No Checkout POS Systems Gain Strong Foothold in Mainstream Retail Businesses
Generating e-receipts and payment by face are some of the key attributes of point-of-sale (POS) terminals, which are helping manufacturers to stand out from the competition in the market. Retail business owners are demanding innovations in POS systems to meet convenience requirements of customers. The trend of no checkout POS is capturing the point-of-sale (POS) terminal market. E-commerce giant Amazon gained a lot of popularity for its innovative no checkout POS concept, which automatically generates payments as soon as a customer walked out the door.
No checkout POS systems are acquiring strong foothold in mainstream retail business. This concept is generating value-grab opportunities for companies in the point-of-sale (POS) terminal market, since it eliminates the need to hire employees at the POS counter, resulting in cost savings. This explains why the market is expected to advance at a striking CAGR of ~11% during the forecast period.
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Mobile POS Apps Ensure Repeat Customers with Hustle-free Counter Experience
Companies in the point-of-sale terminal market are gaining expertise to innovate in mobile POS apps. Individuals are provided with a choice of instant payment at coffee shops or pay later, since on-the-go individuals prefer paying, while leaving the shop. Mobile POS apps are gaining increased visibility among individuals, as they help to quicken procedures and cut down on mealtime. Retail shop owners and the HoReCa (Hotel, Restaurant, and Café) sector are focusing on providing a hustle-free counter experience to ensure repeat customers.
Mobile POS apps are gaining increased popularity in the U.K. coffee shops and retail stores. Companies in the point-of-sale (POS) terminal market are increasing efforts to develop apps that facilitate simple scanning of the code on products to generate payments automatically.
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Energy-efficient POS Terminals Outweigh Old-fashioned Systems with Spinning Disks
The point-of-sale (POS) terminal market is expected to reach a value of US$ 184.2 Bn by the end of 2030. However, in due course, companies need to address several disadvantages of POS systems such as expensive investment and dependency on the Internet, as many point-of-sale terminals operate on cloud. Hence, providers of point-of-sale terminals are educating their clients about the dos and don’ts of buying a system to avoid costly expenditures.
Companies in the point-of-sale (POS) terminal market are educating their clients about the advantages of POS systems, and how they help to enhance a customer’s buying experience. On the other hand, the demand for energy-efficient point-of-sale (POS) terminals is surging, since users desire to achieve cost savings. Manufacturers are introducing the solid state drive (SSD) technology to make POS systems more lightweight, durable, and fast as compared to old-fashioned spinning disk POS systems.
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Will POS Terminals Lose Sheen Post COVID-19 Pandemic?
Touchless payments have become the need of the hour during the ongoing COVID-19 (coronavirus) pandemic. Since the trend of digital payments is surging in India, companies in the point-of-sale (POS) terminal market are tapping into incremental opportunities by means of increasing the availability of POS machines. There is a growing awareness about regularly disinfecting the point-of-sale terminals to inhibit the spread of coronavirus. Retail business owners are adopting NFC (Near Field Communication)-enabled POS systems to accept payments of smaller values whilst minimizing physical contact.
The total number of point-of-sale terminals has exceeded by several million machines deployed by merchants acquiring banks. Manufacturers in the point-of-sale (POS) terminal market are capitalizing on this trend to deploy innovative payment options in machines.
Point-of-Sale (POS) Terminal Market: Overview
- The global point-of-sale (POS) terminal market is expected to expand at a CAGR of ~11% during the forecast period, primarily driven by rise in demand for mobile POS terminals
- The point-of-sale (POS) terminal market is expected to be valued at US$ 30.7 Bn in 2020 and reach US$ 184.2 Bn by 2030
- In terms of component, the POS terminal devices segment is anticipated to account for notable share as compared to the other components of the point-of-sale (POS) terminal market
- In terms of device type, fixed POS is set to dominate the market during the forecast period, whereas portable/mobile POS is expected to be the fastest growing segment during the forecast period
- North America remains a prominent market for point-of-sale (POS) terminals globally, and the market in the region is expected to be valued at US$ 21,726 Mn by the end of 2020
North America Point-of-Sale (POS) Terminal Market Snapshot
- Key countries that significantly contribute to growth of the point-of-sale (POS) terminal market in North America are the U.S., Canada, and Mexico. The U.S. witnesses increasing emphasis by governments for the development of centralized payment systems in order to attain a cashless economy. This results in driving the point-of-sale (POS) terminal market in the U.S.
Key Drivers of Point-of-Sale (POS) Terminal Market
- Rise in demand for mobile POS terminals: Mobile point-of-sale (mPOS) refers to specialized wireless devices such as tablets and smartphones that are capable of functioning as an electronic point-of-sale terminal or cash register. The implementation of mPOS allows several industries to conduct financial transactions at any place, owing to mobility, improved customer experience, and saving of space. Innovative mobile software and technologies are creating significant opportunities for retail, warehouse, and healthcare sectors. Increase in the use of tablets has accelerated the adoption of mPOS solutions, which integrate multiple transaction methods with services such as e-Commerce sites and fixed in-store sales terminals. mPOS is creating a paradigm shift in the point-of-sale (POS) terminal market. Adoption of iPads for payment applications has propelled the traditional point-of-sale (POS) terminal market.
- Enhanced customer experience and low total cost of ownership (TCO) compared to conventional channels of payment: Advanced POS technology competes with older point-of-sale systems such as PC cash drawers (PCCD) and cash registers. Retailers are seeking ways to update the legacy checkout systems in order to enhance customer service and operational efficiency. Retailers have realized that even a small cost reduction could lead to significant improvements in the bottom-line of their businesses. Advanced POS systems offer higher reliability and durability as compared to traditional systems such as cash registers. TCO is reduced significantly due to higher reliability of modern POS systems, in turn boosting the demand for POS solutions from small and medium size businesses. In recent years, retailers have started to look beyond the initial expenses and focus on lower TCO as compared to traditional POS.
Key Restraints of Point-of-Sale (POS) Terminal Market
- Security concerns pertaining to data breaches: According to a recent study (2018) by the Electronic Transaction Association, better data security is the number one priority for customers. POS systems handle critical information, and they are often exposed to the risk of security breaches. Every POS system needs to connect with an external network. The device type of network connection depends on the store or retailer. While small businesses connect their POS systems via cellular data connections, larger businesses connect their systems with the help of their internal network. POS terminal systems can be managed remotely via these internal networks. This may result in theft/loss of important information such as credit card numbers.
Point-of-Sale (POS) Terminal Market: Competition Landscape
- In April 2020, Miura Systems Ltd. partnered with NMI to deploy POS solutions in 27 European countries with the help of Elavon. This initiative would help the company to increase its market presence in Europe.
- In January 2020, Diebold Nixdorf introduced the all-in-one point-of-sale (POS) system “BEETLE A1150,” specifically for retail and banking industries. This initiative would help the company to increase its product portfolio and enhance its market presence worldwide.
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