360 Research Reports offers the latest published report on “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 (2019 – 2023)” delivering key insights and providing a competitive advantage to clients through a detailed report.
Global POS System Market 2019-2023 considers the past, current and future state of the industry while encapsulating modest landscape analysis, manufacturers, marketing strategies, industry effect factor analysis. An unbiased and detailed analysis of the on-going trends, opportunities/ high growth areas has been included to help stakeholders to device and align POS System market strategies according to the current and future market. All enterprise profiles of the main players and brands are shown in this research. The report presents the drivers and restrictions of the market that have been explained by SWOT analysis.
POS System Market Segmentation by Major Players:
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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Overview of POS System Market Report:
The POS systems market is expected to register a CAGR of over 10.9%, during the forecast period of 2019-2023. 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 companys 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, 2019. 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 stores 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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Important factors that are mentioned in the POS System Market report 2023…
Key Market Dynamics: The Global POS System Market research report provides complete forecasts on the latest market trends, development methods, and research methodologies. Some of the factors that are directly in affecting the market including the Strategic Production and Methods, development platforms, and the product model itself, and even a minute change within the product profile would result in a huge amount of changes within the mentioned factors. All of these factors are explained in detail in the research study.
Major Growth Prospects: The report also focuses on some of the Key growth prediction, including new product launches, Mergers and Acquisitions, Research and Development, joint ventures, collaborations, agreements, partnerships, and growth of the key Manufacturers working effectively in the market, both in terms of regional and global scale depending on geography.
Key Market Highlights: The report gives us an in-depth Market analysis on some of the POS System Market key factors, including revenue, cost, capacity, capacity utilization rate, production, production rate, consumption, supply, demand, Market share, CAGR, and gross margin. Additionally, the report presents a comprehensive study of the market growth factors and their latest trends, along with related Market sections and subsections.
Potential Customers: The POS System Market report provides significant insights to readers, service providers, suppliers, distributors, manufacturers, stakeholders, and individuals who are interested in evaluation and self-studying the POS System market.