Increased investment in line busting technology is expected to play a key role in point of sale (POS) terminals market growth
Point of sale (POS) terminals market size is expected to exceed USD 100 billion from 2016 to 2023. Global market Insights Inc. has announced an addition of a new study based report. The report analyzes the Global POS terminal industry with various perspectives and features regional, application based and competitive insights with future estimations for the projected time frame. The report focuses on key factors that impact the market growth including drivers, impediments, opportunities and challenges. The report projects shipments to witness significant growth with a growing CAGR of 18% by 2023. Rising expenditure in line busting technology is likely to influence the industry growth positively.
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The industry experienced strong gains attributed to the rapid advancements in various technologies and significant growth of POS terminal solutions. Rising demand for NFC devices and integrated systems in the industrial ecosystem is likely to further the market growth. Furthermore, increasing demand for applications in SMBs is anticipated to propel growth. In addition to this, rise in reasonably priced wireless communication technologies has opened new avenues in the market.
Retail POS terminals market size is predicted to hit USD 30 billion during expected period. The advent of mobile wallet technologies is expected to penetrate retail oriented products from 2015 to 2023. Healthcare applications are anticipated to witness growth over 13.9% CAGR in near future.
Mobile POS terminals are implemented for superior mobility and enhanced user experience. The market share for this product is expected to grow at 19% CAGR during the projected time frame. Hardware is likely to continue its dominance in Point of Sale (POS) terminals market share in the near future with projected share over 85% during the predicted period. Software segment is expected to witness growth attributed to surge in retail and hospitality businesses. Biometric segment is expected to grow, owing favorable regulatory conditions and rise in the number of retail chain openings.
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The Asia Pacific Point of Sale (POS) terminals industry is forecast to exhibit growth at a growing CAGR of 13% in near future. Growing preference for connectivity and portability and rising demand across application areas are key driving forces in regional segment.
The report analyzes the competitive landscape of the POS terminal market. It features key participants profiled in the report, coupled with key strategies, finance metrics and current trends. Some of the key players listed in the report are Ingenico, PAX Technology, VeriFone, Zebra Technologies, Oracle and First Data Corporation.