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November 16, 2021, New York, USA -
PoS Devices: Introduction
Point-of-sale (POS) terminal is nothing but the hardware system. It is the hardware system that is used for processing card payments at the retail location. Software of the POS reads the magnetic strips of credit and debit card that is embedded in the hardware.
The Global PoS Devices Market Forecast:
The world (point-of-sale) POS Terminal market was worth USD 72.28 billion by 2020. The market is projected to grow to USD 116.27 billion in 2026. It is expected to grow at a CAGR of 8.3 percent during the 2021-2026 forecast timeframe.
The Point-of-sale (POS) terminal market has expanded substantially in the past years due to its capability to offer an increase in return on investment as well as accessibility. POS systems that allow transactions that are a central part of companies across different industries such as hospitality, retail transportation, banking, and transport have been gaining importance for companies of both small and large sizes over the past few years.
POS terminals have evolved from being purely transactional devices to ones that are able to connect to CRM systems of companies and other financial services. The evolution of POS terminals has provided users with business intelligence to monitor their income streams and inventory more effectively. Low maintenance costs, precise transactions and inventory that is real-time are among the major advantages of POS systems. With the benefits of functionality that modern POS systems offer, companies have replaced their billing software of old with POS systems, thereby increasing the size of the POS market.
Modern POS terminals cut down on the expense from installation, setup, deployment, maintenance, and the power consumption that happens over time, resulting in your total expense of the ownership. Many suppliers offer customizable POS terminals that have features such as touchscreen display as well as low energy consumption, which reduces the total cost of ownership. Companies like Sharp Electronics, Aures Technologies and many other companies offer fixed POS options that include touchscreen displays and powerful processors that can improve the efficiency of processes and decrease failures. Furthermore, Aures' POS provided by Aures has the ability to control temperature without a fan to decrease the amount of moving components inside the terminal.
Additionally, the vendors are launching new services that are leased, which is boosting the growth of the market. For example, Vectron Systems AG offers its Vectron POS 7, that will go live in September of 2020, on a lease trade basis and an upfront payment. This POS system is designed specifically for the catering and bakeries industry. Similar to that, Mswipe Technologies offers various products that are available on a lease trade basis.
The challenge to the expansion of the market is security issues because of the use of sensitive data. POS terminals are linked to the network and internet, which makes them susceptible to attack attempts that seek to access and manipulate the information like another vulnerable machine. The way that the terminal communicates to the internet implies that attackers can gain access to the card information that is not encrypted, such as PIN and Track2 information and provide all the information needed for stealing and cloning credit cards.
Market Trend and Dynamics of the Global PoS Devices Market:
Hardware Segment to Hold the Largest Market Share:
The range of hardware components is primarily standalone terminals for POS (transaction devices for enabling) as well as an integrated system that comes with additional capabilities for transactions. While the majority of older hardware has been modular, the rise of All-In-One units has provided for the installation of fixed units as well as portable POS tablets on the market. These tablets have integrated payment terminals, scanners and printers.
In certain countries, debit and credit cards are processed only through payment terminals due to the belief that physical assets offer security. This has led to counters being replaced by terminals that are typically found in stores. This is further supported because debit and credit card information is generally less vulnerable to hackers in contrast to when credit cards are processed via the POS system, where security measures depend on the end-users as well as the developers.
Largest Share Will Be Held By Asia Pacific Region:
Asia Pacific is leading the technology adoption, which is also responsible for the growth of the POS terminals market. The increasing popularity of cashless transactions in various countries is an element that opens up the potential for new markets. Visa has conducted a survey on the adoption rate of cashless payments in 2020. They have found that the rate of adoption is Vietnam (89%), Philippines (89%), Thailand (87%), Malaysia (96%), and Indonesia (93%).
One more driving factor for POS terminals is the usage of debit and credit cards in the point-of-sale transaction. According to Worldpay, In 2020, mobile or digital wallets were the most popular percentage of payment methods at point-of-sale across the Asia-Pacific region, comprising more than 40% of transactions. The next step was credit and debit card transactions accounting for 33.6 percent, and cash transactions stand for 19.2 percent.
The Key Market Segmentation of the Global PoS Devices Market:
Global PoS Devices Market can be divided into Component, Technology, Types, End-User Industry, and Geographical landscapes, etc.
PoS Devices Market Segmentation By Component:
PoS Devices Market Segmentation By Technology:
PoS Devices Market Segmentation By Types:
PoS Devices Market Segmentation By End-User Industry:
POS Devices Market Segmentation By Geographical Landscape:
Major Key Players in the Global PoS Devices Market Are:
The Covid-19 Impact Analysis:
Additionally, it is also evident that the COVID-19 pandemic has dramatically altered the way people shop and has affected several verticals in the marketplace. Retailers have experienced significant changes due to the epidemic. Consumers are also increasing their usage of different ways to purchase, including curbside pickup, online consultations and contactless payments and even the use of social commerce, i.e. buying on social media. According to recent research from the research of retail experts and surveys of shoppers, this trend is likely to continue for the coming time. This has affected the need for POS terminals in all regions.
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