A point of sale (POS) terminal is a programmed substitute for a cash register. The POS system is more complicated than cash catalogs of the past. It has the capacity to trail and record the orders of clients. The POS system can also administer supply, join with additional network systems and enable debit and credit cards to undergo processing.
The point of sale terminals market has experienced significant development in the years gone by. This is on account of usage simplicity and enhanced returns on investments by these systems. Innovative POS systems provide higher consistency and resilience in contrast to conventional equivalents. This has led to considerable decrease in proprietorship costs and increased demand for the point of sale terminals market.
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The worldwide market has seen the coming up of PIN (personal identification number) and chip-entrenched payment cards. This has curtailed safety apprehensions with regard to sensitive information stealing and also driven the market forward. The point of sale terminals market was predicted to have generated income worth about USD 30 billion in 2012. It is likely to develop further at a rapid pace.
Rising demand for mobile terminals is also estimated to propel the market ahead. Rising requirement for intricate and wide-ranging governmental directives is projected to prevent further expansion of the point of sale terminals market. Apple pay was introduced in 2014. It has the prospective of occupying the place of conventional POS terminals in the near future.
The medical industry has displayed considerable demand for POS terminals. Due to escalating medical expenditures and infrastructural enhancements, urbane technological demand in medicine has augmented. Thus, the point of sale terminals market has found profitable opportunities in medicine. It is projected to record the swiftest expansion, at about 16 percent CAGR.
Rising need for high-tech and developed analytics in storehouse sectors would also expand the point of sale terminals market in the segment.
The worldwide point of sale terminals market has been fragmented in view of applications, products, components and geographical regions. The applications market comprises retail, hospitality, warehousing, medical, entertainment, restaurant and others.
Rising demand for these terminals across all applications is also predicted to drive the demand for the market. The products market includes mobile and cordless POS terminals; and fixed POS terminals. The components point of sale terminals market consists of software and hardware.
Europe, rest of the world, Asia Pacific and North America are the various regions involved.
Retail is estimated to be the biggest application through the forecast period. Hospitality follows retail and captures the second spot. Requirement for client contentment, together with efficient administration is estimated to be a significant driver of hospitality.
Medical is anticipated to be a vital application of the point of sale terminals market during the forecast phase. This is because of growing patient information trailing services and escalating use in payments. The products market is dominated by mobile and cordless POS terminals.
The components point of sale terminals market is leaded by software. North America is the biggest market. Asia Pacific is predicted to experience high expansion in the future.
Information Source: Grand View Research