Smart point of sale (POS) use is expected to nearly triple over the next five years, new data from Juniper Research suggests.
Smart POS systems blend loyalty and analytics directly into the terminal and work nicely with the growing use of digital payments and QR codes to provide increased insights and utility to users. Their use is estimated at 13.7 million units in 2021, but that is expected to surge to 35 million in 2026.
POS Terminals: Device Innovation, Competitive Landscape & Market Forecasts 2021-2026 Market Research recommends POS system manufacturers focus on high value-added features such as inventory management, loyalty, scheme automation and store synchronization in order to differentiate themselves in an increasingly competitive environment.
By 2026 57 percent of all POS payments globally will be contactless, more than double the current rate of below 25 percent. The growth is being driven by higher limits. Contactless payments are now table stakes, and anyone wishing to survive in the POS tech space needs to provide higher value. Look first to NFC enablement so mobile devices can accept contactless payments. Known as “soft POS” payments the method will have to overcome customer hesitancy as mobiles will not be immediately recognizable as a POS terminal.