Global Point-Of-Sale Terminals Market Is Expected to Reach USD 129.92 Billion by 2028 : Fior Markets
Point-Of-Sale Terminals Market By Component (Software, Hardware), By Product (Fixed, Mobile),By Application (Retail, Healthcare), By Deployment (On-premise, Cloud), By Region and Segment Forecasts from 2021 to 2028
Newark, NJ, June 16, 2021 (GLOBE NEWSWIRE) — As per the report published by Fior Markets, the global Point-Of-Sale Terminals Market is expected to grow from USD 75.05 billion in 2020 and to reach USD 129.92 billion by 2028, growing at a CAGR of 7.10% during the forecast period 2021-2028.
The global point-of-sale terminals market is being driven by the option of the hassle-free payment, reduced queue time, and online payment without carrying cash, POS terminal adoption has aided governments’ ambition of introducing a cashless economy, particularly in developed countries. The concept of cashless payment sparked product development in the retail and hospitality sectors. Furthermore, as debit and credit card technology evolved, contactless payment became popular as a way to make a rapid purchase without inputting a PIN. This payment uses Radio-Frequency Identification (RFID) or Near Field Communication (NFC) technology to complete safe transactions in a matter of seconds.
A point-of-sale (POS) terminal is a device that allows retailers to accept credit cards. Software for reading magnetic strips from credit and debit cards is included in the kit. Proprietary and third-party portable devices, as well as contactless capabilities for emerging forms of mobile payments, are all part of the next generation of POS systems. Rather than traditional proprietary hardware, the current trend is toward software-based POS systems that can be installed on a tablet or other mobile device. To stay ahead of the competition, POS terminal manufacturers are creating their own versions of portable and mobile POS terminals.
The Point of Sale (POS) terminal business has witnessed a spectacular turnaround and development because to advancements in technology and the rise of POS terminal solutions. POS terminals are slowly but steadily changing to a digital model, enabling for paperless transactions, with emailed receipts and electronic signature capture. The growth of credit and debit cards is driving the entire POS terminals industry. In addition, advancements in payment technology, and also the migration to EMV (Europay, MasterCard, Visa) chip card payment, are likely to drive market growth in the coming years.
In recent years, data breaches have raised privacy and security issues in the POS terminals sector. The global payments industry’s transition to more secure chip card technology, on the other hand, is likely to alleviate the impact of this dilemma. Moreover, despite the fact that the COVID-19 pandemic slowed overall market growth due to supply chain disruption and lost income from end users, the need for mobile point-of-sale (POS) terminals that offer contactless payment was recognised.
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Key players operating in global Point-Of-Sale Terminals Market include Ingenico Group, NCR Corp., VeriFone Systems, Inc., PAX Technology, Inc., Fujian Newland Payment Technology Co. Ltd., Revel System, Inc., Oracle Corp., ShopKeep.
- HP Inc. offered new cloud services called Engage POS in January 2020. The goal of the launch was to assist merchants and hospitality businesses in minimising manual IT work.
- Ingenico, a leading manufacturer of point-of-sale terminals, was also acquired by Worldline in order to expand into the global market.
Hardware segment dominated the market and held the largest market share of 60% in the year 2020
On the basis of Component, the global Point-Of-Sale Terminals Market is segmented into Software, and Hardware. Hardware segment dominated the market and held the largest market share of 60% in the year 2020. Tablets, displays, cash drawers, receipt printers, barcode scanners, EFT-POS machines, and network devices are all examples of hardware components that are used to register transaction details. Most of the hardware components are included in the fixed POS terminal, which completes the system and allows for a complete experience of managing daily activities with the system.
Fixed product segment dominated the market and held the largest market share of 58% in the year 2020
On the basis of Product, the global Point-Of-Sale Terminals Market is segmented into Fixed, and Mobile. Fixed product segment dominated the market and held the largest market share of 58% in the year 2020. Large-scale suppliers prefer fixed POS terminals because of the high procurement and installation costs, which have contributed to the market’s current growth. Furthermore, end-users that are concerned about cloud data storage are more likely to instal fixed POS terminals to keep data on-premises.
Retail segment dominated the market and held the largest market share of 53% in the year 2020
On the basis of Application, the global Point-Of-Sale Terminals Market is segmented into Retail, and Healthcare. Retail segment dominated the market and held the largest market share of 53% in the year 2020. The segment is expected to grow due to small retailers’ increasing adoption of modern payment solutions. Home Depot, Disney Stores, Target, Urban Outfitters, and Nordstrom are among the merchants that have declared a chain-wide adoption of mPOS technology. The rise of omnichannel retailing systems, which provide a single shopping experience across all channels via smartphones, is projected to result in a horde of new customers.
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Regional Segment of Point-Of-Sale Terminals Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
Asia Pacific is expected to be the fastest-growing regional market throughout the forecast period. Increased demand for POS terminals is being driven by government initiatives to foster a cashless economy. In countries like China, Japan, and India, a spike in the adoption of digital payment technologies has created a source of mPOS prospects, which is expected to constrain regional market growth for fixed POS terminals throughout the forecast period. North America was the second-largest regional market in 2020, and from 2021 through 2028, it will continue to rise gradually. The growing diversity of payment technologies, such as NFC and contactless payments, has fuelled product demand in this region.
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About the report:
The Point-Of-Sale Terminals Market is analysed on the basis of value (USD billion). All the segments have been analysed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insights of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitors’ position grid analysis.
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