Global POS Printer Market: Snapshot
Extensive need for mobility in hospitality and retail applications coupled with the rising awareness among the global populace for adopting mobility technology will bring profitable growth for the POS printer market across the assessment period of 2018-2028. The growing popularity of cloud-based technologies also bodes well for the growth of the POS printer market.
POS (point-of-sale) printers are generally used in various businesses and sectors for printing card transaction slips and customer receipts. Their function is to provide a transcript of the transactions to the end-users. As compared to traditional receipt printers, POS printers display exceptional quality and are more efficient. All these aspects bring immense growth prospects for the POS printer market.
The expanding advancements in innovation and technology related to POS printers are vital for developing novel technologies and adding upgrades. These upgrades bring convenience and ease of use to the customers. Research and development activities play a vital role in upgrading the products. Hence, all these factors bring positive growth for the POS printer market.
The advent of digitization in the finance sector has proved to be a shining growth opportunity for the POS printer market. Government bodies of numerous countries also promote cashless transactions. Various government and non-government initiatives spread awareness among the people to adopt digital payment methods. These aspects help in accelerating the growth rate of the POS printer market.
The lockdown restrictions enforced by many countries in 2020 due to the COVID-19 pandemic hampered the growth of the POS printer market to a considerable extent. After the restrictions were lifted and as all the businesses started reopening, the demand for POS printers increased substantially. The popularity of cashless transactions boomed on the back of COVID-19 due to the threat of the transmission of the virus through paper notes. All these factors will bring exponential growth for the POS printer market.
Global POS Printer Market: Overview
With the ceaseless digitization of shopping and entertainment activities, receipt POS printers are increasingly becoming de facto for businesses for ease of transaction. The use of receipt POS printers in place of standard desktop printers directly results in savings for businesses. This is because receipt POS printers are compact in size, use less ink and paper, and easily fit on a table or anywhere else depending on the need.
On part of customers, the image produced is sharp and precise of excellent quality that leaves satisfactory retailing experience in their minds. Due to tangible benefits for both businesses and consumers, the surging uptake of receipt POS printers is boosting the POS printer market.
Global POS Printer Market: Market Potential
At present, advancements in POS solutions is hotspot interest of technology companies as digitization becomes common for every sphere of human functioning. With leaps and bound evolution of the hospitality industry, MURTEC 2019 – the multi-unit restaurant technology conference is likely to witness some notable advancements in this space.
Epson- a leading electronics company and Partners will jointly showcase a number of POS solutions. These solutions are designed to support change in customer retailing behavior with the change in hospitality environment. These solutions are designed leveraging latest technology and address evolving customer behaviors.
In a typical brick and mortar retail facility, enhancing in-store customer experience to create a brand name is what business owners strive for. POS solutions adds tremendous value to enhance the in-store customer experience. With portable POS solutions, sales associate can easily walk around the store to serve customers in any part of the store.
Global POS Printer Market: Growth Dynamics
Majorly fuelling the POS printer market is efficacy, accuracy, and efficiency of POS printing solutions. POS printers have played a significant role to reduce printing time and generate quality receipts as compared to conventional desktop printers.
Apart from this, growth of the retail and hospitality sector and changing customer expectations for retailing has necessitated the deployment of better service delivery model. To serve this and for satisfactory customer service, the demand for friendly POS solutions is on the rise. This provides boost to the POS printer market.
Among the various POS printer types based on technology, thermal printers find maximum demand. This is because of quality of printing, speed, and efficiency in functioning as compared to dot matrix printers. Furthermore, the advantage of multi-colored and double-sided printing make thermal POS printers sought-after.
On the basis of printer types, receipt printers display widespread applications. Receipt printers are ideal solutions for printing tickets, bills, and other general purpose receipts. Multifunction POS printers are suitable to serve demand driven locations for generating multiple receipts at one time. Some applications of multifunction POS printers are for printing validation receipts at airports and cheque processing token at banks.
Global POS Printer Market: Geographical Analysis
Among the key regions in the global POS printer market, North America holds prominence. Firstly, early adoption of POS solutions especially in customer facing industries, which includes hospitality, healthcare, and retail is fuelling the POS printer market in the region. Customer facing businesses strive to deliver enhanced in-store experience for customers to establish brand value.
Asia Pacific is anticipated to emerge as a key region for POS printers in the coming years. Changing customer expectations for retailing and widespread uptake of technology by businesses for efficiency are likely to bode well for Asia Pacific POS printer market.
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