LONDON, Oct. 19, 2022 (GLOBE NEWSWIRE) -- According to The Business Research Company’s research report on the point-of-sale terminals market, the increasing demand for contactless and cashless payments is expected to propel the growth of the point-of-sale terminal market going forward. Cashless and contactless payments refer to a payment method that does not involve cash for payment, which is a type of computerized replacement for a cash register. Point of sale terminals accept payments through cards and make cashless purchases possible. For instance, in June 2022, according to India Brand Equity Foundation, an Indian government export promotion agency, contactless transactions accounted for 25% in the year 2020, of all supermarket transactions, which increased to 31% by 2022. Therefore, increasing demand for contactless and cashless payments is driving the point-of-sale terminals market growth.
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The global point-of-sale terminals market size is expected to grow from $81.51 billion in 2021 to $89.86 billion in 2022 at a compound annual growth rate (CAGR) of 10.2%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, affecting many markets across the globe. The point-of-sale terminals market share is expected to grow to $132.44 billion in 2026 at a compound annual growth rate (CAGR) of 10.2%.
Technological advancement is a key trend gaining popularity in the point-of-sale terminal market. Major companies operating in the point-of-sale terminal market are introducing various technological innovations to sustain their position in the point-of-sale terminal market. For instance, in September 2021, PAX Global Technology, a Chinese manufacturer of payment terminals, PIN pads, and point of sale hardware and software, launched Android payphones in Amsterdam. These payphones are smartphones with unique features like the built-in point-of-sale technology and are innovative alternatives for acquiring banks and payment services.
Major players in the point-of-sale terminals market are Samsung Electronics Co. Ltd, NEC Corporation, Panasonic Holdings Corporation, Toshiba Corporation, Hewlett-Packard Development Company L.P., PAX Technology Limited, NCR Corporation, Xenial Inc., AURES Group, HM Electronics Inc., Toshiba Corporation, Diebold Nixdorf, Ezetap Mobile Solutions Pvt. Ltd., BBPOS, and Hintel Technology.
The global point-of-sale terminals market is segmented by product into mobile, fixed; by component into hardware, software, service; by technology into biometric, traditional; by operating system into windows, linux, MAC; by application into restaurants, hospitality, healthcare, retail, warehouse, entertainment, other applications.
Asia-Pacific was the largest region in the point-of-sale terminals market in 2021. The regions covered in point-of-sale terminals market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Point-Of-Sale Terminals Global Market Report 2022 – Market Size, Trends, And Global Forecast 2022-2026 is one of a series of new reports from The Business Research Company that provide point-of-sale terminals market forecast size and growth, point-of-sale terminals market segments and geographies, point-of-sale terminals market trends, point-of-sale terminals market drivers and restraints, point-of-sale terminals market leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.
The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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