The POS (point of sale) terminal market refers to the market for electronic devices and systems that are used to process transactions at retail locations, such as supermarkets, restaurants, and other businesses. POS terminals typically include a computer, a cash drawer, a printer, a card reader, and a display screen. They are used to process sales transactions, accept payment, and provide customers with receipts.
The POS terminal market is expected to grow in the coming years due to increasing demand for advanced features such as mobile compatibility and contactless payments, as well as the growing adoption of e-commerce and m-commerce. Factors driving the growth of the market include increasing use of credit and debit cards, rising disposable income, and growing demand for fast and secure payment methods.
The POS terminal market generated 68.2 billion dollars in sales. The POS terminal market is anticipated to increase at a CAGR of 9.4% from 2022 to 2032, reaching around US$ 180.4 billion. Nearly 40% of revenues in the worldwide payments sector are attributed to POS systems. The market for POS terminals is expanding quickly as a result of factors including businesses increasingly using wireless payment systems and consumers having more access to a wider range of payment options, such as Visa (EMV) cards, EuroPay, and MasterCards.
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Key Takeaways: POS Terminal Market
· By component, POS terminal devices segment is anticipated to account for the leading share of 61.0% in the global demand for POS terminal in 2032.
· By type, fixed POS segment is expected to dominant the market with the share of 84.3% 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 12.7% 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 16.0% through 2032.
· In France, sales are expected to grow at a CAGR of 13.2% 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 market growth.
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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.
Competitive Landscape
POS terminal market players are focusing on strategic partnership to reinforce their presence in the high-potential markets. They are also focusing on collaboration with payment tech providers. Also, it has been observed that the players are focusing on innovations and the launching of new products in the POS segment. Some of the key developments in the facilities management market are mentioned below:
- For instance, in October 2019, Equinox Payments, a provider of payment terminals, software, and services has announced a product integration with PioneerRx, a retail pharmacy software vendor. The Luxe 8500i payment pads from Equinox have now been successfully integrated into the PioneerRx pharmacy system. Equinox will be able to grow into the retail pharmacy market as a result of this.
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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