The global POS terminal market is expected to expand at a whopping compound annual growth rate of 10.5% from the year 2017 to the year 2025 following the increasing approval of POS terminals across all the high risk businesses namely E-commerce, Warehouse Distribution, Gambling Web sites, Healthcare, Travel Agencies and Hospitality Sectors, as per the Transparency Market Research (TMR), a global market research, analysis, and intelligence firm. This market is defined by the presence of a substantial number of players. Perhaps, the presence of multiple players is making this industry remarkably competitive however such existence of the competition will only prove to be a positive arousal for the growth of the market. This will not only motivate the industry players to constantly utilize and adopt the superior technology but also to come up with enhanced and optimized solutions. This is another reason why the market should expect to observe the rise of several new industry players in the coming time along the years.
POS Terminals i.e., Point of Sale Terminals have a varied number of advantages which includes effective and optimized maintenance of client database, faster processing of checks, dynamic inventory management, an upgraded continuance of customer loyalty programs, and superintendence of exclusive discount offerings.
Mobile POS Terminals is also expected to witness huge adoption increment in the coming future
Talking about terminal types, it is anticipated that in the coming years the fixed POS terminal will lead in comparison to mobile type POS terminals. You’d be surprised to know that the fixed terminal accounted for an unbelievable 93% aftermarket in the year of 2016. In the subsequent years however it is expected that the adoption rate of mobile and wireless POS terminals will increase simultaneously on the basis of the ease of use. Besides this, it is also considered cost-effective, and itinerant against the conventional POS which are fixed. The industry requirement for mobile POS terminals is foreseen to grow among small and medium-sized businesses on account of the rising affordability. The expanding invasion of smartphones and tablets is a key factor in the increase of the mobile and wireless type POS terminals.
With the upcoming demand for the POS Terminal, Retail seems to be the most lucrative area of application for POS Terminal
The retail application area is leading on the basis of the increasing popularity of technology-driven payment options among small-scale retailers against the various application areas of the POS Terminal such as a warehouse, distribution, hospitality lodging, travel agents, restaurants, supermarkets, grocery stores, field services, healthcare, gambling websites, marijuana stores, luxury watches and many more high risk businesses. The fastest growth, however, is expected to be displayed by the healthcare sector in the coming years. With a whopping compound annual growth rate of 12.1% from the year 2017 to the year 2025, the healthcare sector will showcase a healthy growth in the years to come within the global point-of-sale terminal market. Also, the warehouse application segment will also experience a healthy growth on account of the growing popularity of mobile POS terminals.
Let’s talk about components, the POS hardware segment is expected to lead. The POS hardware segment includes physical inventory scanner, pin pad, receipt printer, tag printers, wireless barcode scanners, cash drawer, payment terminal reader, workstation, and accessories. The rising adoption of POS terminals among quick-service restaurants and small retailers will continue to drive the growth prospects of the point-of-sale terminal market in North America. The market in this region is also driven on account of the compliance requirements such as Master Card, Europa, and Visa which is in place in this region in order to ensure the enhanced security of payments.
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