Global POS Terminal Market, By Product (Fixed and Mobile), By Component (Hardware, Software, and Services), By Deployment (Cloud and On-premise), By Application (Restaurants, Hospitality, Healthcare, Retail, Warehouse, Entertainment, and Others), and By Region (North America, Europe, Asia Pacific, Latin America, Middle East, & Africa) is expected to grow at a significant CAGR for the period between 2020 and 2028.
The POS terminal market size was valued at US$ 58.6 Bn in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 11.5% from 2020 to 2028.
A point-of-sale terminal is a hardware system that is used to process card payments at retails stores. The software to read the magnetic strips of the credit or debit card is inbuilt in the system. The technological advancements witnessed by the industry also change the prospect of POS devices.
The innovation of these devices started as a manually-operated machine, which later got transformed into mobile POS devices that are now capable of scanning the barcodes. Additionally, the companies are also planning to incline towards the cloud-based POS systems. Such developments transforming the machines are likely to boost the demand for POS terminals globally.
Furthermore, the shifting preference of consumers towards cashless and contactless payments coupled with the need for inventory tracking and online and in-store sale unification is also responsible for boosting product adoption in the next decade. Also, the role of digitalization in the hospitality and healthcare sector along with the adoption of smartphones is further responsible for easing the tracking of business activities, which in turn is likely to expand the POS terminal market size worldwide.
Up surging demand for affordable wireless communication technologies and growing demand from the end-use industries are also positively influencing the business growth. But, the absence of standardization and data security concerns are the major restraining factor, hampering the market shares globally.
Based on product, the fixed POS terminal segment is estimated to have the majority of market shares, owing to its preference by the large-scale vendors. At the same pace, the mobile POS terminal segment is calculated to be the fastest-growing segment accounting for easy installment of these systems on smartphones and tablets.
Switching over to the component, the hardware segment is expected to dominate followed by the software segment during the predicted years. The software segmental growth is attributed to the data support functionality, easy sale analysis, and its multifunctional feature. In addition, the advancing cloud computing and the escalating use of Software-as-a-Service platform-based POS systems are also likely to favor the segmental growth, contributing to the expansion of global market size.
The deployment category is lead by the on-premises deployment of the payment terminal followed by the cloud-based deployment. The growth contributing factors accounts to the manual installment of POS solution at customer’s premises to ensure the storage of critical data. Besides, the cloud-based deployment is attributed to the advancements witnessed in cloud computing along with easy data restoring and backup facility.
The application segment is dominated by the blooming retail sector solely due to the increasing adoption of modern payment systems even by the small retailers. Geographically, Asia Pacific holds the first position followed by North America and Europe. The Asia Pacific POS terminal segment growth accounts for the promotion of a cashless economy along with the digitalization of payment technologies in this region.
MMC Study also identifies some of the key participating players in the POS terminal market globally are Cisco Systems, Inc., Centerm Information Co., Ltd., Diebold Nixdorf, Incorporated, Hewlett-Packard Inc., Hisense, Ingenico, NCR Corporation, NEC Corporation, Newland Payment Technology, Oracle Corporation, Panasonic Corporation, PAX Technology Corp., Posiflex Technology, Inc., Samsung Electronics Co., Ltd., SZZT Electronics Co., Ltd., Toshiba Corporation, and VeriFone Systems Inc.
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