Some Interesting Points on The Marvelous POS Terminal Market 2019

A POS Terminal

POS devices are those marvels of technology which are used to do credit card or debit card payments. The work of these POS devices is very simple.

Whenever the credit or debit card is entered or swiped in those POS devices then these devices check whether the customer has sufficient money in its bank account. After that these devices just transfer the food price from the customer’s account to the merchant’s account.

Point of Sale devices consists of two main parts which are:

• Hardware
• Software

With these Point of Sale devices the retail or restaurant merchant will receive card payments. They don’t have to handle any type of hard cash.  Also they don’t have to track the cash payments in their hard copy registers.

Another POS Terminal

There are a huge variety of POS devices in the market. Different business avail different type of POS device depending upon their:

• Size of customer base
• Mode of operation
• Company size
• Amount of Products they sale & their quality

The retail or restaurant merchant that avails these POS devices has to pay monthly fees for the device.

About The POS Market

The POS software is a booming industry. Due to the high level of development in the POS technology, every industry & business gradually understand the importance of POS systems. There is a great demand for contactless & cashless payments everywhere.

NFC Technology

There is a rapid rise of NFC (NearField Communication) devices in the technology sector. Due to these NFC we can use integrated Point of Sale devices. With the use of these POS devices we can perform high level encryption so that secured payments can be performed & more customer satisfactions are achieved.

So, to achieve high level of customer satisfaction you must opt for POS systems. As there is a rise of Smartphones in the market so the demand for POS devices and terminals are also increasing.

But there are some difficulties on the path of POS devices which are:

• Huge restrictions implied by the government.
• Tougher government rules.
• Data security concerns.

There are a large number of POS brands available in the market. Some of them are:

• PAX Technology
• Cisco Systems
• Verifone Systems
• Chronito Technologies
• HP
• Toshiba & etc.

POS Software Market Breakup

The POS software market is divided into 4 main types:     

• POS components
• POS technology
• Region of operation
• Type of POS devices

The POS software is spread all around the world including Asia, Africa, North & South America, Europe etc. This POS software is now targeting the markets of India as its retail market is booming. As a result more & more people are demanding these POS devices in India.

As already said there is a huge rise in the market of POS terminals & software systems. From the year 2016 to 2023, the market of POS terminals & software will grow up to 100 billion USD.

The different types of POS products which are available in the market are:

• Wireless POS terminals
• Fixed line POS terminals
• Mobile POS terminals

Among the above POS devices, there is a huge demand for mobile & wireless POS devices. This trend is increasing day by day.

As there are a lot of players in the market, so there is a huge competition in this business. The top POS brands are working harder & harder on innovations & more sophisticated technologies related to these products.

With the improvement in the ecommerce market & as more & more people are doing cashless transactions, the demand for POS devices is increasing. There is a huge technological shift happening in different industries like retail, restaurants, government, healthcare & many more.

Due to the bigger threats of data security breach & very less marketing of products, there is a negative effect on the development of POS devices.

Generally, the main leader in the POS software market is USA. This country will remain the dominant market in POS technology in the coming years.