The global point-of-sale (POS) systems market is expected to grow at a CAGR of close to 8% from 2017-2021, according to a new market research report by Technavio.
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Technavio has published a new market research report on the global point-of-sale (PoS) systems market from 2017-2021. (Graphic: Business Wire)
Global point-of-sale (POS) systems market segmentation by product and end-user
Technavio's report on the global point-of-sale (POS) systems market analyses the business dimensions and presents a comprehensive breakdown in terms of market segmentation by product to include PoS terminals and accessories. As projected in 2016, the POS accessories segment accounted for more than 74% of the market share.
Based on end-user, the global POS systems market has been segmented into numerous segments, including hospitality, supermarket, specialty stores, hypermarkets, gas stations, drug stores, and mass merchandise. The hospitality sector held the major share of the global PoS systems market in 2016, accounting for close to 34% of the market share.
"The hospitality sector has undergone a drastic transformation due to factors such as foreign investments and increasing competition. Hospitality vendors have incorporated advanced technologies into their businesses to create a unique identity, gain competitive advantage, and enhance customer experiences. Many small restaurants, fast food chains, and amusement parks use PoS accessories to operate smoothly and efficiently," says Chetan Mohan, a lead analyst at Technavio for computing devices research.
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Point-of-sale systems market: competitive vendor landscape
The global PoS systems market is a fragmented market with the presence of many vendors ranging from ECR manufacturers to PoS display system manufacturers. The market is witnessing a geographical shift from mature markets in Europe to markets with significant potential such as the US, India, China, and Brazil. The US is currently experiencing significant growth due to major transition from non-EMV PoS terminals to EMV PoS terminals.
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Other topics covered in the report:
Market drivers:
- Evolution of the global retail landscape
- Increasing penetration of contactless payments
Market challenges:
- Increased adoption of mobile card readers
- Increase in payment-card-related fraud
Market trends:
- Increase in data collection from PoS accessories
- Cloud-based solutions for PoS systems
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