According to the business intelligence report titled ‘Global Point-of-Sale (POS) Terminal Market (2022 Edition) - Analysis By Product Type (Fixed POS, Wireless POS), Component Type, Application, By Region, By Country: Market Insights and Forecast with Impact of COVID-19 (2022-2027)’, available with MarketStudyReport, global point-of-sale (POS) terminal market which was worth USD 67.48 billion in the year 2021, is likely to foresee decent growth during 2022-2027.
Escalating application of such systems across several end-use verticals like healthcare, retail, e-commerce, transportation, restaurants, etc. due to its enthralling characteristics is likely to drive the progress of global point-of-sale (POS) terminal market during the forecast timeframe.
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For those unaware, POS terminal systems have progressed from transactional terminals/devices to processes that can merge with businesses’ financial operations. This advancement has offered customers analytics to manage their revenue stream and inventory.
Furthermore, increasing inclination toward multi-functional POS systems that perform a variety of tasks such as customer relationship management (CRM), reporting, inventory management, andpayment processing will propel the development of industry in the ensuing years.
Besides, this software has several perks, including fairly low maintenance expenses, precise transactions, and real-time inventory management. Many corporations have replaced their conventional billing system with POS mechanisms due to the operational benefits that they offer, thus accelerating the progress of the business sphere.
Based on product type, the fixed POS segment is estimated to capture a significant revenue share in worldwide point-of-sale (POS) terminal industry over the forecast period, ascribed to soaring demand for fixed mount scanners, cash drawers, and touch computers.
Meanwhile, in terms of component, the market landscape is classified into software, and hardware. Speaking of application range, POS systems are extensively utilized across the verticals of hospitality, retail, manufacturing, and transportation which enjoy routine visits from consumers in huge numbers.
From a geographical standpoint, Asia Pacific industry is anticipated to enjoy a substantial revenue share over the analysis period, closely followed by America and Europe, attributable to rapid adoption of POS systems in emerging economies.
Considering the competitive framework, NEC Corporation, NCR Corporation, Panasonic Corporation, Cisco Systems Inc., Ingenico SA, Hewlett-Packard Company, Verifone Inc., PAX Technology Ltd., and Samsung Group are the prominent global point-of-sale terminal industry players.
These aforementioned companies are constantly in the process of improving their product portfolio through strategic efforts such as mergers, acquisitions, and partnership deals to expand their consumer base over the review timeframe.