The global POS terminal market is anticipated to expand a whopping 11.5% CAGR from 2017 to 2025 on account of the rising acceptance of POS terminals across Healthcare, retail, warehouse distribution, and hospitality sectors, asper Transparency Market Research (TMR). This market is characterized by the presence of a large number of players. The presence of numerous players is making this market extremely competitive but this competition will prove to be a positive influence for the growth of the market as this will inspire players to continually adopt advanced technology and come up with improved solutions. The market is expected to witness the entry of many new players during the forecast period.
POS terminals have several advantages including efficient maintenance of customer database, fast processing of bills, efficient inventory management, improved maintenance of customer loyalty programs, and management of special discount offerings.
Mobile POS Terminals to See Increased Adoption in Future
In terms of terminal types, it is expected that in the years to come the fixed POS terminal will lead as against mobile type POS terminals. The fixed terminal accounted for a whopping 94% aftermarket in 2016. In the years to come however, it is anticipated that the adoption rate of mobile and wireless POS terminals will also increase on account of the ease of use, cost-effectiveness, and mobility as compared to the conventional POS which are fixed. The demand for mobile POS terminals is expected to increase among small and medium-sized businesses on account of the rising affordability. The growing penetration of smartphones and tablets is a key factor behind the growth of the mobile and wireless type POS terminals.
Retail to be Most Lucrative Application Area for POS Terminals
Among the various application areas of POS terminals such as grocery, supermarkets, restaurants, hospitality lodging, field service, healthcare, retail, government, and warehouse/distribution, the retail application area is leading on account of the rising popularity of technology driven payment options among small-scale retailers. The fastest growth however, is expected to be displayed by the healthcare sector in the years to come. With a 13.1% CAGR from 2017 to 2025 the healthcare sector will display a healthy growth in the years to come within the global point-of-sale terminal market. the warehouse application segment will also experience a healthy growth on account of the growing popularity of mobile POS terminals.
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North America to Continue to Lead in POS Terminal Market Due to Booming Retail and Entertainment Sectors
In terms of components, the POS hardware segment is expected to lead. The POS hardware segment includes physical inventory scanner, pin pad, receipt printer, tag printers, wireless barcode scanners, cash drawer, payment terminal reader, workstation, and accessories. On the basis of geography North America leading the market in 2016 accounting for 30% of the total revenue achieved within the point-of-sale terminals Market.
The booming retail and entertainment sector in North America was behind the growth of the POS Terminal Market in the region. The rising adoption of POS terminals among quick service restaurants and small retailers will continue to drive the growth prospects of the point-of-sale terminal market in North America. The market in this region is also driven on account of the compliance requirements such as MasterCard, Europa, and Visa which is in place in this region in order to ensure enhanced security of payments.