LOS ANGELES, May 26, 2021 (GLOBE NEWSWIRE) -- The Global Point of Sale Display Market is expected to grow at a CAGR of around 8.0% from 2020 to 2027 and reach the market value of over US$ 17.5 Bn by 2027.
North America has dominated the global point of sale display market in the past and is expected to do so again during the forecast period. One of the key factors driving the growth of the global point of sale display market is the widespread use of advanced technological devices.
Asia Pacific, on the other hand, is expected to have the fastest growing CAGR in the coming years. APAC accounted highest market share of the POS display panel market. The growth of the APAC market is expected to be driven by an increase in regional sourcing practices for cost-saving opportunities. Furthermore, the use of POS machines as a mode of marketing has been identified as an emerging trend in the Asia Pacific market. POS displays can now be outfitted with 4k and Ultra 4k technologies. They are also necessary for effective promotions and visual merchandising in retail stores. These factors contribute to the expansion of the global point of sale display market.
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Furthermore, the vast majority of POS display manufacturers are headquartered in APAC; they also have a strong global presence. Suppliers have adopted regional procurement models where raw materials are procured locally to shorten supply chains and reduce lead time and associated carrying costs in order to reduce procurement costs and lead time.
Key Takeaways
- End users such as restaurants and retail have been observed adopting cost-effective measures to improve their profitability in the midst of the recent COVID-19 pandemic. Aside from reducing employee strength and improving process optimization, digital transformation is being pursued as a cost-cutting measure.
- With the need for real-time tracking as well as cost-cutting measures being implemented across organizations, several suppliers have been observed transitioning from semi-automated procurement tools to cloud-based platforms in an attempt to improve the speed and efficiency of their operations. Furthermore, outsourcing the maintenance of these tools contributes to additional cost savings.
- Manufacturers of POS displays are transitioning to standardised contract periods (between one and three years) and payment models (45–60 days). This contributes to the certainty of cash flows and the establishment of secure periods of partnership.
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Segmental Outlook
The global point of sale display market is segmented based on type and application. By type, the market is segmented as countertop displays, free-standing displays, floor displays, and others. Based on application, the market is segregated as retailers, auto dealers, banks, construction companies, restaurants, community events, and others.
Market Dynamics
The pandemic of COVID-19 has compelled retailers to implement cost-cutting measures. When compared to PC cash drawers, POS terminals can help retailers save an average of 38% to 48%. This has resulted in widespread use of POS terminals, fuelling demand for POS displays. Furthermore, the projected growth is largely driven by the brand owners' ongoing efforts to aggressively promote and market newly launched or seasonal products at retail outlets. Several FMCG companies, for example, strive to improve and increase product visibility through point of sale display at supermarkets, hypermarkets, and department stores. Furthermore, rising discretionary income among the urban population, as well as an increase in spending on packaged food products, fuels the growth of the point of sale display market.
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Competitive Landscape
The major players involved in the point of sale display market involve IPC, WestRock, DS Smith plc, Georgia-Pacific LLC, The Smurfit Kappa Group plc, Sonoco Products Company, BPKC, and among others.
Some of the key observations regarding point of sale display industry include:
- In May 2020, Shopify, announced launching of rebuilt and reimagined Shopify POS to merchants around the world. The all-new Shopify POS unlocks the power of omni-channel for businesses by bringing in-person and online sales together in one place. Shopify POS is now poised to help merchants stay flexible and resilient in the face of challenges to their business today and the ever-changing retail landscape ahead.
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