The global POS printer market size is expected to grow by USD 597.68 million during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.
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Technavio has announced its latest market research report titled Global POS Printer Market 2020-2024 (Graphic: Business Wire)
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The rapid shift of modern businesses toward cashless transactions has led to a surge in demand for POS printers. Several establishments including big retail chains, hotels, restaurants, and pop-up stores are implementing innovative POS terminals to improve consumer experience. Furthermore, the growing awareness about EMV standards coupled with the increasing deployment of contactless POS terminals will further accelerate the demand for POS printers in the coming years.
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As per Technavio, the rising adoption of POS printers in emerging applications will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
POS Printer Market: Rising Adoption of POS Printers in Emerging Applications
End-user industries including the tourism and medical sectors are shifting their focus to digital POS architecture by deploying POS terminals and printers. Most tourist locations are often integrated with POS solutions to cater to the preference for cashless transactions from modern tourists. Similarly, POS printers are also increasingly being adopted in the healthcare industry predominantly for receipt printing, prescription printing, and order label printing. Therefore, the growing application of POS printers in several end-user industries will drive the market’s growth in the forthcoming years.
“Other factors such as the growing investments in physical retail stores, and the increasing partnerships with market participants will have a significant impact on the growth of the POS printer market value during the forecast period,” says a senior analyst at Technavio.
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POS Printer Market: Segmentation Analysis
This market research report segments the POS printer market by product (thermal POS printer and impact POS printer) and Geography (APAC, North America, Europe, South America, and MEA).
The APAC region led the POS printer market share in 2019, followed by North America, Europe, South America, and MEA respectively. During the forecast period, the APAC region is expected to register the highest incremental growth due to factors such as the rapid growth of the retail segment and the growing number of SMBs in emerging economies shifting from cash transactions toward cashless transactions through POS terminals.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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