The global Point-Of-Sale (POS) Terminals market size was USD 80.8 billion in 2020 and is expected to reach USD 155.6 billion by 2028, growing at a CAGR of 8.2% from 2021 to 2028.
Point-Of-Sale (POS) Terminals Market
The global Point-Of-Sale (POS) Terminals market size was USD 80.8 billion in 2020 and it is expected to reach USD 155.6 billion by 2028, growing at a CAGR of 8.2% from 2021 to 2028.
Point of Sale (POS) terminals is a hardware and software combined machine that permits easier transactions for merchants and customers. These POS terminals are equipment that performs sales transactions and card payment processing. They are generally utilized in business operations and are combined with computer terminals to accomplish daily operations. The terminals are used for a variety of functions like customer analysis, financial transaction management, and inventory management, among others.
Increasing government initiatives toward promoting a cashless economy are likely to impact market expansion. For instance, the Singapore government’s Smart Nation initiative aims at achieving a cashless economy and promoting mobile payments. The Monetary Authority of Singapore has been working toward the development of a Unified Point-of-Sale (UPOS) terminal, allowing a merchant to simply accept cashless payments including contactless or mobile payments. Similarly, the Digital India program of the Indian government aims to rework India into a cashless and digitally empowered economy.
Toshiba Corporation, Hewlett-Packard Company, Samsung company Ltd, and VeriFone Systems Incorporation are a number of the key vendors of point of sale terminals across the planet. These players across the point of sale (POS) terminals market are focusing aggressively on innovation, also as on including advanced technologies in their existing products. Over the approaching years, they're also expected to require up partnerships and mergers & acquisitions as their key strategy for business development states the point of sale (POS) terminals market study.
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The ongoing COVID-19 pandemic undesirably impacted the POS terminals market share in 2020. The closure of producing facilities of component and staple suppliers caused supply chain disruptions for players operating within the POS market. Also, increased usage of Google and Apple Pay claims led to a reduced need for a payment terminal to conduct payment transaction.
The thriving e-commerce sector and growing trend among the end-users to travel for cashless online financial transactions are projected to get more demand for point of sale terminals over the approaching years. Apart from this, mounting product preferences across myriad sectors like healthcare, manufacturing, retail, government, and warehouse are anticipated to reinforce the point of sale (POS) terminals market scope over the years to return. Increasing security concerns and low product awareness among the tiny businesses can destructively influence the POS terminals market development within the years ahead.
|Report Attributes||Report Details|
|Report Name||Point-Of-Sale (POS) Terminals Market Research Report|
|Market Size in 2020||USD 80.8 Billion|
|Market Forecast in 2028||USD 155.6 Billion|
|Compound Annual Growth Rate||CAGR of 8.2%|
|Number of Pages||150|
|Forecast Units||Value (USD Billion), and Volume (Units)|
|Key Companies Covered||Cisco Systems Inc., MICROS Systems Inc., Hewlett-Packard Company, Panasonic Corporation, Toshiba Corporation, PAX Technology Limited, Samsung Electronics Co., Ltd., NEC Corporation, VeriFone Systems Inc, and others|
|Segments Covered||By Product, By Component, By Application, And By Region|
|Regions Covered||North America, Europe, Asia Pacific (APAC), Latin America, Middle East and Africa (MEA)|
|Countries Covered||North America: U.S and Canada
Europe: Germany, Italy, Russia, U.K, Spain, France, Rest of Europe
APAC: China, Australia, Japan, India, South Korea, South East Asia, Rest of Asia Pacific
Latin America: Brazil, Argentina, Chile
The Middle East And Africa: South Africa, GCC, Rest of MEA
|Historical Year||2016 to 2020|
|Forecast Year||2022 - 2030|
|Customization Scope||Avail customized purchase options to meet your exact research needs. Request For Customization|
The point-of-sale terminals market is segmented based on the product, region, component, and application. Based on the application, the retail segment is poised to watch high growth during the forecast timeframe. The necessity for a robust and centralized payment system has accelerated the adoption of multiple POS terminals among large retail chains, departmental stores, and supermarkets. These terminals enable retailers to access their stores remotely and continue payment operations in the absence of supervision. The increased specialization in improving the consumer shopping experience has also driven the usage of POS terminals among retailers. POS terminals provide retailers the power to raised manage their inventory and understand the sales performance that draws customers.
Based on product, the fixed product segment dominated the market and accounted for more than 60% of the worldwide revenue share in 2020. Fixed POS terminals are preferred mainly by large-scale vendors thanks to high procurement and installation costs, which have currently contributed to the market growth. The mPOS segment is predicted to expand at the fastest CAGR from 2021 to 2028. These terminals allow simple payments during busy hours, avoiding loss of sales thanks to delays, and help in improving customer satisfaction.
By component, the POS system hardware and software are improved and upgraded over years to make sure secure transactions and portability. POS providers have increased investments in end-to-end encryption technology to secure payment gateways that might build customer trust and help in impelling the merchandise demand. Additionally, multifunctional software integrated with a POS system would offer safe payment, customer data analysis, and employee information storage facility to the end-user. The merchandise demand is additionally boosted by its capability to act as a strong employee management tool to watch employee performance and create a contented workforce.
Based on region, North America has been leading the global point of sale (POS) terminals market and is anticipated to continue in the dominant position in the years to come, states the point of sale (POS) terminals market study. The rising demand for the product in retail and entertainment sectors along with the rise in adoption of this payment technology in the region is the main factor behind the dominance of the North America POS terminals market.
Some of the key players profiled in the report include
The global Point-Of-Sale (POS) Terminals market size was valued at USD 80.8 Billion in 2020.
The global Point-Of-Sale (POS) Terminals market size is expected to reach USD 155.6 Billion by 2028, growing at a CAGR of 8.2% between 2021 to 2028.
Some of the key factors driving the global Point-Of-Sale (POS) Terminals market growth are Increasing demand for cashless and contactless payments and the need for employee and customer management, inventory tracking, and online & in-store sale unification have boosted product adoption.
Regionally, North America has been leading the worldwide point of sale (POS) terminals market and is anticipated to continue in the dominant position in the years to come, states the point of sale (POS) terminals market study.
Some of the major companies operating in the Point-Of-Sale (POS) Terminals market are Cisco Systems Inc., MICROS Systems Inc., Hewlett-Packard Company, Panasonic Corporation, Toshiba Corporation, PAX Technology Limited, Samsung Electronics Co., Ltd., NEC Corporation, VeriFone Systems Inc, and others
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