The POS terminal market generated $68.2 billion in 2021. The POS terminal market is anticipated to increase at a CAGR of 9.4% from 2022 to 2032 and reach roughly US$ 180.4 billion.
The provision of electronic devices and systems used in retail environments, including shops, eateries, and other companies, is referred to as the POS (point of sale) terminal market. A computer, a cash drawer, a printer, a card reader, and a display screen are frequently seen in POS terminals. They are compensated for overseeing sales transactions, collecting money, and giving consumers receipts.
Due to rising demand for cutting-edge features like mobile compatibility and contactless payments, as well as the expanding uptake of e-commerce and m-commerce, the POS terminal market is anticipated to expand in the upcoming years. Increasing use of credit and debit cards, rising disposable income, and increased need for quick and secure services are some of the factors propelling the market’s expansion.
Request Sample Report
https://www.futuremarketinsights.com/reports/sample/rep-gb-14717
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.
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.
Request for Methodology
https://www.futuremarketinsights.com/request-report-methodology/rep-gb-14717
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
Author:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client’s requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
Contact Us:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube