Improving economic conditions in the Asia Pacific coupled with government initiatives toward cashless transactions in countries such as China, India, Japan, and South Korea will support the industry growth
The market valuation of POS terminals will cross $140 billion by 2027. The market growth, as per Global Market Insights, can be attributed to the increasing adoption of POS terminals across hospitality and retail industries to facilitate transactions from a centralized location.
The increasing demand for advanced systems that can integrate with CRM and other financial solutions of companies will support the market expansion. The implementation of integrated POS and CRM systems allows companies to streamline sales and marketing operations as well as save time and cost.
“Improving economic conditions in the Asia Pacific coupled with government initiatives toward cashless transactions in countries such as China, India, Japan, and South Korea will support the industry growth,” read the report.
Rising number of smartphone users
The rising number of smartphone users has driven the usage of mobile POS terminals among several industry verticals. The customers are shifting toward mobile payments due to their convenience and safety in performing payment transactions.
Over the past few years, the POS terminals market has grown significantly with the technological innovations in the payment industry. POS terminals are observing high adoption among businesses to improve ease of access and increase return on investment while facilitating payment transactions.
The increasing demand for securing information of patients is driving the usage of POS terminals in the healthcare sector. Hospitals, clinics, and diagnostic labs are shifting toward secure and user-friendly payment options to comply with stringent government regulations.
The North America POS terminals market is expected to witness a significant growth over the forecast time period owing to the increased adoption of POS terminals in the retail sector. Leading retailers, including Walmart Inc., Amazon.com Inc., and Costco Wholesale Corporation, are expanding their presence to remain competitive in the market.
For instance, in July 2020, Walmart Inc. announced plans to invest USD 3.5 billion to upgrade its distribution and enhance in-store experiences in Canada. The expansion of retail outlets will considerably accelerate the acceptance of POS terminals for secure and convenient payment transactions.