POS Terminal Market in Brief
- The POS terminal market is expected to register a CAGR of 12.8% between 2019 and 2027. The market is projected to be driven by Rise in Demand for Mobile POS Terminals.
- The global POS terminal market is expected to reach US$ 37.0 Bn by 2027 from US$ 14.2 Bn in 2019. Rising number of volume of transaction across the globe is expected to boost the growth of the market.
- The POS terminal market in Asia Pacific and Middle East & Africa is anticipated to expand at a rapid pace during the forecast period, followed by South America.
- North America remains the dominant leader in the global POS terminal market in year 2019 primarily due to tremendous growth in adoption of POS terminal by SMEs.
- North America is projected to see significant growth in the global POS terminal market during the forecast period. Strong network infrastructure and increasing adoption of digital services is expected to drive the consistent growth of the North America POS terminal market.
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POS Terminal Market Definition
- The POS terminal market report provides analysis of the global POS terminal market for the period 2017 – 2027, wherein 2018 is the base year and 2019 to 2027 is the forecast period. Data for 2017 has been included as historical information.
- The report studies the POS terminal market from the perspective of different component and industry vertical.
Global POS Terminal Market– Snapshot
Asia Pacific is expected to see highest opportunity addition in the POS terminal market globally, with Europe being the next closest region.
Key Growth Drivers of the POS Terminal Market
- Rise in Demand for Mobile POS Terminals - Mobile point of sale (mPOS) refers to specialized wireless devices such as tablets and smartphones that are capable of functioning as an electronic point-of-sale terminal or cash register. The implementation of mPOS allows the sales and service industries to conduct financial transactions at any place, owing to mobility, improved customer experience, and saving of space. Furthermore, according to custom research by HP company, till 2018, 3% of enterprise merchants have fully deployed an mPOS solution, and 86% of companies are either currently in the process of implementing or are planning to implement mPOS in the next two years. Thus, the anticipated demand for mPOS is expected to drive the POS terminals market during the forecast period.
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- Enhanced Customer Experience and Low Total Cost of Ownership (TCO) as Compared to Conventional Channels of Payment - Advanced POS technology competes with older point-of-sale systems such as PC cash drawers (PCCD) and cash registers. Retailers are seeking ways to update the legacy checkout systems in order to enhance customer service and operational efficiency. Retailers have realized that even a small cost reduction could lead to significant improvements in the bottom-line of their businesses. The advent of advanced payment technologies such as NFC and Europay, Master Card, and Visa (EMV) and an increase in the adoption of payment options such as debit and credit cards have played a role in boosting demand for POS terminals. Furthermore, many of the terminals currently installed do not have the capacity to be upgraded and will require replacement, which is likely to boost the market.
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Key Challenges Faced by POS Terminal Market Players
According to a recent study (2018) by the Electronic Transaction Association, better data security is the number one priority for customers. POS systems handle critical information, and they are often exPOSed to the risk of security breaches. Every POS system needs to connect with an external network. The type of network connection depends on the store or retailer. While small businesses connect their POS systems via cellular data connections, larger businesses connect their systems with the help of their internal network. POS terminal systems can be managed remotely via these internal networks. This may result in theft/loss of important information such as credit card numbers. Although adopting mobile POS terminal solutions has significant advantages, there are various regulatory, operational, and technical challenges. For instance, reliability of services is hampered, owing to poor network connectivity.
Companies are shifting toward advanced technology to gain competitive advantage in the POS terminal market apart from maintaining their position in the market.
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