POS machine market growth
Driver: Adoption of mobile devices for POS transaction
The number of POS machines has increased in the past four years following the introduction of chip-embedded payment cards & Personal Identification Number (PIN). Moreover, growth in the number of departmental and retail stores, which is fueling the demand for POS machines, and increasing transition towards digitalization in developing countries are also among factors boosting the market. A further increase in the demand for POS machines is expected as time progresses and advanced technologies are implemented. As a result, the POS machine market is expected to exhibit a double-digit growth rate during the forecast period.
The global POS machine market is expected to grow at a CAGR of 11.7 percent during the forecast period. The POS machine market was valued at 62,186.4 million US dollars in 2017, and is projected to grow significantly to reach 162,822.9 million US dollars by 2026. The POS machine market is classified on the basis of POS terminal type, industry, and regions.
Mobile POS gaining ground
On the basis of POS terminal type, POS machine market is segmented into fixed POS terminals, mobile POS terminals, pocket POS terminals, and POS GPS/GPRS terminals. Among these, the GPS/GPRS POS machine terminals segment is expected to exhibit a higher CAGR during the forecast period.
However, the mobile POS machine terminals segment is expected to dominate the global POS machine market by the end of the forecast period. Thus, an increase in demand and transition toward mobile POS machines is being witnessed as compared to fixed POS machines, and this is expected to continue due to the portability offered by the former.
High adoption of POS machine terminals is being witnessed across the retail & consumer goods segment owing to the initiatives undertaken by governments to promote cashless transactions and the establishment of various retail stores & multiplexes.