Point-of-Sale (POS) Terminals Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 - 2026
Albany, NY -- (SBWIRE) -- 04/25/2019 -- According to a new market report published by Transparency Market Research titled "Point-of-Sale (POS) Terminals Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2016 – 2026," the global market for POS terminals in terms of revenue was valued at USD 7.99 billion in 2016 and is estimated to expand at a CAGR of 12.5% during the forecast period from 2018 - 2026. The market in terms of volume is expected to reach 26.04 million units by 2026.The growing adoption of mobile POS in retail and hospitality sector has emerged as the most significant growth driver for the POS terminals market. In 2016, North America contributed the largest market revenue share, at over 32% of the overall global market. Further, significant demand for POS terminals from the retail and hospitality sectors is expected to create a lucrative market across Asia Pacific.
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Enhanced customer experience and low total cost of ownership (TCO) as compared to conventional channels of payment
In the global POS terminals market, enhanced customer experience and low total cost of ownership (TCO) as compared to conventional channels of payment is expected to drive the market over the forecast period. POS end-users are replacing their traditional fixed POS terminals with advanced mobile and portable POS solutions; this in turn is expected to drive the demand for wireless and mobile POS solutions. Furthermore, introduction and adoption of multimodal payment systems such as cashless and card payment systems are expected to create remarkable market opportunities for players active in the global POS terminal market.
Fixed POS terminals was the largest segment in terms of revenue in 2016 and accounted for over 86% revenue share of the total market due to the early adoption of technology. Adoption of wireless and mobile POS has increased significantly in recent years because of the ease of use, mobility, and lower total cost of ownership as compared to traditional POS terminals. Mobile POS terminals see significant demand from small and medium sized businesses due to their affordable initial cost compared to fixed POS terminals and growing preference for tablets and smartphones at workplaces and in business. Retail sector was the largest end-use industry for POS terminals in 2016, holding a share of around 32% of the total market.
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Growing adoption of advanced payment options by small retailers across the globe is anticipated to drive the growth of the POS terminals market in retail. Healthcare industry is expected to be the fastest growing segment for POS terminals during the forecast period from 2018 to 2026. Adoption of POS terminals is increasing in the healthcare industry due to the increased spending on healthcare services by various countries which is leading to high growth in healthcare infrastructure including payments and patient data tracking.
In the coming years, the growth in adoption of mobile POS in warehouses due to ease of use and mobility is expected to be the major driver for growth in warehouse application. Growing demand from mobile POS terminals and increased emphasis on advanced analytics features are significant factors for the growing demand for software in POS terminals. Multiple operating platforms and applications for mobile POS are available now-a-days leading to the growth in adoption of software in mobile POS.