The Global Point of Sale Terminal market is expected to reach $73.12 billion with the Compound Annual Growth Rate of 9.88% by 2020, according to a research report.
The factors driving the market are growing adaptation of NFC and Cloud Computing Technologies which has fuelled the growth of POS terminal market. POS systems can be used as Software as a Service (SaaS) and can be accessed directly from any internet browser. Also, Cloud-based POS systems do not depend on the architecture and the operating system of the machines in which they are used, a report by wiseguyreports said.
Due to high and constant demand from hospitality and retail sector, the POS terminals software solutions are witnessing steady growth and is expected to increase even further over the next five years, the report titled “Global Point of Sale Terminal Market 2017 Share, Trend, Segmentation and Forecast to 2020”, said.
The Point of Sale terminal market has grown considerably over the past few years as they offer high Returns on Investments (RoI)and are much easier to use. The demand for POS terminals especially from small and medium sized businesses has increased since they are more durable than traditional cash registers and help in lowering total cost of ownership.
Security issues like data breaching which were supposed to restrain the growth of POS terminals have been settled by Personal Identification Numbers (PINs) and Chip-embedded payment cards.
Mobile Point of Sale Terminals or mPOS terminals are growing significantly since they provide better user experience and help in conducting remote financial transactions which in turn enhance customer experience. The retail is expected to be the major application segment for Point of Sale terminal solutions followed by hospitality and healthcare. Market in Asian Pacific region is estimated to witness highest growth.
The Indian and Chinese market are expected to show the highest growth in the forecast period in this region mainly due to rapid increase in the number of small and medium sized businesses.
The Point of Sale of market is segmented on the basis of components, type, application, and geography. Key players in the market are Cisco Systems, Toshiba Corporation, VeriFone System, Samsung Electronics and MICROS Systems.