The global point-of-sale (POS) terminals market size is expected to reach USD 116.06 billion by 2025, according to a new report by Grand View Research, Inc., exhibiting a 9.9% CAGR during the forecast period. Surge in demand for affordable wireless technologies and increasing demand for mobile POS terminals is anticipated to drive the overall market for POS terminals over the forecast period.
Introduction of chip-embedded payment cards and Personal Identification Number (PIN) has minimized security concerns relating to sensitive data theft, which is projected to drive the POS industry over the forecast period. Ubiquitous wireless connectivity, including Bluetooth, combined with availability of peripheral devices, card readers, scanners, mobile printers, and multiple platform support, is projected to drive demand over the forecast period.
In November 2016, the Indian government demonetized its economy by banning higher currency notes. It also launched the “Digital India” initiative in order to promote cashless economy and online transactions. Such changes have significantly boosted demand for POS terminals in India. Indian banks are trying to gain advantage of this demonetization by deploying large number of POS terminals in the market and providing schemes and discounts to customers in order to promote use of POS for transactions. Indian banks have surpassed the target of 1 million POS terminals post demonetization, thus supporting market growth.
There is a significant surge in demand for mPOS terminals owing to their portability and lower cost, which decreases retailers’ cost of operation and provides better reliability. These systems are now available in ultra-portable forms as well, wherein POS terminals of the size of a credit card are available in the market. Moreover, rapidly gaining popularity among end users who use their existing tablet/system as POS terminals through specialized software for their business is anticipated to fuel demand over the forecast period. These software help reduce operational cost of retailers by eliminating need to install separate hardware systems and fulfilling all the necessary needs of retailers from a POS terminal.
Cloud-based POS terminals are gaining traction mainly due to easy operation and data security that these terminals offer. Many companies are developing SaaS-based systems such as Toast, Touchbistro, and Springboard Retail in order to provide better user interface and functionality to end users.
These terminals have a range of applications, including inventory management, printing bills, payments, and carrying out loyalty programs, thus leading to increasing adoption across various end-use verticals. They offer efficient flow control, coupled with customer satisfaction, which is expected to favorably impact consumption.
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Further key findings from the report suggest:
The global POS terminals market accounted for USD 47.95 billion in 2016 and is expected to expand at a CAGR of 9.9% from 2017 to 2025
Fixed POS emerged as the largest product segment in 2016 whereas mobile POS systems are projected to register a higher growth rate over the forecast period
The POS terminals services segment is anticipated to witness the highest growth at a CAGR of 11.4% between 2017 and 2025
North America held the largest share in the POS terminals market in 2016. On the other hand, government initiatives in countries such as India are expected to boost the market in Asia Pacific
Key players in the market include VeriFone Systems Inc.; Cisco Systems Inc.; Ingenico Group; and Hewlett-Packard Inc.
Grand View Research has segmented the global POS terminals market on the basis product, component, deployment, service, application, and region:
POS Terminals Product Outlook (Revenue, USD Billion, 2014 - 2025)
POS Terminals Component Outlook (Revenue, USD Billion, 2014 - 2025)
POS Terminals Deployment Outlook (Revenue, USD Billion, 2014 - 2025)
POS Terminals Services Outlook (Revenue, USD Billion, 2014 - 2025)
Repair and Maintenance services
POS Terminals Application Outlook (Revenue, USD Billion, 2014 - 2025)
Point-of-Sale (POS) Terminals Regional Outlook (Revenue, USD Billion, 2014 - 2025)
Middle East & Africa
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