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.
Browse full research report on Point-of-Sale (POS) Terminals Market: https://www.grandviewresearch.com/industry-analysis/point-of-sale-pos-terminals-market
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.
Browse more reports of this category
by Grand View Research: https://www.grandviewresearch.com/industry/communications-infrastructure-systems-and-software
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)
- Fixed
- Mobile
POS
Terminals Component Outlook (Revenue, USD Billion, 2014 - 2025)
- Hardware
- Software
- Services
POS
Terminals Deployment Outlook (Revenue, USD Billion, 2014 - 2025)
- Cloud
- On-premise
POS
Terminals Services Outlook (Revenue, USD Billion, 2014 - 2025)
- Managed
Services
- Repair and
Maintenance services
- Professional
Services
POS
Terminals Application Outlook (Revenue, USD Billion, 2014 - 2025)
- Restaurants
- Hospitality
- Healthcare
- Retail
- Warehouse
- Entertainment
- Others
Point-of-Sale
(POS) Terminals Regional Outlook (Revenue, USD Billion, 2014 - 2025)
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- Asia Pacific
- China
- Japan
- South Korea
- Latin America
- Brazil
- Mexico
- Middle East
& Africa
About Grand View
Research
Grand View Research, Inc. is a U.S. based market
research and consulting company, registered in the State of California and
headquartered in San Francisco. The company provides syndicated research
reports, customized research reports, and consulting services. To help clients
make informed business decisions, we offer market intelligence studies ensuring
relevant and fact-based research across a range of industries, from technology
to chemicals, materials and healthcare.
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