The global POS terminals market is expected to reach USD 113.27 billion by 2024, according to a new report by Grand View Research, Inc. The introduction of chip-embedded payment cards and personal identification number (PIN) has minimized security concerns relating to sensitive data theft, which is projected to drive the POS industry over the forecast period.
These terminals have a range of applications including inventory management, printing bills, payments, and carrying out loyalty programs, thus leading to their increasing adoption across various end-use verticals. They offer efficient flow control coupled with customer satisfaction, which is expected to favorably impact the consumption.
The ubiquitous wireless connectivity, including Bluetooth, combined with the availability of peripheral devices, card readers, scanners, mobile printers, and multiple platform support, is projected to drive demand over the forecast period.
The widespread affordability and availability of smartphones and tablets have witnessed a considerable increase over the past few years. It is estimated that across the globe, the number of smartphone and tablet users would reach over 6 billion and 1.40 billion respectively by 2020, thus driving demand for the POS products.
The industry is steadily migrating toward the digital format with electronic signature capture and e-mail receipts, enabling paper-free transactions and consequently, offering lucrative growth opportunities by 2024. However, the migration of the global payment industry toward more secure chip card technology can hamper the demand.
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Further key findings from the report suggest:
- In 2015, the fixed POS terminal accounted for over 70% of the revenue share. However, the low-cost availability of mPOS terminals has made them a feasible payment acceptance solution for the business owners. In the U.S., restaurants outlets are increasingly embracing tablets (iPad or non-iPad based POS) as a preferred mode of conducting transactions.
- The mobile point-of-sales industry is expected to reach over USD 55 billion by 2024. These products are primarily used for better user experience and mobility, making use of technologies such as GPRS, 802.11, CDMA, and Wi-Fi for communication.
- The hardware segment accounted for a share of over 89% and had further been projected to remain the largest revenue contributor to the POS terminals industry. The software segment, on the other hand, is expected to witness a significant demand by 2024.The growing need for customized systems, facilitated with the help of the POS software, is expected to be the key growth opportunity for companies operating inthe industry.
- The healthcare sector is estimated to offer prominent growth opportunities, growing at a CAGR of nearly14.0% from 2016 to 2024. The growing need to streamline payment practices is determined to drive demand across this sector.
- The retail sector is projected to reach over USD 30.5 billion by 2024. The ability of mobile POS for collecting customer data and storing it in a CRM, as well as up-selling and cross-selling along with payment processing, are some of the key factors driving demand for the mPOS terminals across the retail sector.
- The Asia Pacific POS terminals market is projected to grow at a CAGR of 13.6% from 2016 to 2024. China’s banking industry is accelerating the migration of EMV from magnetic stripe cards to IC cards, thus driving demand across this region. Over 40% of India’s mobile users use smartphones for online banking and financial activities, offering prominent growth opportunities.
- Notable companies operating in the POS terminals market include Toshiba Corporation, Panasonic Corporation, Samsung Electronics Co Ltd., Verifone Systems, Ingenico S.A, and PAX Technology. The industry is characterized by the extensive R&D investment in order to obtain a competitive advantage, which is expected to result in frequent acquisitions and strategic alliances.
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Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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