SAN FRANCISCO, March 14, 2018 — 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 with TOC on “Point-of-Sale (POS) Terminals Market Analysis Report By Product (Fixed, Mobile), By Component (Hardware, Software, Services), By Deployment (Cloud, On-premise), By Service, By Application, And Segment Forecasts, 2018 – 2025” at: https://www.grandviewresearch.com/industry-analysis/point-of-sale-pos-terminals-market
Further Key Findings From the Report Suggest:
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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)
· POS Terminals Application Outlook (Revenue, USD Billion, 2014 – 2025)
· Point-of-Sale (POS) Terminals Regional Outlook (Revenue, USD Billion, 2014 – 2025)
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