Products and services that depend on raw materials, parts and other supplies need consistent inventories to complete business, with cost management to maximize profits. The nature of the business and its industry may suggest the scope of an inventory system, while a system itself has inherent limitations. Most businesses can adjust the inventory process to meet their needs while limiting the impact of system limitations.
The industry has witnessed a significant turnaround, owing to substantial and rapid technological developments in POS terminal solutions. Growing demand for contactless payments, along with proliferation of Near Field Communication NFC devices in the industrial ecosystem, has led to a surge in adoption of integrated POS terminals.
Increased investments in technologies such as end-to-end encryption for providing secured payment solutions and convenience to customers are expected to augment the demand for POS terminals in the market. Companies are focusing more on software owing to increased penetration of smartphones.
Contactless payment is considered to be the latest trend in point of sales. This payment method works through NFC technology, wherein the issued card has a special symbol unique to contactless payments and can only be scanned using a contactless reader.
This renders the entire transaction secure and is done within seconds.
This technology not only reduces transaction time but also improves convenience of purchase of small goods. However, need for extensive government certifications, strict regulations, and rising data security concerns are expected to act as restraints to market growth.
Non-compliance to PCI Data Security Standards DSS increases the probability of card data breaches, which result could negatively impact customer trust and reputation of representatives.
However, solutions such as Omnishield Assure are being developed to protect card information through point-to-point encryption. This reduces the risk of financial breach and minimizes the burden of PCI compliance.
These systems are complex in nature, need continuous power supply, and high maintenance costs are involved.
On the other hand, mPOS are more convenient, chargeable, and low-cost products. Paper-free receipt services, enhanced security, free floor space, and reduced customer wait time are other factors driving preference for mobile POS over traditional systems.
Mobile applications have the ability to create new channels for revenue growth; thus, vendors are adopting numerous marketing channels to leverage their technologies to compete in the market. Advent of affordable wireless communication technologies has led to increased consumer acceptance for these systems.
Furthermore, the flexibility of having a smartphone- or tablet-based POS, due to low installation costs, has attracted SMBs to invest in this technology.
Component Insights On the basis of component, the industry can be classified into hardware, software, and services. The services segment is anticipated to register the fastest growth among other POS terminal components owing to increasing security threats to financial and personal data.
Penetration of these systems in developing countries is also driving segment growth. The software segment recorded a market size of USD 5. This growth can be attributed to advancements in cloud computing, resulting in growing use of Software-as-a-Service SaaS platform-based POS systems.
The efficient software integrates functionalities of barcode scanners and screen terminals across these systems and provides data restoring and backup features. Deployment Insights Based on deployment, the point-of-sale POS terminals market can be classified into cloud and on-premise.
On-premise deployment accounted for the largest market share inamounting to USD Cloud-based POS systems do not require installation of any separate hardware and can work on existing computers, tablets, or smartphones; this significantly reduces operational costs, especially for small and medium business owners.
Brick-and-mortar vendors are more inclined toward using smartphones or tablets for POS rather than spending on a complex system. Thus cloud-based software is expected to gain significant traction over the forecast period. Application Insights Based on application, the market for point-of-sale terminals can be segmented into restaurants, hospitality, healthcare, retail, warehouse, entertainment, and others.
POS terminals help avoid manual errors in financial billings and inventory management, offering better reliability to businesses.
As a result, there is a considerable increase in demand for POS terminals in medium and large retail stores such as shopping malls, supermarkets. The retail segment is expected to record an adoption rate of over High degree of portability and accessibility enhances the exploitation of mobile terminals across this sector.
These terminals provide inventory management with reporting facilities, thus making it easier to track inventory and third-party billing. Different organizations are moving away from conventional transaction methods and are integrating POS systems with inventory, merchandising, marketing, and Customer Relationship Management CRM data to offer personalized, interactive, and unique customer experience.
Services Insights Based on service, the market for POS terminals can be classified into managed services, repair and maintenance services, and professional services. Inmanaged services dominated the market with an estimated revenue of USD 4. These include specialized services such as remote download of software applications on to merchant terminal, helpdesk and call centre services for POS, comprehensive maintenance and software up-gradation from time to time, and MIS and call analysis report.
Repair and maintenance services comprise changing spare parts and accessories, troubleshooting, and repairing POS terminals. Professional services are estimated to exhibit the fastest growth rate over the forecast period; these services include data recovery, professional training, installation, and after-sales services.
However, Asia Pacific is expected to emerge as a lucrative player over the forecast period.Based on different product types available in the market, the global Point of Sale (POS) terminals market is segmented into two following categories, Mobile Point of Sale (mPOS) Terminals; Fixed Point of Sale (POS) Terminals; With the proliferation of smartphones, tablets, and other personal mobility devices, mobile POS terminals have gained traction.
"Scope And Limitations Of The Study In Point Of Sale System Example" Essays and Research Papers Scope And Limitations Of The Study In Point Of Sale System Example Introduction Information System Development is an essential part of the implementation of information technology.
The nature of the business and its industry may suggest the scope of an inventory system, while a system itself has inherent limitations. at which point additional materials are ordered. The point of sale (POS) or point of purchase (POP) A retail point of sale system typically includes a cash register (which in recent times comprises a computer, enabling POS transactions to be conducted using mobile phones and tablets.
According to a recent study, mobile POS (mPOS). A point-of-sale (POS) system provides businesses with the ability to computerize, systematize and correlate retail information. Where cash registers, including complex register systems, have limited information collection capacity, POS systems can gather, store and return detailed reports on .
Scope Of The Study About Point Of Sale System Introduction Information System Development is an essential part of the implementation of information technology It is broadly defined here as a process by which some collective work activity is facilitated by new information-technological means through analysis, design, implementation.