The substantial upsurge in application arenas of the point of sale (POS) systems for printing bills, inventory management and managing customers is bound to expedite POS terminals market growth. As per reliable estimates, the global POS terminals market size is estimated to cross $125 billion by 2024.
What are some significant of the principal trends driving the POS terminals market?
The growth of the point of sale terminals market cam be aptly credited to the growing trend of using efficient inventory management solutions that are capable of numerous functions like instant automated stock control, multichannel management, intelligent ordering, and flexible customer service. Another trend that has encouraging the adoption of these systems is the rising demand for efficient warehouse management solutions in order to track productivity and profitability in business operations.
What does the future look like for POS terminals market in terms of the contribution by industry players?
The companies that are a part of the competitive spectrum of the POS terminals market are committed to developing innovative software solutions that can be integrated into POS systems to sustain several business tasks like sales tracking, order management, accounting, bookkeeping, and managing staff accounts among others. The software placed in these systems aid in the control and operation of hardware devices as well as other peripherals. Some major industry players are providing their customers with such advanced solutions in a bid to improve their business operations, sales and productivity.
For example, back in April 2018, the leading global provider of software systems ParTech, Inc. launched an EMV-enabled payment solution named PAR Pay, which was integrated as an extension of the PAR POS software. Solutions like these enable fast and more flexible payment platforms, which enhance reliability and support business operations. In addition, manufacturers are also developing customized software solutions that are specific to industry requirements and business processes.
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How has Europe contributed toward the growth of the global POS terminals market growth?
In terms of the regional penetration, Europe is presently experiencing immense growth owing to the adoption of numerous government regulations that are imposed to promote the security of transactions and customer details by supporting advanced POS technologies designed to protect sensitive details. Case in point, several security guidelines are being implemented to help industries adopt EMV-enabled transaction processing.
The companies behind the installment of such technologies are required to conform to certain rules that are imposed by the regulatory bodies. In addition, the presence of major companies focused on offering innovative solutions to customers within the region is one of the significant factors proliferating the regional market growth.
What is the contribution of the restaurant sector in the global POS terminals market?
The restaurant industry is estimated to register a high adoption rate as far as point of sale systems are considered. Indeed, POS terminals market size from restaurant applications is anticipated to record a CAGR of around 16% over 2018-2024. One of the main reasons behind the adoption is the growing use POS systems among restaurant owners in the U.S. as tablets and digital kiosks to depict the menu, place orders and collect payments. Moreover, to improve customer experience, companies like Sr. Pago and Square, Inc. are developing systems that enable the use of smartphones and tablets as mPOS terminals to accept cashless payments.
How are some of the key participants thriving in the global POS terminals market?
The global competitive landscape of POS terminals market includes companies like Panasonic Corporation, Toshiba Corporation, Diebold Nixdorf, VeriFone Systems, Inc., PAR Technology, Micros Systems, and PAX Technology among others. These leading manufacturers are thriving in this business by expanding their business operations and by bringing forth a slew of innovations that can be integrated with advanced technologies like EMV and NFC.