among small retailers, has given an incredible boost to the POS terminals market in retail. In 2013, North America was the largest market for POS terminals and held a share of around 32% in terms of revenue owing to the significant demand for POS terminals from the retail and hospitality sectors in the region and early implementation of technology.The healthcare industry has also exhibited significant rise in demand for POS terminals. Owing to rise in healthcare expenditure and infrastructural development, the demand for sophisticated technology to streamline the payment processes and patient data tracking in the healthcare industry has increased. Thus, the market for POS terminals has found lucrative prospects in the healthcare industry. According to the report, the POS terminals market in the healthcare sector is likely to register the fastest growth at a 16.1% CAGR. Growing requirement for advanced analytics across warehouse industries will also boost the market for POS terminals in the sector.
The key players in the industry identified in the report are PAX Technology Limited, Ingenico S.A., Toshiba Corporation, MICROS Systems Inc., Cisco Systems Inc., NEC Corporation, Samsung Electronics Co. Ltd, Hewlett-Packard Company, Panasonic Corporation, and VeriFone Systems Inc. Among these prominent market players, Ingenico S.A. and VeriFone Systems, Inc. led the global POS terminal market in 2013. The competition prevailing in the market will only intensify in forthcoming years as new entrants increasingly foray into the market.
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