July 23, 2024
Point Of Sale (POS) Terminals Market By Product, By Component, By Deployment, By End Use- Growth, Share, Opportunities & Competitive Analysis, 2023 – 2031

The POS terminal market is expected to rise at a CAGR of 11.5% during the forecast period of 2023 to 2031. POS systems generate 40% of the payments industry’s income. Retailers are increasingly adopting wireless payment systems, which is boosting the demand for point-of-sale terminals. Access to Visa (EMV), EuroPay, and MasterCards has also increased. As the virus’s severity has diminished, many end-use industries have switched to cashless and contactless payment alternatives. Interest in affordable wireless communication technology has boosted demand for POS terminals. POS systems use wireless terminals to handle payments. Wireless technology could improve cab services and restaurants’ efficiency. POS terminals are utilized for payments and extra operational tasks in the hospitality and retail sectors. Bars, restaurants, and other food service organizations use POS systems to track sales, operations, items, and stocks.

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Digital payment systems’ simplicity and quickness allow users to better track spending and transactions. Government attempts to support digital payments also boost business growth. The rise of mobile wallets and NFC-enabled smartphone services is expected to boost the POS terminals market throughout the research period. As a result, more mobile point-of-sale (mPOS) machines are being deployed to accept contactless payments from clients’ cell phones. Mobile POS terminals have increased the sector’s growth options. These solutions’ ease of use and high ROI have boosted the market. The need for employee and customer management, inventory control, and online and in-store sales has further raised the demand for tablets.

Despite the COVID-19 epidemic causing a decline in overall market growth due to an interruption in the supply chain and a loss of income from end-users, mobile point-of-sale (POS) terminals supporting contactless payment was deemed important. Rising demand for cashless and contactless payment solutions drives product uptake. Digitalization is also needed for personnel and customer administration, online/in-store sales unification, and inventory tracking. The digital revolution has driven retail, healthcare, hospitality, and other organizations to employ a product that can record corporate actions and enable cashless payment. Digitalization across industries is expected to boost the POS terminal industry in the coming years. Increasing mobile phone use has increased demand for portable point-of-sale systems, expanding current markets.

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Over time, POS software and hardware have been developed and upgraded to ensure safe transactions and portability. POS suppliers have invested more in end-to-end encryption to secure payment gateways. This boosts customer confidence and demand. Multifunctional software attached to a POS system offers safe payment alternatives, employee information storage, and customer data analysis. The product’s capacity to monitor employee performance and create a happy staff has raised its demand.

The adoption of point-of-sale (POS) terminals has helped industrialized nations achieve a cashless economy. POS terminals offer simple payment alternatives, allow online payment, and reduce waiting time. Cashless payment has led to product development in hospitality and retail. As credit and debit card technology evolved, contactless payment became popular as a way to make transactions fast without a PIN. This payment technique uses RFID or NFC to execute safe transactions in seconds. This technology speeds up transaction processing and makes it easier to buy smaller things, boosting demand. Reasonably cost cloud-based point-of-sale (POS) systems that allow regular software updates without a professional save firms money on future upgrades. These innovations should boost the global POS terminal market.

POS terminals that can generate electronic receipts and accept face-to-face payments help manufacturers differentiate themselves in the market. Retail businesses want new POS innovations to meet customer convenience expectations. No checkout POS terminals dominate the POS market. Amazon’s no-checkout POS system, which began earning payments as soon as a consumer left, contributed to the company’s stratospheric development. Companies in the point-of-sale terminals sector are gaining experience to develop mobile POS software. Customers can pay directly or later in coffee cafes. People in a hurry may pay as they leave. Mobile POS apps are gaining popularity because they speed up procedures and reduce eating time. Retailers and HoReCa (Hotel, Restaurant, and Café) owners focus on a hassle-free counter experience to keep customers coming back. Coffee cafes and retailers in the UK are using mobile POS apps. Companies that make point-of-sale (POS) terminals are developing apps that make it easier to scan product codes to make automatic payments.

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Businesses will need to address the downsides of POS systems, such as the need for a large financial investment and reliance on the Internet because most POS terminals operate on the cloud. Companies that provide POS terminals are training their consumers on how to save money when buying a system. Companies that sell point-of-sale (POS) terminals educate their customers on their benefits and how they improve the shopping experience. As consumers try to save expenses, demand for energy-efficient point-of-sale terminals has increased. The new solid-state drive (SSD) technology being developed by manufacturers enables lighter, more resilient, and faster point-of-sale devices.

Fixed POS terminals accounted for more than 50% of global revenue in 2022. Large suppliers favor fixed point-of-sale terminals due to high installation and procurement costs, which have encouraged industry growth. End-users unwilling to save data in the cloud may install fixed POS terminals to save data on-premises. POS systems can be used for inventory management, payment processing, CRM, and invoicing. Mobile POS is expected to rise at a CAGR of 10.5% from 2023 to 2031. Customers using mobile devices to shop in-store have contributed to this trend. Mobile POS terminals allow payments anywhere in the store. Restaurants have embraced mPOS because it makes it easier to process payments during busy hours, avoids revenue loss due to delays, and boosts customer happiness. China’s quick-service eateries use digital kiosks and tablets to display menus and take orders. This helps eateries improve their operational efficiency and customer experience, which should increase the country’s industry.

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Cloud and on-premise deployment models are two POS terminal submarkets. Cloud segment CAGR is expected to be around 9.8% from 2023 to 2031. Cloud-based point-of-sale systems are in demand because they allow secure online storage without malfunction or incompatibility. On-premises POS systems are less secure than cloud-based ones. These systems streamline client transactions by offering a number of payment methods and automatically sending bills through the customer’s preferred channel. Using a cloud-hosted point-of-sale system frees business owners from hosting and maintaining a server.

In 2022, hardware accounted for 62% of the market, making it the largest. The market segment is expected to expand 7.0% annually from 2023 to 2031. Hardware components include monitors, tablets, receipt printers, cash drawers, barcode scanners, and EFT-POS machines. These components register transaction details. The stationary POS terminal contains most of the system’s hardware. This component simplifies day-to-day system use. EMV liability changes and the need to modernize payment solutions are driving the hardware industry. The increased demand for energy-efficient electronics has driven leading product makers to build POS terminal hardware with reduced power consumption. The software segment is expected to have the highest CAGR, at over 10%. This growth is due to data support, multipurpose features, and sales analysis. Various applications use specialized software. Retail POS software covers inventory management, transaction alerts, accounting, etc. These systems’ software integration of screen terminals and barcode scanners supports market growth. This enables backup and data restoration.

In 2022, retail accounted for 30% of the market’s revenue. Many stores are embracing simpler business procedures to cut customer wait times and speed up transaction processing. Stores are integrating POS systems with inventory, merchandising, marketing, and CRM databases to deliver personalized, interactive, and unique customer experiences. Supermarkets, hypermarkets, convenience stores, grocery stores, specialized stores, and gas stations make up the retail industry. The supermarkets and hypermarkets industry is expected to increase by over 8% per year. Mobile wallet technology is expected to increase retail product penetration during this time period. The healthcare sector is expected to have a CAGR of above 10% during the projection period. This expansion is due to the product’s broad application breadth, which includes patient information management, fast payment processing, and personnel statistics keeping. During and after the pandemic, the need to manage COVID-19 payments, vaccination programs, and patient information is expected to drive market growth.

Asia Pacific’s POS terminals market accounted for more than 30% of global sales in 2022. The Asia-Pacific retail POS terminals market is expected to expand 14% by 2031. Regulated demand from retail chains and the entertainment industry has helped the region maintain its market leadership. Government policies promoting a digital economy and the innovative retail industry in China and India drive regional business growth. India’s market is predicted to increase by 16.0% from 2023-2031. This is Asia Pacific’s fastest growth. According to the Reserve Bank of India (RBI), the share of digital or online retail payments will rise from 98.8% in 2021 to 99.3% in 2022. This is up from 98.8% last year. Increasing cashless transactions, rising incomes for discretionary expenditure, sustained economic expansion, and shifting demographics will boost the industry’s market share. Europe and the Rest of the World (RoW) are expected to expand faster between 2023 and 2031. These regions have expanding retail, QSR, and lodging brands. India, China, and Brazil are expected to have huge growth opportunities from 2023-2031. During the projection period, the US market is expected to be lucrative. Demand for more advanced payment technology has led to an increase in contactless payment options and NFC (NFC). This boosts the US point-of-sale terminal market. Because of the country’s many retail stores, such as Costco Wholesale Corporation, Wal-Mart, Target, The Home Depot, and The Kroger Company, POS terminals are widely used and accessible. Terminals manage daily payments, billing, inventory, and staff responsibility.

The global market for POS terminals is Many players have fragmented with the presence of numerous market players. iMetrics Pte Ltd, Samsung Electronics Co. Ltd, Panasonic Corp., Casio Computer Co. Ltd, NEC Corp. These players hold over 50% of the market. These competitors also invest much in R&D to produce cutting-edge payment technology. Multiple nations’ strict regulations and policies will drive the industry, making it more consumer-friendly and competitive. Recent market trends include… Companies are adopting inorganic growth techniques like geographical expansion, mergers and acquisitions, partnerships, and other business combinations to maintain their footing in the tough corporate environment. In September 2021, Elo Touch Solutions partnered with CERTIFY Health to offer patient self-service. CERTIFY Care’s cloud-based interface, Elo’s All-in-One touchscreen PCs, and healthcare providers and institutions improved patient registration operations. Market participants are expanding their company’s size and scope and conducting R&D to manufacture items with the latest technology. Presto Flex, the company’s next-generation product platform, was released in 2021. Hospitality-built tablet with excellent adaptability and versatility It can be installed for pay-at-table, staff handheld, drive-thru, and kiosk queue buster applications, among others. The software also integrates Presto’s contactless QR Code payment and ordering mechanism for restaurants.

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