Global POS Market Expected to be Within Touching Distance of $10 Billion by 2023
Nov 16, 2017
- Increase in digital payments to propel the global POS market growth
- Introduction of mobile payment solutions to promote market growth
- Growing penetration of EMV-compliant terminals to also promote market growth
A recent report on the Point of Sale (POS) Market - Global Outlook and Forecast 2018 – 2023, released by Arizton Advisory & Intelligence says that the global POS market is expected to see a substantial growth during the next five years.
Analysts at Arizton Advisory & Intelligence say that the market is likely to grow at a CAGR of 12% and cross $9.8 billion by 2023. Rapid urbanization and consequent growth of industries such as hospitality, healthcare, and restaurant in APAC is tipped to help it continue as the highest growing region during the period 2017-2023 with an expected CAGR of 11.41%, which is greater than the expected global CAGR of 10.62% in terms of shipment during the same period
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Increase in Digital Payments to Propel the Global POS Market Growth
Use of plastic money is on the rise. Debit and credit cards offer money accessibility without the need of carrying cash or a checkbook. While debit cards are digitized versions of checkbooks which are wired to the respective bank account, credit cards are connected to the bank which processes funds on behalf of the customer.
Plastic money has to be processed through a point of sale terminal installed at the location of sales. With more and more countries, across geographies, moving towards a cashless economy, the global POS market is expected to see a substantial growth over the next few years.
Introduction of Mobile Payment Solutions to Promote Global POS Market Growth
A mobile payment, also known as mobile or digital wallet, has been trending in the payment industry. Mobile payment applications allow customers to make payment for products and services without the requirement of a physical card. With retailers incorporating point of sale systems with mobile wallets, to attract new customers in addition to retaining the current digital payment users, the global POS market will see an increased demand.
Growing Penetration of EMV-Compliant Terminals to also Promote The Global POS Market Growth
Fraud and data security breach are two of the biggest challenges for digital payments. To counter these challenges, EMV chip cards have been issued across Europe, Latin America, APAC, Canada and the US. These EMV−compliant credit and debit cards maintain card authentication and provide protection against counterfeit cards. This has increased the demand for EMV-compliant systems and is a major factor that is expected to facilitate the growth of the global POS market, across geographies.
Rising Demands from the Healthcare and Retail Industries to also Drive Global POS Market Growth
The healthcare industry is witnessing a growing number of payments made through debit and credit cards. Since healthcare is a heavily regulated industry, additional care is required to protect patient information. To prevent a breach of security, the industry has converted their traditional payment systems to EMV compliant chips incorporating the NFC and contactless payments.
Another sector where plastic money is used in high percentage is the retail sector. This requires higher demand of point of sale terminals from vendors in this segment. In 2017, the retail sector was estimated to have contributed 29.66% of the total global shipments towards the global POS market. This trend will continue to grow over the next few years.
View Report : Point of Sale (POS) Market - Global Outlook and Forecast 2018-2023
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