The growth, says Juniper Research, is driven by a continually evolving payment processing landscape in which cash plays a reduced role. The report 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.
The pandemic and increased cashless currencies bring challenges that POS vendors must manage, with retail moving online and enabling contactless processing. The report recommends 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 new research ranked leading POS terminal providers in the Juniper Research Leaderboard; scoring vendors on service innovation, market investment and reach of services.
The following vendors were ranked as the established leaders:
• Pax Technology
These vendors have achieved significant worldwide penetration, and comprehensive breadth and depth of solutions in the POS market.
The research predicts that shipments of mPOS (mobile point of sale) terminals will grow from 20million in 2021 to 32million by 2026. This represents a growth of 56% over the next 5 years. It found that this growth will be fuelled by the accelerated transition from cash, with previously cash-only vendors adopting mPOS solutions rapidly.
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.