Earlier this month, global market research and consulting service provider, Global Market Insights Inc. released a report that revealed that the worldwide retail POS terminals market size is likely to reach around $25 billion USD by 2023. It was valued at $11.7 billion in 2014. “This can be attributed to increasing usage of debit or credit cards for transactions coupled with growing payment services,” they report.
The go on to reveal that, in North America, the growing rate of fast food restaurants and mass merchandisers are helping to put the continent’s retail POS terminal market size around $9.5 billion USD by 2023. It was valued at 3.85 billion USD in 2014. As well, it is predicted that “Asia Pacific is likely to attain more than $7 billion USD by 2023, at 14% over the forecast period.”
What factors have led to the growing market size of retail POS terminals? Global Market Insights Inc. points to the fact that POS terminals help for store owners to update their in-store operations. It is evidenced that using advanced technology helps them to increase revenue. Global Market Insights Inc. also comments upon the benefits of wireless terminals adding to their growing popularity. “In addition, portability and accessibility enhances the exploitation of mobile terminals in retail sector,” they report.
“Increasing adoption of EMV cards is one of the major factors responsible for the industry growth,” adds YourProjectNews.com in their report of the study, “The software segment has witnessed stable growth due to increasing adoption in retail sector. This enhances the operational efficiency which in turn drives the industry demand. Mobile POS (mPOS) terminals market is one of the major segments and the driving force of the POS industry.”
What major regions of the world occupy significant retail POS terminal market share? They include Asia Pacific, North America, Europe, Latin America, the Middle East and Africa. “Europe retail POS terminals market size accounted for more than 30% in 2014, growing at a CAGR of over 11% from 2016 to 2023,” says Global Market Insights Inc., “The region is likely to reach USD 7 billion by 2023. This can be attributed to better return on investment offered by these systems.”
They also point out that the technology provided by retail POS terminals advances the shopping experience for consumers by reducing the processing time for payments. “In addition, it also helps the customers to centralize and obtain information about sales of the particular products,” reads their website, “Large retailers in the South America are expected to witness significant growth owing to new terminals introduced in the region.”
At Canadian POS Corporation, we’ve long been aware of the power of the POS terminal. It enables both merchants and customers to enjoy much quicker, easier payment processing. Not to mention, it has practically become expected in today’s business world. Evidently, cash-only businesses are quickly becoming things of the past!