The number of POS terminals in Canada has seen notable growth over the past decade, moving from 829,000 units in 2013 to 1,700,000 units in 2023. The market experienced peak growth in 2015 with a year-on-year increase of 48.05%, attributed to the widespread adoption of advanced POS technologies. Since 2018, growth has stabilized, with a steady average annual growth rate (CAGR) of 3.71% over the past five years.
Year-on-Year Variations:
- 2022 to 2023: 3.07% increase
- 2021 to 2022: 3.23% increase
Looking forward, from 2024 to 2028, the POS terminal market is forecasted to grow at an average annual rate (CAGR) of 2.07%, achieving a projected growth of 10.78% over the five-year period. Despite lower growth rates compared to the past, continued expansion is expected as the market adapts to new consumer behaviors and emerging payment technologies.
Future Trends to Watch:
- Integration of AI and data analytics in POS systems
- Increased adoption of contactless and mobile payment solutions
- Expansion of omnichannel retail strategies
