Point-Of-Sales (POS) Terminal Market Analysis (2023 - 2030)
As per our research report, the global Point-Of-Sales (POS) Terminal Market size is estimated to be growing at a CAGR of 8.65% from 2023 to 2030.
The pandemic had a positive impact on the point-of-sale terminals market. The need for these terminals increased for digital payments owing to global lockdown and social distancing norms. Further, many POS terminals being NFC enabled consumers to make transactions without making physical contacts. In addition to that, softPOS systems or software-enabled POS systems enabled consumers to make payments online through payment apps.
Moreover, the e-commerce industry witnessed an increase in sales during the pandemic owing to restrictions for in-store shopping, and hence many companies, groceries, outlets, and others turned to online platforms to boost their sales. Further, this increased the need for a synchronized transaction system. This was possible through the integration of e-commerce platforms with POS and thus enabling timely contactless payments.
Further, POS was increasingly used in BFSI and healthcare centers during the pandemic. These include increased use of mobile and card payments through digital modes. Moreover, fixed terminals suffered from losses due to social distancing norms and an increase in digitization. Apart from this, increased digitization raised security concerns as a result of fraudulent transactions. Therefore, POS systems with enhanced security technology software were demanded such as magnetic secure transmission technology for secure payments. Further, fraud detection and anti-virus software were incorporated into the mobile POS that monitored the financial activities of consumers and provided indications of potential threats.
Post-pandemic usage of software-oriented POS such as payment getaways, merchant banking, and other payment solutions increased making transactions seamlessly easier. For example, Android Pay, Google Pay, Apple Pay, and others. Additionally, fixed POS was upgraded to NFC (Near Field Communication) which allowed consumers to scan the code in stores, restaurants, malls, and other places and make payments without making physical contact.
KEY MARKET INSIGHTS:
- Based on segmentation by product, the mobile POS segment held the highest market share. The growth was attributed to an increase in the use of smartphones and tablets and digitization. Further, these POS terminals help consumers to make payments from anywhere with just a single click. Often, they are referred to as mPOS due to the ease of payments they provide via integration with digital payment apps. The fixed POS system witnessed significant growth in shopping malls and restaurants. Moreover, they were increasingly demanded by vendors due to cloud data storage facility that helps in storing customer data, printing bills, managing inventory, and others.
- Based on segmentation by component, the software segment held the highest share of the market. The software provides data support, sales analysis, customer payment analysis, and many other features through a single application. For example, retail POS software provides insights into inventory, transactions, and customer purchase data. Similarly, restaurant POS enables menu management, accounting and transaction, billing information, and others. Further, the integration of software with barcode scanners and screen terminals allows data backup features. The hardware segment witnessed significant growth during the forecast period. Barcode scanners, receipt printers, EFT-POS machines, and others are increasingly used in stores and other places to send and receive payments.
- Based on deployment, the cloud segment held the highest share of the market owing to the emergence of SaaS technology, software integration, and data storage facilities. Further, in SaaS technology vendors can pay a subscription fee for the services and reduce their expenses on deploying support devices. The on-premise segment has witnessed significant growth during the forecast period. These include installing hardware such as cabling permits, cabling, electrical support, and others. These are mostly preferred by small stores and outlets for transaction purposes.
- Based on segmentation by region, North America held the highest share of the market. Advancements in technology, and the presence of large retail brands such as Walmart, The Kroger Co, and others have contributed to the market growth of Point-Of-Sales Terminal. Further, Asia-Pacific is anticipated to witness the fastest growth during the forecast period. Increasing government support in the form of schemes and programmes, products and services launched by companies, and entry of fintech start-ups have contributed to the growth of the Point-Of-Sales Terminal Market.
- Companies playing a leading role in the Global Point-Of-Sales (POS) Terminal Market profiled in this report are – Oracle, HP, Sqauare, Acrelec, Quail Digital, Toshiba International Corporation, Toast Inc, TouchBistro, and Clover Station.
MARKET SEGMENTATION:
Global Point-Of-Sales (POS) Terminal Market Segmentation: By Product Type
Fixed Device
Mobile Device
Global Point-Of-Sales (POS) Terminal Market Segmentation: By Component
- Hardware
- Software
- Services
Global Point-Of-Sales (POS) Terminal Market Segmentation: By Deployment Type
Global Point-Of-Sales (POS) Terminal Market Segmentation: By End-Use
- Healthcare
- Restaurants
- Entertainment
- Retail
- Others
Global Point-Of-Sales (POS) Terminal Market Segmentation: By Region
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- South America
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