Global Point-of-Sale market to reach USD 108.52 billion by 2025
email@example.com 2018-03-28 17:11:00
The global Point-of-Sale (POS) market, which was estimated to be at USD 39.04 Billion in 2015, has been projected to become USD 108.52 billion by 2025, showing a CAGR of 10.9% growth during the forecast period.
According to a market report by the U.S-based Market Research organization Xpodence Research, continuous increase in investments in advanced technologies such as end-to-end encryption for secured payment solutions and customer satisfaction and convenience are escalating the demand.
The rapid penetration of smart phone devices across the world has changed the focus of industry players towards POS software technology as POS terminal solutions have been evolving continually.
India aids global POS growth
The explosive growth of Near Field Communication (NFC) devices is likely to increase the demand of contactless POS payments to multi-folds in developing and developed countries, which will further impact the POS growth.
For example, in November 2016, Indian government had demonetized its economy by banning higher currency notes and started “Digital India” program to encourage online and cashless transactions. Such move has substantially increased the awareness on POS technology in India and boosted the demand for POS payment terminals among retail businesses. According to RBI records, India now has one million POS terminals post demonetization with demand for POS machines increasing day-by-day accelerating the growth.
Indian retailers are now eager to adopt POS technology to augment their business prospects. Due to low supporting software prices, easy accessibility of advanced POS machines, user friendly applications, cost effective integration, time and space saving and portability Indian retailers are drifting from the conventional cash payment system to advanced and useful Point of Sale system.
Additionally, the availability of mobile payment alternatives, increase in ecommerce transactions, adoption of wireless payment technology, rising usage of Visa, MasterCard, RuPay, Euro Pay cards, and wearable POS devices are likely to increase the growth over the forecast period.
However, there have some obstacles which can slow down the POS growth in India. Stringent regulations to get government certifications for new technology, high import cost, high GST values and increasing data security threats can be the hurdles for the growth in the coming years, say retail industry sources. Recently, the Indian government has introduced GST rates for various products and services. GST for POS devices hovers around 12 to 28 per cent, notwithstanding the thin margin of the Indian POS market works.
The global POS market has been segregated as per product component, type, application and deployment. POS product type is further divided into fixed POS terminal, mobile and wireless POS terminal.
Component segment has two sections: hardware and software while deployment type has on-premise and cloud. Based on application, the market can be divided into retail, hospitality, restaurants, entertainment and warehouse & distribution.
POS Software market, according to the report, is likely to witness significant growth during the next five years owing to high demand for cloud computing. This has resulted in rapid growth of Software-as-a-Service (SaaS) platform-based POS systems.
-K RAMANATHAN firstname.lastname@example.org
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