Global POS market set to boom

Albany, N.Y. — The global POS terminal market is set to boom in the next five years. On the basis of revenue, the global POS terminal market stood at $36.86 billion in 2013, and it is expected to demonstrate an impressive 11.6% compound annual growth rate during the period of 2014-2020, according to a new report.



The report cited accelerated adoption of mobile POS terminals across retail and hospitality sectors as the key growth driver of the market. The market for POS terminals include fixed, wireless, and mobile POS terminals. Among these, fixed POS terminals led the market in 2013 in terms of revenue.



The fixed segment individually accounted for 81% of the overall POS terminal market, mostlly due to early adoption of the technology in the market. However, with the progress of technology, the market for wireless and mobile POS terminals has significantly expanded,



The report observes that the demand for mobile POS terminals is extremely high among small and medium-scale businesses owing to its low initial cost. Moreover, the use of tablets and smartphones has significantly increased in offices.



In terms of application, the retail sector dominated the POS terminals market in 2013, accounting for 34% of the market. Factors such as escalating adoption of advanced payment technologies, especially among small retailers, has given an incredible boost to the POS terminals market in retail. In 2013, North America was the largest market for POS terminals and held a share of around 32% in terms of revenue