A new report by Global Market Insights reveals that the market size for mobile POS terminals will gain significant growth in the coming years, with a compound annual growth rate (CAGR) of more than 19 percent from 2016 to 2023.
According to a press release, the POS Terminal Industry is expected to be valued at $103.52 billion by 2023, with the growing demand for mobile-based features, such as online payments, and the preference for smartphone or tablet usage boosting the market’s growth. In addition, enhanced solutions — including new security features, wireless communication technology, the need for paperless receipts and prevention of fraudulent transactions — will continue to make the terminals a popular choice for merchants and their customer base.
“Most of the customers today are leaning toward the technological advancements, such as smartphones, internet and tablets, which will further drive the mPOS industry size significantly over the coming years,” the report states. “The availability of game-changing features, such as enhanced user experience and mobility, will impact positively on mobile POS terminals’ market size. Moreover, merchants are adopting this device to attract more customers, due to simplicity, convenience and flexibility offered by POS terminals while making payments.”
The report notes that the increasing popularity of mobile wallet payments, such as Apple Pay and Samsung Pay, will only serve to boost the mobile POS industry, especially in the retail sector. POS terminals are used by merchants in retail, warehouse, healthcare, entertainment and hospitality sectors, with retail POS terminals attributing to more than 30 percent of the overall share in 2015.
With retailers’ penchant for implementing advanced technology to prevent transaction frauds and execute secure online payments, consumers are feeling more confident making purchases through the terminals. In addition, advanced features — such as an efficient invoice system, discount offers, inventory management systems, data backup and customer record maintenance — make POS terminals more attractive to retailers looking to streamline their businesses.