Mobile POS market to increase at 12% CAGR through 2016, says TechNavio
The worldwide mobile point-of-sale (POS) systems market is forecast by TechNavio to increase at a 12 percent compound annual growth rate (CAGR) through 2016.
A key factor driving the expected market growth is the increase in mobile POS-based transaction values, particularly in the transportation, retail, and hospitality sectors, noted TechNavio.
At the same time, the high cost of installation and upgrade of the mobile POS system, which often requires customized software that is compatible with the store's hardware, could slow the rate of market growth.
In a separate study, IHL Group estimates that spending on mobile POS systems in North America will pass $2 billion this year, with 28 percent of North American retailers planning to adopt mobile POS by the end of the year.
In addition, IHL's research found that specialty retailers are deploying about 45 percent of all tablets shipped to retail for POS.
The research firm predicts that retail mobile POS devices will replace 12.4 percent of traditional POS shipments in North America by 2016. The highest areas of replacement will be department stores and specialty retailers.
For most large retailers, mobile POS systems will serve as additional transaction points in their stores, rather than as replacements for traditional fixed POS stations over the next three years.