POS Systems Market to See Further Growth, Report Shows

The point-of-sale (POS) terminals market will likely see further growth thanks to the increasing adoption of near-field communication (NFC) technology for payments together with payments companies further relying on cloud technologies.

This is according to a new report titled “Global Point-of-Sale (POS) Terminals Market Analysis Size And Segment Forecasts To 2020” released by business consulting firm Grand View Research.

The study attributed the growth in this market to the ease of use and improved return on investment (ROI) being offered by POS systems.

Advanced POS systems significantly reduce total cost of ownership (TCO) as they offer higher reliability and durability than their traditional counterparts, the report said.

POS system markets will also benefit from the introduction of chip-embedded payment cards and personal identification number, which will alleviate security issues that continue to plague the payment sector, it added.

The increased demand for mobile POS (mPOS) terminals, which the report said will replace current transaction and payment techniques owing to their improved features such as better user experience and mobility, will also have a positive impact on the market.

Growing mPOS hardware adoption by small and medium-sized businesses (SMBs) will offer opportunities for growth to market participants, the report said.

The growth in the global POS terminals market, valued at more than US $30 billion in 2012, however, may be restrained by the need for extensive and complex list of governmental regulations and certifications, the report noted.