Growing use of advance technologies such as near field communication (NFC) devices in the contactless transaction is expected to boom the demand for POS terminal in the near future. Moreover, growing go-cashless trend across the globe is also likely to boom the POS terminal market during the next few years. However, stringent regulation and requirement of Government certifications are some restraint factor. Emerging penetration in the developing countries is predicted to offer new avenues for the leading players of the market in the upcoming years.
Based on the different components, the global POS terminal market is bifurcated into software, hardware and services. Hardware segment register to be the largest component of the market and it accounts more than 35% share of the total market. Moreover, services segment is the second largest component of the market and it is expected to grow at a significant pace over the years to come. Software segment is one of the fastest growing components of POS terminal market. Advancing technologies and up-gradation of software is expected to witness the strong potential for the segment growth during the forthcoming years.
The global POS terminal market is classified into type, deployment, component, application and regions. Based on type, the global POS terminal is segregated into mobile POS terminal and fixed terminal POS. On-premise and cloud are the major deployment types of the global POS terminal market.
Toshiba Corporation, Hewlett-Packard Company, VeriFone Systems Inc., Panasonic Corporation, PAX Technology Limited, Cisco Systems Inc., MICROS Systems Inc., NEC Corporation. Samsung Electronics Co., Ltd., Ingenico S.A. and others are the some major players of the global POS terminal market.Browse full report POS Terminal Market – Global Comprehensive Research & Forecast, 2019 – 2027
Major Segments of the Global POS Terminal Market are as follows:By Type:
North America dominated the POS terminal market in 2018 and it accounted for more than 30% share of the total market in terms of revenue. U.S. was the major contributor of the POS market in the region. It accounted for more than 70% share of the North American POS terminal market in 2018. North America was followed by Europe and Asia Pacific in the same year. Furthermore, Asia Pacific is predicted to be the fastest growing region of the POS terminal market during the upcoming years. This growth is attributed to the surging penetration for software as a service POS terminal especially in retailer end-use industry in developing countries including China, India, Korea, and Indonesia. Latin America and Middle East & Africa together are expected to witness significant growth in the POS terminal market margin in the regions over the next few years owing to the growth in the retail industry in both the region.
Source - Key's Market Analysis 2019