Hassle-free Shopping and Better Customer Experience with Evolving POS Terminals

23 November 2017

Customer satisfaction is the key to success for any business. Point of sale terminals, which manage the transaction during the sale of a product or a service, by automating the shopping experience and helping expedite the checkout process, is making shopping an enjoyable and hassle-free experience and thereby increasing customer satisfaction.The systems also provide business owners with timely inventory information, update about the stock, availability of product, and pricing information.With buyers showing increased preference for making payments digitally, through mobile applications, or through cards; and sellers using more and more EMV-compliant POS terminals and digital payment solutions, the market is expected to grow across geographies. Rapid urbanization and technology awareness of the buyer segment in the developing APAC countries is tipped to contribute to a faster growth of the market in the APAC as compared to the developed markets.

Global POS Terminals Market: Insight

According to a market research report, Point of Sale (POS) Market Global Outlook and Forecast 2018 – 2023, by Arizton Advisory & Intelligence, the global market is expected to cross $9.8 billion by 2023, growing at a CAGR of close to 12%.  Rapid urbanization and consequent growth of industries such as hospitality, healthcare, and restaurant in APAC is tipped to help it continue as the highest growing region during the period 2017-2023. Europe will also witness a rapid adoption of new POS terminals in many regions, on account of recent regulatory norms and growing penetration of NFC-ready terminals. In North America, the US will drive the market growth during the forecast period. The necessity to switch to chip-based POS terminals will help the market to grow in the US and Canada.

The report also provides information on some of the latest trends that have started to surface and are likely to become strong market driving forces over the next five years and the complete value chain analysis of the global market.

Key Vendor Dynamics

The competition in the global POS market is intense. Continual innovations and upgrades are the characteristics of this market.  The rapidly changing technological environment is forcing vendors to alter and refine their unique value proposition to achieve a strong market presence.

The market is moderately fragmented, but dominated by vendors with global presence.  Ingenico, Fujian Newland Payment Technology, PAX Global Technology, and Verifone Systems are the major vendors in the global POS market. The other prominent vendors are BBPOS, Bitel, Castles Technology, Centerm, Dspread Technology, Hangzhou Sunyard, Nexgo (Shenzhen Xinguodu Technology), New POS Technology, Spire Payments, and SZZT Electronics. First Data, CyberNew, Spectra Tech, Shenzhen Justtide, Aisino (Previous Vanstone), Yarus, Equinox Payments, and Bluebird are a few emerging vendors in the market.

  View Report: Point of Sale (POS) Market in Europe – Global Outlook and Forecast 2018-2023

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