The Point of Sale terminal market has grown considerably over the past few years because they offer high returns on investments and are much easier to use, a report by Research and Markets showed.
The demand for POS terminals especially from small and medium sized businesses has increased since they are more durable than traditional cash registers and help in lowering total cost of ownership, the report said.
The Global Point of Sale Terminal market is expected to reach $73.12 billion by 2020, growing at the CAGR of 9.88 percent over the forecast period.
The factors driving the market are growing adaptation of NFC and Cloud Computing Technologies.
According to the report, the introduction of cloud computing has fuelled the growth of POS terminal market. Now POS systems can be used as Software as a Service (SaaS) and can be accessed directly from any internet browser.
Also, Cloud based POS system do not depend on the architecture and the operating system of the machines in which they are used.
Further, the firm found that there is high and constant demand from hospitality and retail sector for POS terminals. This is leading to steady growth and is expected to increase even further over the next five years.
Mobile Point of Sale Terminals or mPOS terminals are growing significantly since they provide better user experience and help in conducting remote financial transactions which in turn enhance customer experience.
Major POS vendors include Cisco Systems, Toshiba, VeriFone System, Samsung Electronics, MICROS Systems, Hewlett- Packard, Dell, HP etc.