New York, Nov. 03, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Global Point of Sale (POS) Terminal Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" - https://www.reportlinker.com/p06179091/?utm_source=GNW
POS systems that facilitate transactions from the central component of businesses across industries, like retail, hospitality, transportation, and banking, have gained importance in companies of small and big sizes over the years.
- POS terminal systems have evolved from being transaction-oriented terminals/devices to systems that can integrate with the company’s CRM and other financial solutions. This evolution has empowered end-users with business intelligence to manage their revenue streams and inventory better. Lower maintenance costs, accurate transactions, and real-time inventory are key advantages of the POS systems. With the functional benefits that the advanced POS systems offer, companies have replaced their traditional billing software with POS systems, thus, securing the growth of the POS system market.
- The modern POS terminals reduce the cost from setup, deployment, maintenance, and power consumption over time, leading to the total cost of ownership. Various vendors offer modular POS terminals with attributes such as touchscreen displays and low power consumption, which helps in reducing the overall cost of ownership. Companies such as Sharp Electronics, Aures Technologies, and others offer fixed POS solutions with touchscreen displays and robust processors that help improve operations and reduce failures. In addition, the POS offered by Aures comes with fanless temperature control to reduce the number of moving parts in a terminal.
- In addition, vendors are launching new solutions on a leasing basis, promoting the market’s growth. For instance, Vectron Systems AG offers its Vectron POS 7, launched in September 2020 on a leasing trade basis and upfront payment. The POS system is designed for bakeries and the catering industry. Similarly, Mswipe Technologies offers various products on a leasing trade basis.
- Further, the COVID-19 pandemic has significantly transformed the way consumers shop, affecting several verticals of the market. The retail sector witnessed a drastic change due to the pandemic. Consumers have also increased their use of various sales methods, such as curbside pickup, virtual consultations, contactless payment, and even social commerce, i.e., shopping through social media. According to the latest retail experts and shopper surveys, this new behavior is expected to stay over the forecast period. Such trends have affected the demand for POS terminals across regions.
- However, the challenge posed to the market’s growth is the security concerns due to the usage of critical information. POS terminals are connected to the network and the internet, making them vulnerable to attacks to gain access to and manipulate it like any other insecure machine. The way the terminal communicates with the rest of the network means attackers could access unencrypted card data, including Track2 and PIN information, providing all the necessary information required to steal and clone payment cards.