The global point of sale system market is expected to rise from 2017 to 2023
The recent study by Knowledge Sourcing Intelligence titled, “Point of Sale (POS) System Market – Forecasts from 2018 to 2023” covers an in-depth analysis of the market on the basis of component, type, and geography. The report also covers the country level analysis within the regions as well. Additionally, the report covers the key trends in the market along with drivers and restraints during the forecast period 2018-2023. The report has segmented the global POS market by component (hardware, software, services), type (wired, wireless), and geography (North America, South America, Europe, Middle East and Africa, and Asia Pacific). Point of sale systems comprises of different hardware and software components that assist companies and merchants in completing a transaction. Along with that, they can also assist businesses in inventory management, price adjustments, sales reporting, customer management, and more. Due to their plethora of benefits, they are being increasingly adopted by multiple merchants and businesses. Furthermore, increasing digital payments platforms are also resulting in an increased demand for POS systems globally.
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Software component will see good growth during the forecast period.
In order to cater to a larger customer base, many businesses are jumping on the digital payment bandwagon. This has led to a problem in the growing businesses due to the problems of managing revenue from different payment methods and keeping track of sales. Due to this, many smaller enterprises and merchants have started adopting POS software allowing them to not only manage their revenue streams but also take advantage of additional services like inventory and employee management.
North America holds a substantial share in the market.
The North American region will hold a substantial share in the market owing to the early adoption of digital modes of payments in the region. Furthermore, rising retail sales due to upliftment in the standards of living will also result in the growth of the POS system market in the region. Asia Pacific region will also see multiple growth opportunities owing to the increasing commercialization and digitization in budding economies such as India and China.
Some of the major players discussed in the reports are Ingenico Group, Verifone, PAX Technology Limited, Newland Payment Technology, Micros Retail Systems, Inc., NEC Corporation, Bitel Co., Ltd., Samsung, Hewlett-Packard Inc., and Toshiba Corporation.
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