An electronic device known as a point-of-sale (POS) terminal is used in a variety of establishments, including retail stores, petrol stations, hotels, restaurants, resorts, pharmacies, and medical facilities, to accept card payments. The industry offers a variety of POS terminal types, including self-service, mobile, cloud computing, and legacy software (on-site servers). Among the essential functions of a point-of-sale system are inventory management, multi-store management, order management for customers and suppliers, point-of-sale security, and invoicing. Better user experiences and excellent reliability are provided by smart point-of-sale terminals. They are a practical technique to handle remote payments and don't need any upkeep.
South America Point of Sale (PoS) Market Driving Factors and Challenges
Driving Factors- The point-of-sale (POS) terminal market is being driven by an increase in the use of POS terminals in the restaurant, retail, healthcare, and hospitality sectors. As the SMEs sector grows, mobile card swipe devices and contactless payments are becoming more popular in developing economies. The demand for hassle-free shopping is predicted to rise, and the number of fully automated, cash counter-free supermarkets opening up throughout the forecast period is anticipated to soar. Future trends for the point-of-sale (POS) terminal market are anticipated to be good, including a rise in micro-merchants, credit and card users, and smartphone and internet usage. To improve the in-store digital payments experience, major participants in the market are introducing sophisticated point-of-sale (POS) swipe machines with rigorous security procedures.
Challenges- The Point of Sale (PoS) Software industry presents a considerable barrier for businesses, particularly small and medium-sized organisations (SMEs), due to the high costs associated with adoption. The initial financial commitment necessary to implement PoS solutions includes software licenses, hardware investments, and employee training costs. For SMEs with limited financial resources, these upfront expenses serve as a deterrent, impeding their capacity to modernise and digitise their point-of-sale processes. Beyond the immediate financial effects, there are additional costs associated with potential disruptions throughout the implementation period. Transitioning from traditional systems to PoS solutions entails interim shutdowns, personnel retraining, and workflow adjustments, resulting in reduced production and operational issues.
Impact of COVID-19 on South America Point of Sale (PoS) Market
The Covid-19 epidemic has had a significant impact on South America's POS Terminal Market. The limits and lockdown procedures enacted to combat the virus's spread caused major disruption in the retail and hotel sectors. However, the pandemic has expedited the use of digital payments and contactless transactions, resulting in increased demand for POS terminals. Businesses in South America soon embraced digital solutions that enabled remote and contactless payments, safeguarding the safety of their customers and employees. During the epidemic, the demand for cashless transactions grew, prompting increasing investment in POS machines and digital payment infrastructure.
South America Point of Sale (PoS) Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as Gertec, Elavon Inc, PagSeguro Digital Ltd, StoneCo Ltd, Ingenico Group (Worldline), PAX Global Technology Limited, Paguelo Facil, Mercado Pago, KeyCorp, Ualá.
South America Point of Sale (PoS) Market Segmentation:
By Component: Based on the Component, South America Point of Sale (PoS) Market is segmented as; Hardware, PoS Terminal Software.
By Type: Based on the Type, South America Point of Sale (PoS) Market is segmented as; Fixed PoS, Mobile PoS, Others.
By Deployment: Based on the Deployment, South America Point of Sale (PoS) Market is segmented as; On-premise, Cloud-based.
By Operating System: Based on the Operating System, South America Point of Sale (PoS) Market is segmented as; Windows/Linux, Android, iOS.
By End-User: Based on the End-User, South America Point of Sale (PoS) Market is segmented as; Restaurants, Retail, Entertainment, Others.
By Region: This research also includes data for Brazil, Argentina, Colombia, Peru, Chile, Rest of South America.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.