In a recent published report, Kenneth Research has updated the market report for Insights on the Point of sale (POS) Terminals Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Insights on the Point of sale (POS) Terminals Market products.
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Kenneth Research, in its repository of market research reports, have recently added a report on Insights on the Point of sale (POS) Terminals Market which emphasizes on the latest trends, key opportunities, drivers, and the challenges associated with the growth of the market during the forecast period, i.e., 2021 2030. The Insights on the Point of sale (POS) Terminals Market is anticipated to grow primarily on account of the growing trade of ICT goods and services worldwide.
According to the statistics by the World Bank, the exports of ICT goods globally increased from 11.164% of total goods exports in 2017 to 11.53% of total goods exports in 2019. Additionally, exports of ICT services increased from 5.61% of service exports (BoP) in 2001 to 10.37% of service exports (BoP) in 2017. On the other hand, growing awareness amongst individuals for using the internet is also anticipated to contribute to the market growth. For instance, the total number of individuals using the internet grew from 8% of total population in 2001 to 49% of total population in 2017.
Moreover, backed by the increasing demand for high-speed internet amongst the individuals, organizations operating in the field of telecom are increasingly working on deploying 5G network technology, as this technology provides internet access at very high speeds. By 2025, it is estimated that as many as 1.2 billion of total internet connections will account to 5G. Further, one-third of the world is projected to be covered with 5G connectivity by the end of 2030.
The various types of POS terminals included in the report includes fixed POS terminals and mobile POS terminals. In 2017, fixed POS terminals accounted for the largest share in the global market. Fixed POS terminals are widely used across business with high transaction volume, and can be easily integrated with hardware devices. Additionally, fixed POS terminals are also used for customer management, employee management, sales analysis, and customer loyalty programs. However, adoption of mobile POS terminals is gradually increasing owing to their affordable prices, and growing demand for wireless technologies. These devices are easy to use, offer mobility, cost efficiency, and overall profitability.
On the basis of components, the global POS terminals market is segmented into hardware components, and software components. The hardware components include computer, receipt printer, bar code scanner, magnetic strip reader, and cash drawer. The hardware segment is expected to dominate throughout the forecast period owing to the high costs associated with them. The hardware is used across various industries with software varying according to industry specific requirements. The software segment is expected to grow significantly in the coming years owing to additional features offered such as customer loyalty programs, employee management, and business process monitoring. Growing adoption of cloud-based POS solutions would also supplement market growth.
The Various end-users of POS terminals market include retail, healthcare, restaurant, hospitality, and others. In 2017, the retail sector accounted for the largest share in the global POS terminals market and is expected to maintain its lead during the forecast period. The retail sector comprises large supermarkets and hypermarkets, grocery and departmental stores, and specialty retail stores among others. The retail sector majorly uses fixed POS terminals to cater to the high volume of fast checkouts. Use of POS terminals in the retail sector ensures faster service, provides data related to past transactions, offers customer loyalty solutions, and reduces human errors. The growing retail sector in developing countries of Asia-Pacific is expected to drive the market growth in the coming years.
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The well-known companies profiled in the report include VeriFone Systems, Micros Systems, Ingenico S.A., Pax technology Limited, Cisco Systems, Squirrel Systems, Toshiba Corporation, POS Direct Ltd, Panasonic Corporation, NEC Corporation, NCR Corporation, Hewlett-Packard Corporation, and Samsung Electronics. These companies launch new products and collaborate with other market leaders to innovate and launch new products to meet the increasing needs and requirements of consumers.
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