Global Point-Of-Sale (Pos) Terminals Market is expected To Get US $ 84.53 Billion by 2022
In 2012, the Global POS Terminals Market was evaluated around USD 28 billion and is expected to reach approximately USD 84.53 billion by 2022 while registering itself at a compound annual growth rate (CAGR) of 11.68% over the forecast period. The market has experienced a major turnaround, due to the extensive expansion of POS terminal solutions and a variety of technological innovations happening at a rapid pace. The rising demands for incorporated POS, the proliferation of NFC devices, along with the demand for contactless payments in the industrial network are anticipated to fuel the global market. Amplified funding in the line bursting technology is predicted to act as a vital factor in boosting the market demand. Though, the requirement for extended government regulations and certifications, combined with data security concerns, is likely to restrain the growth of the market. The refusal to PCI Data Security Standards (DSS) enhances the possibility of card data breaches, which ensues in the financial and non-financial impacts, involving the loss of client trust and status of the company. Component Outlook and Trend Analysis By components, the global market can be segmented into software and hardware. The hardware elements comprise smartphones and tablets linked with monitors, cash drawers, credit/debit card reader, and others. The software section is expected to grow at a compound annual growth rate of 14% over forecast years. This growth might be assigned to the innovations in cloud computing, ensuing in the rising use of the point-of-sale systems based on the Software-as-a-Service (SaaS)