Pune, Dec. 12, 2023 (GLOBE NEWSWIRE) -- The POS Terminals Market is anticipated to achieve a valuation of USD 178.78 Billion by the year 2030, up from its 2022 figure of USD 90.38 Billion, with a compound annual growth rate (CAGR) of 8.9% expected from 2023 to 2030, as per the SNS Insider report.
Market Overview
POS terminals refer to electronic devices used to process card payments at retail locations, allowing customers to make purchases seamlessly. These terminals have come a long way from their rudimentary beginnings, now incorporating advanced features such as touchscreens, inventory management, and connectivity to other business systems. These devices have evolved from traditional cash registers to sophisticated, technologically advanced systems.
POS Terminals Market Report Scope:
| Report Attributes | Details |
| Market Size in 2022 | USD 90.38 Billion |
| Market Size by 2030 | USD 178.78 Billion |
| CAGR | CAGR of 8.9% by 2023-2030 |
| Market Drivers |
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| Market Challenges |
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| Major Market Players | Micros Systems, VeriFone Systems, Ingenico S.A., Pax technology Limited, Toshiba Corporation, Cisco, Systems, Squirrel Systems, POS Direct Ltd, Panasonic Corporation, NEC Corporation, NCR Corporation, Samsung Electronics., Ingenico, First Data, PAX Global Technology, NCR Diebold Nixdorf, Hewlett-Packard Corporation, BBPOS, Elavon , Castles Technology, Winpos, BITEL and other key players. |
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Market Analysis
With the increasing preference for contactless transactions, POS terminals are adapting to accept payments via near-field communication (NFC) technology. This trend is fueled by the convenience and speed associated with contactless payments, contributing significantly to the growth of the POS terminals market. Security concerns have always been paramount in the financial industry. Modern POS terminals are equipped with advanced encryption and security protocols, ensuring the safe processing of sensitive financial information. This enhanced security is boosting consumer confidence and driving the adoption of POS systems. As businesses expand their reach through online platforms, the need for seamless integration between physical and digital sales channels is essential. POS terminals that can integrate with e-commerce platforms provide a unified experience, allowing businesses to manage inventory and transactions efficiently. The global retail and hospitality sectors are witnessing unprecedented growth, especially in emerging markets. This expansion is fueling the demand for POS terminals as businesses seek efficient and modern payment solutions to meet the demands of a growing customer base.
Market Segmentation:
By Type
- Fixed
- Mobile
- Portable Countertop & PIN Pad
- mPOS
- Smart POS
- Others
By Components
- Hardware
- POS Software & Services
By Application
- Retail
- Hospitality
- Healthcare
- Transportation
- Sports & Entertainment
- Others
Key Takeaway from POS Terminals Market Study
- In the retail segment, POS terminals play a pivotal role in enhancing the overall customer experience. Retailers are increasingly adopting advanced POS solutions to streamline their transactions, manage inventory effectively, and provide personalized services to customers.
- The POS Software & Services segment is witnessing rapid growth, driven by the need for customized and specialized solutions. As businesses diversify and adopt niche strategies, the demand for POS software tailored to specific industry requirements is on the rise.
Recent Developments
- Pine Labs, a leading provider of payment and merchant technology solutions, has joined forces with ICICI Bank to introduce the Digital Rupee on Point-of-Sale (PoS) terminals. This collaborative effort aims to enhance the efficiency and convenience of digital transactions for both merchants and consumers.
- BharatPe, a prominent player in the Indian fintech sector, has recently launched a state-of-the-art Android Point-of-Sale (PoS) machine. This innovative device is designed to meet the evolving needs of merchants by combining cutting-edge technology with user-friendly features.
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Market Dynamics Analysis
The dynamics of the POS terminals market are characterized by a complex interplay of various factors, encompassing drivers, restraints, challenges, and threats that collectively shape the industry landscape. One of the primary drivers propelling the growth of the market is the escalating demand for streamlined and efficient payment processing solutions across diverse industries. The global transition towards a cashless economy, driven by the increasing penetration of digital payment methods, is a significant force boosting the adoption of POS terminals. Furthermore, the emphasis on enhancing customer experience and the need for real-time transaction processing contribute to the market's positive trajectory. However, this upward momentum is not without its set of challenges and restraints. Security concerns related to payment transactions pose a significant challenge to the widespread acceptance of POS terminals. As technology evolves, so do the tactics employed by cybercriminals, necessitating constant innovation in security measures.
Key Regional Developments
North America stands at the forefront of technological innovations, and the POS terminals market is no exception. The region has witnessed a robust demand for advanced and secure payment solutions, driving the adoption of EMV-enabled POS terminals. In Europe, the market is characterized by a strong emphasis on contactless payments and the transition towards a cashless society. The implementation of the European Union's PSD2 directive has fueled the demand for secure and seamless payment processing. The Asia-Pacific region is experiencing rapid urbanization, resulting in an expanding consumer base with increasing disposable income. This demographic shift has heightened the demand for efficient and convenient payment solutions, thereby driving the growth of POS terminals.
Impact of Recession
Recessionary periods often act as catalysts for technological adaptation. In the context of POS terminals market, businesses may intensify their focus on adopting more efficient and cost-effective solutions. Cloud-based POS systems and contactless payment technologies could experience increased traction as businesses seek ways to streamline operations and reduce overhead costs. Vendors in the market need to tailor their offerings to address the specific needs of SMEs, possibly by introducing flexible pricing models or bundled services to accommodate tighter budgets.
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