POS terminal market to reach $102B by 2023
The point-of-sale terminal market is expected to be worth $103.52 billion by 2023. The market is also expected to grow at a compound annual growth rate of 19 percent from 2016 to 2023, according to a report by Global Market Insights Inc.
Several factors are driving the market’s growth including high security, shorter wait times, small footprint and paper free receiptis. In addition, businesses are able to handle customer data on off-site data centers.
The report covers several key aspects of the industry and reveals that:
- there were 32 million POS terminals in 2015; this number is expected to increase to 126 million by 2023;
- the health care industry is beginning to invest in POS terminals as a way to save costs and comply with government regulations;
- the push for EMV compliance is helping drive growth of the industry;
- the major players in the industry are companies such as Panasonic, NEC, Toshiba, Samsung, Ingenico and Verifone; and
- POS systems are designed to enable faster billing, automatic blocking of expired items and reports for inventory tracking.
The report is available for download at https://www.gminsights.com/industry-analysis/point-of-sale-pos-terminals-market.