Point-of-Sale (POS) Terminals Market Analysis By Product (Fixed, Mobile), By Component (Hardware, Software), By Application (Restaurants, Hospitality, Healthcare, Retail, Warehouse, Entertainment) And Segment Forecasts To 2024

Published: May 2016 | ISBN Code: 978-1-68038-263-1 | Report Format: PDF

Industry Insights

The global Point-of-Sale (POS) terminals market was valued at USD 42.14 billion in 2015. The industry has witnessed a significant turnaround, owing to the substantial growth of POS terminal solutions and various technological advancements occurring at a brisk pace. For instance, in March 2015, Posiflex launched the hybrid fixed and mobile point-of-sale with the innovative MT4008 system, which takes a multifunction tablet, aluminum die-cast and transforms it into a compact, all-in-one point-of-sale system.

The growing demands for integrated POS, contactless payments, along with the proliferation of NFC devices in the industrial ecosystem are expected to drive the market. Increased investment in the line bursting technology is projected to play a vital role in augmenting the demand.

However, the need for extensive government certifications and regulations, coupled with data security concerns, is expected to act as a restraint to market growth. The non-compliance to PCI Data Security Standards (DSS) increases the probability of card data breaches, which results in the non-financial and financial impacts, including loss of customer trust and reputation of the representatives.

U.S. POS terminals market by application, 2013 - 2024 (USD Million)

U.S.POS terminals market

Product Insights

The industry can be bifurcated on the basis of product into fixed and mobile POS terminals. The fixed terminals dominated the industry in 2015. The mPOS terminals market is estimated to grow at a CAGR of over 18% from 2016 to 2024. The ever-changing consumer expectations, rising debit/credit card payments, and sophisticated data analytics are projected to fuel demand for the mobile point-of-sale terminal.

Paper-free receipting services, enhanced security, free floor space, and reduced customer time in line are the prominent factors driving demand for the mobile POS over the traditional systems.

Mobile applications have the ability to create new channels for the revenue growth; thus, vendors are adopting numerous marketing channels to leverage their technologies to compete in the market. The advent of affordable wireless communication technologies has led to an increased consumer acceptance for these systems. Furthermore, the flexibility of having a smartphone or tablet-based POS due to the low installation costs has attracted SMBs to invest in this technology.

Component Insights

On the basis of components, the industry can be classified into hardware and software. The hardware components comprise tablets and smartphones paired with a debit/credit card reader, cash drawers, monitors, and others.

The software segment is estimated to grow at a CAGR of over 14% from 2016 to 2024. This growth can be attributed to the advancements in cloud computing, resulting in the growing use of the Software-as-a-Service (SaaS) platform based point-of-sale systems. The efficient software integrates functionalities of barcode scanners and screen terminals across these systems and further provide data restoring and backup features.

Application Insights

Based on applications, the POS terminals market can be classified into restaurants, hospitality, healthcare, retail, warehouse, entertainment, and others. The growing usage of these systems across the retail sector is projected to boost demand and is anticipated to grow at a CAGR of over 10% over the forecast period.

The high degree of portability and accessibility enhances the exploitation of mobile terminals across this sector. These terminals provide inventory management with reporting facilities, thus making it easier to track inventory and third-party billing.

Varied organizations are moving over simpler transaction methods and are integrating the point-of-sale systems with inventory, merchandising, marketing, and Customer Relationship Management (CRM) data for offering a personalized, interactive, and unique experience to customers.

Regional Insights

North America dominated the POS terminals market in 2015, accounting for over 30% of the revenue share. However, the mounting customer base across developing regions such as Asia Pacific, owing to the increased SMBs and the reduction in total cost of ownership (TCO), is expected to positively impact the regional market. The low penetration and considerable unbanked population in countries are expected to drive the demand over the forecast period.

Competitive Market Share Insights

Companies dominating the POS terminals market share include Ingenico S.A., Verifone Systems, PAX Technology, HP Company, Cisco Systems, Panasonic Corporation, Toshiba Corporation, Samsung Electronics, and MICROS Systems. Strategic mergers and acquisitions are the key strategies adopted by industry vendors. For instance, in January 2015, Ingenico acquired ROAM Data Inc., a mobile payment-based company.

Key question answered by the report
  • What was the market size from 2013 to 2015?
  • What will be the market growth till 2024 and what will be the resultant market forecast in the year?
  • How will the market drivers, retraints and future opportunieties affect the market dynamics and a subsequent analysis of the associated trends?
  • What segment and region will drive or lead market growth and why?
  • A comprehensive mapping of the competitive landscape and the market participants behavior.
  • What are the key sustainability strategies adopted by market players? An in-depth analysis of these strategies and their impact on competition and growth.
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