The volume of the global point-of-sale terminal market was more than $43 billion in 2015 and is set to grow to $100 billion by the end of 2023. The retail POS market is expected to grow to more than $30 billion by that time, according to new research from Global Market Insights.
According to the research firm, the global industry is expected to register CAGR of more than 18 percent during the timeframe. “The global point-of-sale terminals market has experienced a substantial turnaround due to significant expansion of [point-of-sale] terminal services and different technical modernizations taking place at rapid speed,” Global Market Insights said in a press release announcing the new research. “Increasing demand for integrated point of sales, contactless methods of payments and creation of NFC equipments in industrial ecosystem are few of the aspects predicted to stimulate the growth of the global industry. Growing investment in line bursting technology is predicted to play an important part in enhancing the demand and growth of the global industry.”
Widespread use of wireless technology for communication purposes and heavy demand of point-of-sale terminals across different areas of applications are the key factors driving the growth of the global point-of-sale terminals market, but the requirement for widespread government certifications and rules, along with data safety concerns, is predicted to hinder the growth of the global point-of-sale terminals market, it noted. Further, the nonconformance to PCI data security standards enhances the chance of card information violations, leading to fiscal, as well as nonfiscal, impacts that include reputation loss of representatives and loss of consumer faith.
The report went on to note that the global point-of-sale terminals market is divided into wireless and mobile point-of-sale terminals and fixed point-of-sale terminals. The fixed terminals led the global point-of-sale terminals market during 2015, while the wireless and mobile point-of-sale terminals section of the market has grown substantially given these systems provide some benefits, including low initial installation cost, mobility and user-friendly features.