New York, USA, May 04, 2023 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Point of Sale (Pos) Terminal Market Research Report Information, By Component, By Product Type, By Deployment, And, By Region – Market Forecast till 2030, the market is anticipated to acquire a valuation of approximately USD 125.31 Billion by the end of 2030. The reports further predict the market to flourish at a robust CAGR of over 8.1% during the assessment timeframe.
Point of sale (PoS) terminals are increasingly becoming sophisticated, futuristic, convenient, and available at various price ranges. POS terminals enable secure mobile payments using NFC technology. POS terminal or POS system has emerged as one of the most crucial aspects of retail, allowing managing transactions efficiently.
Point of Sale Terminal Market Key Player:
Players leading the global POS terminal market are-
- Verifone Systems (US)
- Ingenico SA (France)
- PAX Technology (Hong Kong)
- Cisco Systems (US)
- HP Company (US)
- Elavon (US)
- Newland Payment Technology (China)
- Castles Technology (Taiwan)
- Panasonic Corporation (Japan)
- Touchbistro (Canada)
- CITIXSYS AMERICAS (US)
- NCR Corporation (US)
- Zebra Technologies (US)
- Diebold Nixdorf (US)
- Squirrel Systems (Canada)
- BBPOS (Hong Kong), among others.
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Point of Sale Terminal Market Report Scope:
| Report Metric | Details |
| Point of Sale Terminal Market Revenue forecast in 2030 | USD 125.31 Billion |
| Point of Sale Terminal Market Growth Rate | CAGR of 8.1% from 2022 to 2030 |
| Base Year | 2021 |
| Study Period | 2022-2030 |
| Key Market Opportunities | Rising adoption of modes of online payments |
| Key Market Drivers | Rising use of contactless payments to boost the market growth |
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Other advantages that POS systems offer retail businesses include an optimized checkout process by providing more payment options and discount & loyalty programs, eliminating human errors & reduce monetary losses, and efficient employee management. Retail sectors worldwide are undergoing rapid digitalization as they look to enhance the customer experience in brick & mortar environments and scale up their e-commerce and digital presence.
Global and domestic retail chains are deploying innovative technologies that can offer frictionless checkout with self-serve options and paperless receipts. Besides, new business models like subscriptions, products as a service, and sustainable shopping are rapidly evolving in retail. However, there are some key gaps in experiences provided by traditional systems, as they are not poised to support such future business models.
Resultantly, POS technology providers are increasingly investing in building their intellectual property that can provide the insights retailers seek. Especially for small businesses, POS terminals can make payment methods easier. Small businesses can download required apps and turn their Android device into a POS terminal, making everything possible a small business operator needs, including contactless payments, issuing digital receipts, and generating transaction history.
POS technology providers help small enterprises to manage and grow their businesses, providing them with disruptive digital solutions. The recent COVID-19 pandemic mandated contactless payments, and consumers increasingly turned to e-commerce/ online shopping platforms. This, as a result, boosted the POS terminal installations in various businesses.
Over the past couple of years, point of sale terminals have been witnessing exploding popularity across the retail and hospitality industries. The adoption of point of sale terminal solutions is growing across industries. Besides, the demand for efficient payment management solutions is rising continually, allowing the market to garner significant traction worldwide.
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Industry Trends
Rapid advances in finance technologies allowed the market to garner substantial traction. Today's point-of-sale platforms, upgraded with state-of-the-art technologies, are designed for high performance & reliability and scale-up. With such futuristic technology, businesses can benefit from more granular components based on targeting customer experience.
Increasing numbers of companies are now catching on to the POS terminal to accept account-to-account payments. On the backdrop of e-commerce, which remains a big and fast-growing area, the shift back to physical movement after the pandemic crises subside, where retailers are looking to improve offline sales. With growing advances in finance technologies, the market is likely to garner substantial traction in the future.
Also, the demand for a more direct payment method is rising among merchants and consumers. POS terminals being more direct and cheaper, allow users to make better transaction margins. It also gives tough competition to traditional players in the payments ecosystem, another key growth driver for the point of sale terminal market.
Point of Sale Terminal Market Segments
The report segments market dynamics into types, components, industries, and regions. The type segment comprises mPOS, smart POS, portable countertop & PIN Pad, and others (smart mobile dongle and mini POS). The component segment comprises hardware, POS software, and services.
The industry segment comprises home & service delivery sectors, retail, medical & hospitality, taxi & transportation, sports, entertainment, and media sectors. Further, the region segment comprises North America, Europe, Asia-Pacific, Middle East & Africa, and Rest-of-the-World.
Point of Sale Terminal Market Regional Analysis
North America leads the global point of sale terminal market. The region witnesses vast R&D investments to advance financial solutions and automation technologies in the banking sector. Besides, the large presence of POS terminal providers and the development of banking solutions boost the market size. The US, Canada, and Mexico account for sizable shares in the regional market, witnessing the faster adoption of fintech technologies needing POS platforms.
Point of Sale Terminal Market Competitive Analysis
The POS terminal market appears highly competitive, with prominent companies having an international and regional presence. These companies aggressively target increased participation through collaborations to expand their operations and offerings to target potential clientele. The market would witness intensified competition with innovations, increased R&D investments, and M&A.
Leaders in the global neo-banking space strive to provide mobile banking and payment solutions, allowing users to make payments at the POS by holding their enabled device near the merchant's payment terminal/reader. Market players have been diligently working with mobile wallet providers, promoting POS spending and enhancing their offerings with convenience.
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For instance, on Oct.11, 2022, PayPal introduced its new mobile point of sale solution, named PayPal Zettle Terminal. The new in-store solution comes with the Zettle POS app pre-installed. Small businesses can leverage this integrated solution that can enable them to accept multiple secure payments, including credit cards, contactless, digital wallets & PayPal, and Venmo QR Codes.
PayPal Zettle Terminal will also help merchants to manage sales, inventory, reporting, and payments, all with a single device. PayPal's SMB Solutions are considered the all-in-one mobile point of sale form factor. In the wake of the resurgence in physical retail, PayPal aims to help US retailers with many features to make it an attractive checkout tool, especially for SMBs.
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