NEW DELHI, April 23, 2019 /PRNewswire/ -- According to a new report Global Point of Sales (POS) Terminals Market, published by KBV research, The Global Point of Sales (POS) Terminals Market size is expected to reach $92.2 billion by 2024, rising at a market growth of 7.4% CAGR during the forecast period. The increased Internet penetration and payment solutions, such as online payments, stationary telephones and mobile payments have given the POS terminal market a boost. With electronic and email receipts, POS terminals are gradually shifting to paperless, digital format. Increased acceptance of debit and credit cards has also led to high demand for these appliances. The industry is migrating towards EMV chip card payments through progress in payment technologies, which are anticipated to further enhance the market momentum of point of sale (POS) terminals over the coming years.
The North America market would dominate the Global Retail Point-of-Sale (POS) Terminals Market by Region by 2024 growing at a CAGR of 4.7 % during the forecast period. The Europe market is expected to witness a CAGR of 5.3% during (2018 - 2024). Additionally, The Asia Pacific market is expected to witness a CAGR of 7.7% during (2018 - 2024). Asia Pacific is being projected to grow as a money-spinning market which would register the highest CAGR in the years to come. Higher income levels and improved standards of living in developing nations like India, are paving opportunities for retail markets to thrive, thereby boosting the demand of product.
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The Fixed market dominated the Global Point-of-Sale (POS) Terminals Market by Product 2017. The Mobile market is expected to witness a CAGR of 9.6% during (2018 - 2024). Fixed terminals are traditional PC/monitor POS systems mounted to counters or areas of reception. These systems are complex in nature, need continuous energy supply and are subject to costly maintenance. In contrast, mPOS products are more convenient, chargeable and cost-effective. Like fixed POS, mPOS can perform different functions, including financial transactions and management of inventory.
The Hardware market dominated the Global Point-of-Sale (POS) Terminals Market by Component 2017, growing at a CAGR of 6.4 % during the forecast period. The software segment being projected to record the fastest CAGR over the forecast period owing to innovations in cloud computing, this will increase the adoption of Software-as-a-Service (SaaS) platform-based POS system. The efficient software streamlines bar code scanner and screen terminal features across these systems and offers data recovery and backup features. Additionally, The Services market is expected to witness highest CAGR of 8.7% during (2018 - 2024).
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The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of Ingenico Group S.A., VeriFone Systems, Oracle Corporation (MICROS Systems Inc.), Hewlett-Packard enterprise, Panasonic Corporation, Cisco Systems Inc., Toshiba Corporation, Samsung Electronics, NCR Corporation, and NEC Corporation. In order to understand the competitive landscape, the KBV Cardinal Matrix has been provided with this report. It is a visual representation about the key players in the industry. The matrix is designed considering the major strategic developments including Mergers & Acquisitions, product launches, partnership among others and the financial strength of the company in the considered years. The major strategies followed by the market participants are Product launches and Partnerships & Collaborations. Based on the Analysis presented in the Cardinal matrix, Samsung Electronics and Panasonic Corporation are some of the Market Forerunners in the Point-of-Sale (POS) Terminals Market.
Global Point of Sales (POS) Terminals Market Segmentation
By End User
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Saudi Arabia
- South Africa
- Rest of LAMEA
- Ingenico Group S.A.
- VeriFone Systems
- Oracle Corporation (MICROS Systems Inc.)
- Hewlett-Packard enterprise
- Panasonic Corporation
- Cisco Systems Inc.
- Toshiba Corporation
- Samsung Electronics
- NCR Corporation
- NEC Corporation
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SOURCE KBV Research