$67.69 Bn POS System Markets – Global Growth, Trends, COVID-19 Impact, and Forecasts 2021-2026 – ResearchAndMarkets.com

DUBLIN–(BUSINESS WIRE)–The “POS System Market – Growth, Trends, COVID-19 Impact, and Forecasts (2021 – 2026)” report has been added to ResearchAndMarkets.com’s offering.

The POS System market was valued at USD 31.51 billion in 2020 and is expected to reach USD 67.69 billion by 2026, at a CAGR of 13.60% over the forecast period 2021 – 2026.

POS systems have developed and progressed drastically over the past decade to help deliver a better customer experience and give more tools to business owners at lower costs. The POS terminal market has evolved significantly over the past several years, owing to its capability to offer an increased return on investment and ease of access.

POS systems that facilitate transactions from the central component of businesses across industries, like retail, hospitality, transportation, and banking, have gained importance in companies of small and big sizes, over the years. Security issues, like data breaching and a dearth of standardization, are supposed to restrain the growth of the POS terminal market during the forecast period.

Rising demand for contactless payments, along with the propagation of Near Field Communication (NFC) devices in the industrial ecosystem, has led to a roll in the adoption of integrated POS terminals. Heightened investments in technologies, such as end-to-end encryption for giving secured payment solutions and assistance to customers, are anticipated to increase the demand for such terminals over the next few years. Major firms in the industry are concentrating more on software owing to the enhanced penetration of smartphones. Contactless payment is supposed to be the most advanced trend in POS.

Cloud-based POS systems are on the surge, as compared to the on-premise systems, due to the functional benefits that they offer, like the software accessible from the internet, which provides greater control over the business and also minimizes downtime (due to system maintenance). In addition, cloud-based POS opens up greater possibilities for integration, as it has the potential to manage more areas of business from different locations.

The growing financial frauds across the world have influenced the government regulatory bodies to secure the payment transactions, over the past few years. With customers demanding safe and reliable digital transactions, the need for using secure payment processes have progressed. These regulatory bodies, therefore, have impacted the adoption of POS terminals in a positive manner. With the increasing mobility trends across the world, mobile POS systems are gaining traction. With the advent of cashless transactional technologies, POS has witnessed an increase in adoption rates.

Many POS deployers such as Mswipe, Pine Labs, and Innoviti are also working closely with Indian banks to acquire merchants onto banking networks and digitize money flow in stores. For instance, recently, Noida-based Paytm forayed into the business of the development of POS solutions for servicing its merchants with accounting and billing solutions. According to the Reserve Bank of India, India has deployed 4.94 million PoS devices as of January 2020.

In the wake of the COVID-19 outbreak, global manufacturing activities and financial markets have been adversely impacted. Similarly, the Android-based POS systems, which are almost solely manufactured in China, are most affected. This would create a shortage of swipe machines to process digital payments at retail outlets.

Also, majority of payment companies across India procure about 90% of their POS systems from China. With Chinese manufacturing activity reeling from the COVID-19 outbreak amidst ban on imports, the supply side issues and even pressures on pricing of these systems are expected.

Competitive Landscape

The pos system market is highly competitive and consists of several major players. In terms of market share, few of the major players currently dominate the market. The market studied is fragmented, and comprises POS hardware and accessory providers (such as Epson, Ingenico, VeriFone, etc.,) and cloud-based POS solution providers (such as ShopKeep, Vend, etc.). Technology majors, such as HP, Honeywell, Dell, etc., are offering POS hardware, software, service, and support, in one integrated system.

Market Overview

Market Drivers

• System Developments for Ease of Use and Increased Efficiency
• Increasing Demand for Mobile POS Terminals and Wireless Communication Technologies

Market Restraints

• Data Security Concerns, Internet Connectivity Issues and Technical Hindrances

Market Opportunities

Industry Attractiveness – Porter’s Five Force Analysis

Companies Mentioned

• Seiko Epson Corp.
• Samsung Electronics Company Ltd.
• Ingenico SA
• VeriFone System Inc.
• Micros Retail Systems Inc. (Oracle)
• Hewlett Packard Enterprise
• Panasonic Corporation
• Honeywell International Inc.
• NEC Corporation
• PAX Technology
• Casio Computer Co. Ltd
• Newland Payment Technology
• NEXGO (Shenzhen Xinguodu Technology Co.,Ltd)
• Toshiba Global Commerce Solutions
• Fujitsu Ltd.
• Dell Corporation
• Diebold Nixdorf
• NCR Corporation
• Cow Hills Retail BV
• Ctac NV
• Agilysys Inc.
• GK Software SE
• Infor Inc.
• PCMS Group Ltd
• Cegid Group
• Toshiba Tec Corporation

For more information about this report visit https://www.researchandmarkets.com/r/vtfvrv

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