Competition within the International Point-of-Sale (POS) Terminal Market is set to rise this year according to Transparency Market Research (TMR). Over the next 12 months, a number of competitive players are expected to enter the market, increasing rivalry within the industry and broadening the variety of POS software available to retailers by offering advanced systems with multiple functionalities. This surge in entrants is also expected to increase market value, which in 2016, totalled $54.68 billion. Over the next eight years, this is expected to rise at a whopping CAGR of 11.5%, making this a potentially lucrative period for suppliers.
Available POS Terminals
Within the market, there are currently several types of POS terminals available to purchase including fixed, wireless and mobile systems. In 2016, the fixed terminal proved the most popular among consumers. However, moving forward, the demand for both wireless and mobile terminals are expected to rise as a result of their high-tech appeal combined with their increasing affordability. Consequently, this means that these newer and usually more advanced terminals may now be viable for smaller and medium-sized businesses as well as larger corporations.
As well as declining costs, the increasing demand for POS terminals from different industries is also expected to act as a driving force for new competitors. Industries such as retail, hospitality, healthcare and warehouse and distribution services, are now employing a range of different payment options, creating a requirement for more diverse, secure and manageable POS terminals.
The widespread implementation of POS terminals in areas of retail and hospitality, in particular, is significantly impacting market growth in general, alongside requests from smaller businesses for user-friendly and cost-effective payment systems. Additionally, the changing environments in which POS terminals are used is also expected to strengthen demand, with warehouses and depots now requiring payment systems as well as shops and eateries.
Finally, the rising demand for multifunctional POS terminals is also contributing to market expansion. Currently, the market offers a range of both static and portable POS systems, with touch technologies enabling various functionalities and more efficient usage. However, the recurrent demand for more innovative designs has presented an exciting opportunity for new suppliers to enter the market in the coming year. Furthermore, alongside this desire for more novel hardware, the urgent need for protective software is also expected to entice fresh competition. In recent years, the risk of fraud has become more prevalent in line with new payment methods; consequently, retailers from all industries are requesting POS terminals that are not only more stylish but ultimately, more secure.
Although the coming year is expected to bring new entrants, there are a number of strong players within the current International POS terminal market that will continue to provide tough competition. Some of these include NCR Corporation, Panasonic Corporation, Hewlett-Packard Company, Samsung Electronics, Toshiba Corporation and Cisco Systems, along with many more. Here at CES Software, we also pride ourselves on offering some of the most advanced till software available to retailers within the current market. So, whether you’re a small-scale retailer or an expanding restaurant chain, we can offer the perfect POS software to suit you.