SAN FRANCISCO, Feb. 13, 2020 /PRNewswire/ -- The global POS terminal market size is expected to reach USD 125.9 billion by 2027, registering a CAGR of 7.5% over the forecast period, according to a new report by Grand View Research, Inc. Rising demand for Customer Relationship Management (CRM), reporting, payment processing features along with understanding customer purchase patterns is anticipated to drive the growth. Furthermore, the decline in the trend of carrying cash for shopping coupled with growing digitalization in the payment industry is anticipated to boost the adoption of point-of-sale terminals.
Key suggestions from the report:
The global POS terminal market accounted for USD 69.0 billion in 2019 and is expected to expand at a CAGR of 7.5% from 2020 to 2027
Mobile product segment was valued at USD 25.1 million in 2019 and is anticipated to register the fastest CAGR of 12.8% from 2020 to 2027
Healthcare segment will witness the fastest CAGR of 9.8% during the forecast period
Asia Pacific is expected to expand at the fastest CAGR from 2019 to 2027. Rising demand in retail stores in China, India, and Japan is one of the key factors driving the growth. Moreover, booming fine dining and other forms of restaurants in food service sector in major cities is anticipated to further fuel the growth
Key market players include Ingenico Group; NCR Corporation; VeriFone Systems Inc.; PAX Technology Corp.; Fujian Newland Payment Technology Co. Ltd.; Revel System Inc.; Oracle Corporation; and ShopKeep
Large businesses are using POS systems to gain consumer insights, which are then applied to develop discount schemes and personalized marketing. This helps attract more customers and boost sales. Small and medium businesses have also realized the benefit of deploying these systems on their premises. Industries such as retail, hospitality, and restaurants are the highest adopters of POS systems for everyday transactions at their facilities.
The market for fixed POS terminal has been affected by the introduction of mobile POS systems. The mobile segment is anticipated to expand at the fastest CAGR over the forecast period and is projected to reach over USD 68.3 billion by 2027. The demand for mobile POS terminal is rising rapidly in developed countries owing to its user-friendly, cost-effective, and convenience features. Moreover, they allow omnichannel assistance for scenarios, such as Buy Online, Pick-up in Store (BOPIS), online purchase, and home deliveries from the store, which is expected to boost market growth over the forecast period.
Grand View Research has segmented the global POS terminal market on the basis product, component, deployment, application, and region:
POS Terminal Product Outlook (Revenue, USD Million, 2016 - 2027)
POS Terminal Component Outlook (Revenue, USD Million, 2016 - 2027)
POS Terminal Deployment Outlook (Revenue, USD Million, 2016 - 2027)
POS Terminal Application Outlook (Revenue, USD Million, 2016 - 2027)
POS Terminal Regional Outlook (Revenue, USD Million, 2016 - 2027)
Workflow Management System Market – Growing need for streamlining of business process coupled with increasing technological penetration across different industry verticals is expected to boost the demand for workflow management systems (WFMS) significantly in upcoming years.
Fog Computing Market– Fog computing is an advancement in Internet of Things (IoT) that has shifted data processing out of the cloud into devices. With the growing number of IoT deployments, the amount of data is multiplying, thereby giving rise to several challenges involved in uploading and processing this data.
IT Asset Disposition Market– Increasing use of electronic devices and growing need among enterprises to dispose their IT assets efficiently are the major factors driving the market. In addition, rising awareness regarding the benefits associated with proper disposition of assets is expected to boost the demand in the coming years.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.