The unprecedented acceptance of digital payment technology by shoppers and retail businesses across several leading economies is expected to double the POS terminal market worth to about USD 100 billion by 2022, say researchers.
From the 2016 level of USD 45.97 billion, the POS terminal market is likely to reach at USD 98.27 bn by 2022 due to increase in demand caused by the emerging technologies, says Credence Research.
Helped by flexibility and convenience, the advanced POS terminals have cut the shoppers’ waiting time drastically, enhanced billing method and maintained individual buyer’s shopping records and customers’ personal information confidential.
POS payment terminals can store encrypted data of customers’ payment information and personal details in secured environment.
Multi-faceted POS terminals
Today’s POS terminals are highly useful for retailers and can perform myriad functions such as CRM, inventory management, back-office operations, real time sales analysis and comparison charts, queue buster, anytime-anywhere billing, and customized sales promotional campaigns.
The Credence Research analysis has included the key global POS terminal markets which include the entire Europe, North America, Latin America and Asia Pacific regions.
The global POS terminal market is dominated by North America due to the steady rise in the usage of wireless technology across various business sectors, followed by Europe and Asia-Pacific regions, respectively.
However, due to rapid advancements in card acceptance and overwhelming use of plastic money POS terminal market are gaining great momentum in the Asia-Pacific region which is expected to grow at a CAGR of 13% during the forecast period.
India triggers growth
Especially in India and China, the usage of debit cards has seen exponential increase which will push the growth of POS terminals in the Asia-Pacific region in the coming years. These two countries are expected to have more supermarkets coming up, which will further drive the global POS terminals market growth, the report added.
For India, the government’s decision to become cashless economy has improved the digital transactions across cities and villages during 2016-17, which will have a major impact on the global POS terminal market growth. There has been a steady growth in the usage of POS terminals with NFC devices in the burgeoning retail sector which will have the CAGR of 10 per cent during the forecast period. POS terminal market is also growing substantially in India due to government’s effort to promote computerized payment system instead of traditional cash register for retail transactions.
The advanced POS terminals are being increasingly used in grocery retail, hospitality, healthcare, entertainment, automotive stores, warehouses, convenience stores and e-commerce portals, which will become a significant turnaround in the forthcoming years.
A POS terminal can simplify the transaction processes and save money and time with improved and efficient customer service. POS terminals with payment options are being highly adopted by retail businesses and ecommerce companies as per RBI regulations and security norms and take care of the security of the confidential financial data of customers.