How is point of sale technology continuing to change?

The point of sale market continues to grow due to user capabilities and high return on investment.

Transparency Market Research recently released a new study, “Point-of-Sale (POS) Terminals – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 – 2020,” highlighting the recent growth of the industry.

The study found that the global point of sale market was valued at close to $37 billion in 2013. This value is set to increase by an 11.6 percent compound annual growth rate between 2014 and 2020. An accelerated adoption of mobile POS terminals across the retail and hospitality sectors is the main catalyst of this change.

The POS market includes fixed terminals, as well as wireless and mobile. The range of POS types also contributed to the industry’s revenue. In 2013, fixed terminals accounted for the highest revenue, dominating 81 percent of the market.

Although fixed terminals remain the most popular, mobile POS terminals are expanding at a high rate due to their many capabilities including ease of use, lower cost of deployment and customer interaction.

Mobile POS accounted for 34 percent of the market in 2013, mostly made up of the retail sector. Its use in small and medium size businesses can be attributed to its low cost as well as customer appreciation and wholesale improvement.

The healthcare sector is likely to have the greatest CAGR rate, with a projected 16 percent increase in the coming years. As healthcare technology undergoes numerous advancements, patient care and processes will continue to be brought to the forefront.

North America was the largest POS market, holding 32 percent of the overall revenue.

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