According to the report from Juniper Research, the growth is driven by a continually evolving payment processing landscape in which cash plays a reduced role.
The report also found that POS vendors must ensure they support omnichannel retail business models and are prepared to compete with alternative payment methods such as QR code payments.
According to Juniper Research, the pandemic and increased cashless currencies bring challenges that POS vendors must manage, with retail moving online and enabling contactless processing - with the report recommending that POS vendors must integrate smart capabilities, including stock management and data analytics to their terminals, to maximise the value of their platforms to end users.
The research predicts that shipments of mPOS (mobile point of sale) terminals will grow from 20 million in 2021 to 32 million by 2026 - representing a growth of 56% over the next 5 years.
According to Juniper Research, this growth will be fuelled by the accelerated transition from cash, with previously cash-only vendors adopting mPOS solutions rapidly.
And the report identified that emerging markets will offer the greatest opportunities for mPOS vendors during this time, as demand for digital payments grows in these regions. The research recommends that vendors build a strong mPOS offering; backed up by free access to business insights, to capitalise on this growth potential.
The new research - POS Terminals: Device Innovation, Competitive Landscape & Market Forecasts 2021-2026 - ranked leading POS terminal providers in the Juniper Research Leaderboard, scoring vendors on service innovation, market investment and reach of services, with the following vendors ranked as the established leaders:
- PAX Technology
Juniper Research says these vendors have achieved significant worldwide penetration, and comprehensive breadth and depth of solutions in the POS market.
For more insights, download Juniper Research’s free whitepaper: POS Terminals ~ Changing the Payments Experience