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Market Survey: Global POS System Market – CAGR Status, Industry Analysis, Trends, and Forecast (2018 – 2023)

POS System

Report Title: “Global POS System Market – Segmented By Component (Hardware, Software, Service), By Type (Fixed, Mobile), By Application (Sales Reporting, Customer Engagement, Inventory Management) and Region – Growth, Trends, and Forecast (2018 – 2023)”

Global “POS System Market (2018 – 2023) Report Provides Overall study of Approximate CAGR, Leading Manufacturers, Key Development, Market Dynamics and SWOT analysis for Key Players. The POS System market is expected to register a CAGR of approximately 10.9% during the forecast period of (2018 – 2023) 

POS System Market Report Covers Leading Manufacturers: Seiko Epson Corp, ShopKeep, Ingenico SA, VeriFone System Inc., Dell, Hewlett Packard Enterprise, Panasonic Corporation, Honeywell International Inc., Samsung Electronics, Casio Computer Co. Ltd, Pax Technology Inc., NCR, Shopify, Revel Systems.

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The POS systems market is expected to register a CAGR of over 10.9%, during the forecast period of 2018-2023. The report profiles the POS hardware, software, and service providers for various industries.

POS systems have evolved from being transaction-oriented terminals/devices to a system that can integrate with the company’s CRM and other financial solutions. This evolution has empowered end users with business intelligence, to better manage their revenue streams and inventory. Owing to these functional benefits that the advanced POS systems offer, companies have replaced their traditional billing software with POS systems, thus augmenting the growth of the POS system market.

The POS system market includes POS terminals, in addition to supporting devices, such as barcode scanners, card readers, printer devices, cash drawers, etc. Mobile POS systems that can be integrated with other business solutions, like CRM, are also included under the scope of the report.

The growing end-user industries provide significant scope for growth of the market studied, during the forecast period. The need for customer retention and growth of the industries facilitate the growth of POS systems. The rising financial frauds across the globe have influenced the governments and regulatory bodies to secure the payment transactions, in the recent times. With customers demanding safe and reliable digital transactions, the need for secure payment processes has only increased. These regulatory bodies have positively influenced the adoption of POS systems.

With the increasing mobility trends across the globe, mobile POS systems are gaining traction. In addition to eliminating long payment lines, mobile POS solutions in the market are capable of tracking inventory and ordering necessary shipments.

Cloud-based POS systems are on the rise, compared to the on-premise systems, due to the functional benefits that they offer. According to the Retail Solutions Providers Association (RSPA), around 62% of new merchants prefer cloud-based POS systems, while the remaining opt for on-premise systems.

The market studied is fragmented, and comprises POS hardware and accessory providers (such as Epson, Ingenico, VeriFone, etc.,) and cloud-based POS solution providers (such as ShopKeep, Vend, etc.). Technology majors, such as HP, Honeywell, Dell, etc., are offering POS hardware, software, service, and support, in one integrated system.

Customer Experience is Top Priority

Customer engagement by personalization is one of the top priorities for retailers/merchants, as mentioned by Forbes, in its report titled ‘Five Trends Shaping the Future of Customer Experience, 2018’. The other priorities are – adoption of cloud-based systems, augmented reality, etc.

Mobile wireless printers, for use with in-store mobile POS systems, make customer engagement easier and are available in the market. Mobile POS systems are being equipped with software that enable communication of customer data with the store’s centralized system.

Studies by Revel Systems, a prominent player in the POS system market, mentioned that around 80% of US consumers were willing to shop more in places that offer high-quality customer engagement and experience. According to the Harvard Business Review, increasing customer retention rates by 5% could potentially increase profits from 25% to 95%. On the basis of the technological availability and retailer/merchant benefits, it can be implied that the capabilities of the POS systems are in line with the need the retailers/merchants have to address.

Asia-Pacific Estimated to Account for the Largest Share in POS System Market

Owing to the projected rise of digital payments and the growth of the regional retail and hospitality industries, Asia-Pacific is estimated to be the fastest growing region in the POS system market, during the forecast period.

According to the non-cash transaction by volume analysis of Capgemini, in emerging Asian regions, cashless transactions are estimated to grow almost three times more than that of global growth, by 2020. The growth of the regional retail industry, with a substantial increase in the number of retail outlets (including shopping malls, mom-and-pop stores, warehouses, and specialty stores) is projected to facilitate the need for better customer experience management, to boost the growth of the business.

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Reasons to Purchase POS System Market Report:

  • Identification of key factors instrumental in changing the market scenario, exploiting new opportunities, and gaining a competitive edge. 
  • Analysing various perspectives of the market with the help of Porter’s five forces analysis.
  • The authentication mode is likely to witness the highest adoption of these systems in the market.
  • The regions that are expected to witness the fastest growth during the forecast period.
  • The SWOT analysis for key players and a detailed study of their current strategic interests and key financial performance indicators.
  • 3 months analyst support along with the Market Estimate sheet (in excel). 

Customization of the Report:

  • This report can be customized to meet your requirements. Please connect with our representative, who will ensure you get a report that suits your needs.

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