The global point-of-sale terminals market size is expected to reach USD 108.46 billion by 2025 expanding at a CAGR of 7.8%, according to a new report by Grand View Research, Inc. The market is anticipated to witness substantial growth over the forecast period. Rising demand for POS terminal with multiple features, such as inventory management, CRM, employee scheduling, and reporting, in addition to payment processing will help boost market. Advancement in POS terminals is providing large-, as well as small-scale, businesses with greater flexibility, control, and intelligence than before.
Moreover, growing popularity of mobile POS terminal across different end-user industries, such as restaurant, retail, and hospitality, owing to its portability is expected to drive the market further. The fixed POS terminal segment held a significant share of the market in 2018. However, the mobile segment is expected to gain traction in the years to come. The cloud segment is anticipated to expand at the highest CAGR over the forecast period. The cloud devices have many benefits over physical POS systems, owing to their multiple functionalities and flexible pricing.
Further key findings from the study suggest:
- The global POS terminals market accounted for USD 62.34 billion in 2018 and is expected to register a CAGR of 7.8% from 2019 to 2025
- Hardware emerged as the largest segment in 2018 and is estimated to reach USD 66.30 billion by 2025
- The mobile POS segment is anticipated to witness the highest during over the estimated time period
- Retail segment led the market in 2018 and is anticipated to maintain its dominance throughout the forecast years
- The APAC market is expected to witness the maximum CAGR from 2019 to 2025 on account of rising product adoption due to rapidly expanding electronic payment industry
- Growing retail and foodservice sectors in APAC and wide usage of mobile POS application for creating new payment platforms and marketing channels will also drive market
- Some of the key companies include Ingenico Group; The NCR Corp.; VeriFone Systems, Inc.; PAX Technology, Inc.; Fujian Newland Payment Technology Co. Ltd.; Revel System, Inc.; Oracle Corp.; and ShopKeep
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