The global point of sale (POS) terminal market is expected to reach USD 116.1 billion by 2025, according to a new report by Grand View Research, Inc. Surge in demand for affordable wireless technologies and increasing demand for mobile POS terminals is anticipated to drive the overall POS terminals market over the forecast period.
The 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. The ubiquitous wireless connectivity, including Bluetooth, combined with the 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, Indian government has demonetized its economy by banning higher currency notes, also they have launched “Digital India” initiative in order to promote cashless economy and online transactions. All such economic changes boosted the demand for POS terminals in India significantly. Indian banks are trying to gain advantage of this demonetization by deploying large number of POS terminals in the market and by providing schemes and discounts to customers in order to promote them to use POS for transaction. Indian banks have surpassed the target of 1 million POS terminals post demonetization, thus growing the market significantly.
There is significant surge in demand for mPOS terminals owing to its portability and lower cost which decreases retailers cost of operation thus providing better reliability. These systems are now available in ultra-portable forms as well wherein POS terminals of size of a small credit card are available in the market. Moreover, rapidly gaining popularity amongst the end users who use their existing tablet/system as POS terminal by using specialized software for their business is anticipated to fuel the demand over the forecast period. This software’s help to reduce operational cost of retailers by eliminating need to install separate hardware system, and fulfilling all necessary needs of retailers from a POS terminal.
Cloud-based POS terminals are gaining traction mainly due to ease of operation and data security that these terminals offer. Many companies are developing SaaS-based systems such as Toast, Touchbistro, Springboard Retail and other similar software in order to provide better user interface and functionality to the end user.
These terminals have a range of applications including inventory management, printing bills, payments, and carrying out loyalty programs, thus leading to their increasing adoption across various end-use verticals. They offer efficient flow control coupled with customer satisfaction, which is expected to favorably impact the consumption.
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Further key findings from the report suggest:
The global POS market accounted for USD 47.95 billion in 2016 and is expected to grow at a CAGR of 9.9% from 2017 to 2025
Fixed POS segment emerged as the largest segment in 2016 and whereas mobile POS systems are projected to grow at 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 to 2025.
The North America market hold the largest share of the of POS terminals market in 2016. Whereas government initiatives in Asian countries such as India are expected to boost the market share for Asia Pacific region by 2025.
Key players include VeriFone Systems Inc., Cisco Systems Inc., Ingenico Group, Hewlett-Packard Inc. are accounting for the majority share of the overall market in 2016.
Grand View Research has segmented the POS terminals market on the basis product, component, deployment, services, application and region:
POS Terminals Product Outlook (Revenue, USD Million, 2014 - 2025)
POS Terminals Component Outlook (Revenue, USD Million, 2014 - 2025)
POS Terminals Deployment Outlook (Revenue, USD Million, 2014 - 2025)
POS Terminals Services Outlook (Revenue, USD Million, 2014 - 2025)
Repair and Maintenance services
POS Terminals Application Outlook (Revenue, USD Million, 2014 - 2025)
POS Terminals Regional Outlook (Revenue, USD Million, 2014 - 2025)
Middle East & Africa
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