Global POS Terminal Market: Snapshot
The global POS terminal market is growing at a healthy pace in the last few years. The rising adoption across diverse sectors and the increasing awareness among consumers related to the benefits it offers are projected to encourage the development of the market in the coming few years. Furthermore, the key focus on advancements and innovations is expected to offer growth opportunities for the players in the near future. The advent of real-time analytics functionalities is expected to act as a major opportunity for the development of the POS terminal market in the coming years.
As per the market intelligence report by Transparency Market Research, in 2016, the global market for POS terminal was worth US$54.68 bn. The market is estimated to register a promising 11.50% CAGR between 2017 and 2025.
Increasing Adoption by Small-size Retailers to Encourage Market Growth
The growing demand for cost-effective technologies in order to manage the inventories and payments in large end-user industries, including healthcare, retail, hospitality, and warehouse and distribution is the major factor augmenting the growth of the global POS terminal market in the coming years. In addition to this, the growing need for user-friendly, secure, and convenient payments in diverse application segments is another key factor encouraging the market growth. The rising adoption of POS terminals in the hospitality and retail sector is further estimated to drive the global POS terminal market in the near future.
The small-size retailers in several developing nations are adopting the POS terminals for secure and convenient payment options, thus driving the overall market. Moreover, the rising demand for wireless and mobile POS terminals among the small-size and medium-size businesses, owing to the affordability is further projected to accelerate the market growth in the coming few years. Furthermore, the growing popularity of POS terminals in warehouses and the growing need for advanced software in order to prevent frauds are considered to offer lucrative opportunities for players in the next few years.
North America to Lead Global POS Terminal Market
From a regional perspective, North America is expected to hold a major share of the global POS terminal market and register a promising growth rate in the coming few years. The rapid development of the entertainment and retail sector is considered as the key factor that is encouraging the growth of the North America market. In addition to this, the increasing rate of adoption of POS terminals among small retailers and quick service restaurants is likely to support the market growth in the next few years. On the other hand, Asia Pacific holds immense growth potential, thanks to which the key players are emphasizing on the developing nations in this region, thus supporting the growth of the market.
The global POS terminal market is moderately fragmented in nature with several players operating in it around the world. The competition in this market is expected to build up in the coming years, thanks to the rising number of new entrants and software vendors. The rising focus of the key players on the development of advanced technologies is expected to help the companies in gaining the competitive edge and enhance their penetration worldwide. Some of the key players engaged in the POS terminal market across the globe are Samsung Electronics Co. Ltd., Toshiba Corporation, MICROS Systems Inc., Panasonic Corporation, NEC Corporation, NCR Corporation, Cisco Systems Inc., Hewlett-Packard Company, VeriFone Systems Inc., Ingenico S.A., and PAX Technology Limited.
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