The global point-of-sale market is booming and isn’t showing any signs of slowing down, according to a recently released report from Zion Market Research.
A press release announced the publication of the report, which offers forecast and analysis for the market on a global and regional level. The report shows the POS market valued at more than $45 billion in 2016. It is expected to reach approximately $98.27 billion by 2022, growing at a compound annual growth rate of around 13.5 percent during the next five years.
A point-of-sale terminal (POS) is the computerized replacement of a cash register, allowing retailers a simpler accounting process. Terminals can process transactions made with credit and debit cards, track customer orders and past transactions, create purchase orders and perform records maintenance, all within the same network. One of the biggest perks of the POS terminal is that it cuts down significantly on user error.
According to the report, wireless and mobile POS, in particular, help businesses “to improve operational efficiency and increase revenue through faster order processing, improved order accuracy, increased productivity and more efficient customer checkout.”
The report studied the growth of POS across the globe and in a number of different retail sectors, such as retail, hospitality, healthcare, warehouse, entertainment and others. Retail currently dominates when it comes to POS usage, but the technology is in high demand in both retail and hospitality.
It appears that the rise in eCommerce transactions has played a crucial role in the rise in POS terminals. More consumers are using their mobile devices to shop and make purchases, with recent reports showing a preference towards non-cash transactions. However, there are always security risks involved with mobile transactions, which can affect the market’s growth. Overall, Zion believes there will be high growth over the next five years.