POS Terminals Market Size To Reach $113.27 Billion By 2024
The global POS terminals market is expected to reach USD 113.27 billion by 2024, according to a new report by Grand View Research, Inc. The introduction of chip-embedded payment cards and personal identification number (PIN) has minimized security concerns relating to sensitive data theft, which is projected to drive the POS industry over the forecast period. These terminals have a range of applications including inventory management, printing bills, payments, and carrying out loyalty programs, thus leading to their increasing adoption across various end-use verticals. They offer efficient flow control coupled with customer satisfaction, which is expected to favorably impact the consumption. The ubiquitous wireless connectivity, including Bluetooth, combined with the availability of peripheral devices, card readers, scanners, mobile printers, and multiple platform support, is projected to drive demand over the forecast period. The widespread affordability and availability of smartphones and tablets have witnessed a considerable increase over the past few years. It is estimated that across the globe, the number of smartphone and tablet users would reach over 6 billion and 1.40 billion respectively by 2020, thus driving demand for the POS products.