According to a recent study from market research firm Graphical Research, the Asia Pacific POS terminals market size is poised to expand at substantial CAGR during the forecast period. Adoption of cloud computing technology is likely to add fillip to Asia Pacific POS terminals market outlook.
Cloud-based POS systems will witness increased traction among retailers and restaurant owners in the region. Cloud technology will offset the hassle of on-premise hardware for data storage and streamline the production adoption.
Concerted efforts to embrace a cashless economy will further stimulate the trend for POS terminals. While the Government of Singapore has set an audacious target to be a cashless economy by 2025, its Indian counterpart has launched Digital India program. In terms of revenue, Asia Pacific POS terminals market is forecast to exceed $40billion by 2026.
Use of biometric POS systems will be noticeable across the end-use applications for access control and improved security. Industry players are emphasising R&D activities with facial recognition-based and fingerprint POS solutions. For instance, WeChat rolled out facial recognition-based POS system in August 2019. The solution can leverage offline payments by scanning faces of shoppers.
Stakeholders will continue to show traction for mobile POS hardware for efficient and seamless functioning in hostile environments in distribution centres and warehouses. The use of advanced technologies in the POS hardware will bolster the technology adoption across the end-use facilities.
Mobile POS terminals will witness increased traction across retail outlets, small restaurants and warehouses. These POS terminals will boost customer satisfaction and augment sales as restaurants owners continue to show inclination for mobile terminals.
End-markets will show inclination for windows OS to bring a seismic shift in the Asia Pacific POS terminals market. The operating system has gained popularity to connect and integrate store ecosystem to streamline seamless communication among all windows-based POS touchpoints, such as terminals, self-service Kiosks and tablets.
Footfall of POS terminals will be pronounced in retail sector in India, South Korea and China. For instance, China held around 21% of the global retail market in 2019 and regional retailers are increasingly adopting POS systems.
Gradual growth in the hospitality sector will expedite the implementation of the advanced technology. Given the toll the covid-19 outbreak has had on the Asia Pacific POS terminals market outlook, governments and other stakeholders are contemplating investments in the hospitality sector. Hotels are restaurants will potentially be the major recipients of POS terminals to expand the consumer base in the region.
Leading companies are likely to emphasise strategic business approaches which will hover around partnerships, mergers and acquisitions and product launches. For instance, Ingenico Group inked a deal with Fintech Pundi X in November 2019 to leverage crypto transactions globally. Merchants using portable POS solution will allegedly accept various cryptocurrencies as payment option.
Industry participants are also rolling out new solutions to gain a competitive edge in the landscape. Specifically, Oracle Corporation rolled a Retail Xstore office cloud service in January 2019 to streamline supply chain in the retail sector.
Business strategies are likely to expand to the realms of collaboration as competition to introduce innovative solutions has tightened in the past several years. To illustrate, Posiflex Technology joined hands with 42Gears Mobility Systems Pvt. Ltd., to leverage remote management of POS devices.
Industry players vying to propel Asia Pacific POS terminals market share are Hewlett Packard Enterprise, PAR Technology Inc., Verifone Systems Inc., Ingenico Group, NCR Corporation, and AURES Group, among others.