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.
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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.
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