The global handheld point of sale market is poised for a significant shift owing to its mobility and enhanced user experience. Rising need for modernization coupled with ease of payment procedures in retail, healthcare, supply chain, and restaurants is expected to drive the market. The market is anticipated to witness considerable growth owing to the cost-efficient inventory and retail process made by portable terminal function sets including wireless capability and transport.
Handheld point of sale (POS) devices are more versatile than standard PC-based POS systems which provide wireless connectivity and a higher range of functions to the network. The handheld POS system supports both 4G/3G and Wi-Fi 802.1x fixed wireless data solutions allowing seamless information transport to enterprise systems which is expected to fuel handheld POS market growth.
Handheld POS system offers easy data accessibility, quick centralization of data, and low costs, which, in turn, is expected to impel market growth over the forecast period. The handheld POS system offers invaluable features such as, send and stay, which allows servers to place orders from the place.
The segments addressed by handheld POS devices relate to replacement and extension of integrated direct inventory POS applications, standard cash register POS terminals, mobile indoor payment POS solutions, and portable combined on-site/remote POS terminals. The system aids retailers to combine back-office and in-store solutions, control inventory flow to enhance productivity. Further, the handheld POS devices help in tracking customer purchase patterns followed by customer-facing technology which helps in increasing customer retention, sales, and loyalty which is anticipated to boost the market growth.
Handheld POS systems can handle a broad range of payment options and play a vital role in marketing, pricing, integration with accounting, security, digital signage, and property management. Incentive pricing, customer service, repeat business, managed transaction systems, and coupon management can be implemented in an efficient manner via handheld POS systems which are expected to proliferate the demand over the forecast period.
Key driving factors for the handheld point of sale market include increased adoption of debit and credit cards owing to rising consumer preference towards card payments are anticipated to drive the market over the next six years. Increasing popularity of smartphones, tablets, and other handheld devices is expected to offer lucrative opportunities for the handheld POS market. Additionally, handheld POS devices can be integrated into business processes to support omnichannel and other business initiatives.
Cloud-based POS solutions have been offering various key features such as lower capex, thereby, reducing internal IT requirements and service on demand along with several companies looking to offer Software as a Service (SaaS). Rising technology facilitates for handheld POS which allows the mobile users to pay without going to a centralized sales line or counter.
Lack of network infrastructure and awareness about the handheld POS systems are projected to hamper the market growth.
The handheld POS market can be bifurcated by components into hardware and software. On the basis of application, the market can be segmented into hospitality, healthcare, restaurant, retail, warehouse/distribution, and entertainment. The retail and hospitality sectors are witnessing considerable demand for handheld POS systems owing to its customer analytics features and improved rate of investment.
North America is projected to be the dominant region for the market. Asia Pacific is expected to emerge as a prominent region for the market owing to low manufacturing costs offered by several Chinese companies.
Key players in the handheld point of sale market include Intermec, Motorola Solutions, Fuzion Mobile Computer, Bizsoft Computer Technology Co. Ltd, Kaching Mobile, Fersion Computer Technology Co., Ltd, Fujitsu Ltd, Casio, Honeywell Scanning and Mobility, Cybernet and Oracle. Major companies operating in the market are being challenged by several Chinese companies that manufacture inexpensive, portable, and lightweight handheld POS devices.
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