According to the POS Terminal Market assessment by Future Market Pieces of information (FMI), the premium signed up for the market will create at a CAGR of 9.4% from 2022-2032.
The report similarly calculates that the market will outflank a valuation of ~US$ 73.7 Bn close to the completion of 2022. As indicated by FMI, creating interest for the Nearby Field Correspondence (NFC) progressions has positively extended the interest for POS terminals systems. POS terminal systems have become basic in course of portions and making business tasks modernized.
The use of far off POS terminal devices helps streamlining portion cycles and gives staff the flexibility to proceed with trades wherever. Regardless, challenges drew in with the credit just portions consolidate progressed capability, sensible contraptions, low trust in versatile wallets, and distortion risk.
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Medical care, retail, and eateries, are the essential areas utilizing POS terminal gadgets to effortlessly oversee installments. Because of the advanced change, the POS terminal is changing the market steadily. Additionally, moment receipts, comfort to utilize, going credit only, less possibilities of exchange disappointments or undoings are the significant benefits of POS terminal from client’s stance.
Key Takeaways: POS Terminal Market
- By component, POS terminal devices segment is anticipated to account for the leading share of 0% in the global demand for POS terminal in 2032.
- By type, fixed POS segment is expected to dominant the market with the share of 3% in 2032 in the global POS terminal market.
- By application, the adoption of POS terminal in healthcare sector is anticipated to grow at a CAGR of 7% between 2022 & 2032, while retail segment is currently dominating the market share.
- North America is expected to lead the market followed by Europe in 2022. Asia Pacific is anticipated to emerge as the fastest growing region between 2022 & 2032.
- The market in India is expected to progress at a CAGR of 0% through 2032.
- In France, sales are expected to grow at a CAGR of 2% over the forecast period.
“Due to the COVID-19 outbreak, sectors like retail, healthcare, and other industries inclined towards adopting cashless payments. This further encouraged the POS terminal vendors to increase the production to meet the growing demand worldwide,” says FMI analyst.
Adoption of Contactless Payments is Spurring the Growth of POS Terminal Market
Customers can make contactless payments by simply waving their cellphones across payment readers. Making a contactless payment is easier and more convenient in comparison to card payments. As, it is both faster and more secure than PIN technology since it instantaneously delivers encrypted data to the point-of-sale gadget.
Contactless payments are made possible by NFC and EMV technology, which uses radio frequency to allow a smartphone and wireless cards to connect with a payment reader when they are in close proximity. Contactless payments offered by Apple, Samsung, and Google are extremely safe since they are protected against fraud by numerous layers of protection.
Amid the COVID-19 pandemic, users are increasingly opting for contactless payments as notes and cards can spread the virus at the time of shopping. This is further boosting the adoption of contactless payments, which in turn is driving the market growth.
Security Challenges Posed by POS Systems Hindering the POS Terminal Market Growth
Point-of-Sale (PoS) data breaches by cyber criminals majorly attack to steal customers’ personally identifiable information (PII) such as credit card information, birth dates, government ID numbers, home addresses, medical records, phone numbers, financial information, email addresses, logins, passwords, and other personal information.
Prevention of sensitive and confidential information leak of consumers possess a huge challenge for POS systems, restraining the growth of market.
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More Valuable Insights on POS Terminal Market
FMI’s report on the POS terminal industry research is segmented into four major sections – by component (POS terminal devices, POS software, (cloud-based, on-premises,) and services (consulting services, integration & implementation, and support & maintenance)), type (fixed POS and portable/mobile POS), application (restaurants, hospitality, healthcare, retail, warehouse/distribution, entertainment, and others), and region (North America, Europe, Asia Pacific, Middle East and Africa, and South America), to help readers understand and evaluate lucrative opportunities in the POS terminal demand outlook.
POS Terminal Market by Category
By Component, POS Terminal Market Outlook is segmented as:
- POS Terminal Devices
- POS Software
- Cloud-based
- On-Premises
- Services
- Consulting Services
- Integration & Implementation
- Support & Maintenance
By Type, POS Terminal Market Outlook is segmented as:
- Fixed POS
- Portable/Mobile POS
By Application, POS Terminal Market Outlook is segmented as:
- Restaurants
- Hospitality
- Healthcare
- Retail
- Warehouse / Distribution
- Entertainment
- Others
By Region, POS Terminal Market is segmented as:
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- South America
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