Global Point-of-Sale (POS) Terminal Market is estimated to register a promising 11.50% CAGR between 2017 and 2025
ALBANY, New York, Oct. 29, 2018 (GLOBE NEWSWIRE) — The POS terminal market is gaining traction due to growing adoption of POS terminal in the numerous sectors. Factors such as innovations and advancements are expected to fuel the growth of the global POS terminal market. Features of the POS terminal such as real-time analytics is augmenting demand for growth of the market. Additionally, numerous companies are trying to enter into the market and these players are intensifying the competition as these players are offering the POS terminal with additional features. For instance, recently, in October 2018, the Square Inc. has launched a new payment terminal. This new terminal offers improved speed for payments. This new product is suitable for small and mid-level industries and businesses. This product is expected to help the company to save from the share price drop. The numerous small and large vendors are adopting these POS terminals for safe payments which in turn is fuelling growth of the market.
The demand for effective and cost-effective technologies for managing the records and payments in numerous end-user industries such as healthcare, hospitality, warehouse, and retails. Additionally, growing demand for the POS terminal is growing from the distribution is major factor propelling growth of the global POS terminal market in the coming years.
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According to TMR, due to these factors, the market for POS terminal was valued at US$54.68 bn in 2016 and is expected to expand with a CAGR of 11.50% over the forecast period from 2017 to 2025.
Some of the other factors influencing on growth of the global POS terminal market include:
Advent of Advanced POS Terminal to Propel Growth: Growing necessity for the user-friendly, convenient, and secure payments across numerous applications are boosting adoption of the POS terminal as these meet the demand of users. This is a key factor propelling the growth of the global POS terminal market. Additionally, growing demand for contactless payments coupled with the propagation of the near field communication (NFC) devices especially in the industrial level has surged the adoption of POS terminal. This is another factor propelling growth of the global POS terminal market.
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Widening Usage of the POS Terminal to Augment Growth: POS terminal is increasingly adopted by the small and mid-sized retailers globally owing to its security, cost, and convenience. This higher adoption is propelling growth of the global POS terminal market. Furthermore, the POS terminal is increasingly adopted across retail, warehouses, and hospitality sectors owing to its advancements and effectiveness to reduce the risk of frauds which is further fuelling growth of the market.
Improvements in Software to Propel Adoption: Increasing investment in the research and development (R&D) for improving the payment solutions and convenience coupled with ensuring safety of the solution are expected to augment demand for POS terminal. Additionally, these attempts of improving systems are improving its features to support by ensuring safety in the contactless payments. Additionally, numerous companies are focusing to encourage penetration of software primarily in smartphones.
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Data Security Concerns to Hamper Growth: Rising security concerns regarding data theft are hampering adoption of the POS terminal. Additionally, for ensuring safety, numerous governments have imposed stringent regulations and certifications which have critical criterions to get the certificates. These stringent regulations are acting as restraints to the growth of global POS terminates market.
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