Point of Sale (Pos) Terminal Market Insights on the Global Market to 2032 – Key Driving Factors and Challenges
Research Reports
Nov 09, 2023
Point of Sale (Pos) Terminal Market Insights:
In 2021, the market for point of sale (Pos) terminals was estimated to be worth USD 67.2 billion. A compound annual growth rate (CAGR) of 8.10% is anticipated for the Point Of Sale (Pos) Terminal market industry between 2022 and 2030, taking it from USD 72.6432 billion to USD 125.3068535 billion. The main factors boosting the Point Of Sale (Pos) Terminal market growth are the rising use of online ordering and e-wallets.
The popularity of contactless payments has led to the development of mobile POS (mPOS) terminals that can take payments from customers’ cell phones. The popularity of mobile POS terminals is growing, creating new market expansion potential. The market has benefited from these technologies’ higher Return on Investment (ROI) and simplicity of usage. Product acceptance has been further boosted by the rising demand for inventory tracking, online & in-store sale unification, and personnel and customer management.
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Key Players:
- Ingenico (France)
- CITIXSYS AMERICAS (US)
- Verifone (US)
- Squirrel Systems (Canada)
- BBPOS (Hong Kong)
- Newland Payment Technology (China)
- First Data (US)
- Cegid Group (France)
- PAX Technology (Hong Kong)
- Castles Technology (Taiwan)
- Elavon (US)
- NCR Corporation (US)
- Diebold Nixdorf (US)
- Winops (Finland)
- BITEL (Korea),
are the notable vendors in the Point of Sale (Pos) Terminal market.
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Point of Sale (Pos) Terminal Market Regional Analysis:
The analysis offers market information for North America, Europe, Asia-Pacific, and the rest of the world, organised by region. In 2021, the North American Point of Sale (Pos) Terminal market was valued at USD 29.5008 billion, and over the study period, it is anticipated to increase at a CAGR of 43.90%.
Numerous advanced payment technologies, such as contactless payments and NFC, have fueled product demand in the region. A lot of well-known retail organisations are also based in the United States, including Wal-Mart, Costco Wholesale Corporation, Target, The Kroger Co., and The Home Depot. These companies rely on POS terminals to manage routine tasks including billing, payment, personnel duty, and inventory. The US government is also advocating the usage of contactless payment methods to prevent the virus from spreading after COVID-19. However, the general expansion of the local market was hampered by the pandemic-related slowdown in the retail and other service sectors. As a result, it is projected that both the Point of Sale (Pos) Terminal markets in the United States and Canada will expand.
Point of Sale (Pos) Terminal Market Segmentation:
On-premises and on-cloud deployment are included in the Point of Sale (Pos) Terminal market segmentation based on deployment.
Fixed and Wireless are included in the Point Of Sale (Pos) Terminal market segmentation based on product type.
Hardware, software, and services are included in the market segmentation for Point Of Sale (Pos) Terminals based on components.
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The rise in interest in low-cost wireless communication technology has increased the need for POS terminals. Wireless devices are used by POS systems to facilitate payments for goods and services. From restaurants to cab services, wireless technology may expedite a wide range of operations. POS terminals are used by businesses in the hospitality and retail sectors for payments in addition to other operational tasks including inventory management, sales tracking, and accounting.
As a result, the adoption of online payments and the advancement of technology have increased the CAGR of the Point of Sale (Pos) Terminal market globally in recent years.
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