Redding, California, Oct. 05, 2022 (GLOBE NEWSWIRE) -- According to a new market research report titled, “POS Terminal Market by Component (POS Hardware, Services), Operating System, (Android-based POS Terminal, Windows-based POS Terminal) End User (Retail, Hospitality, Healthcare, and Government) - Global Forecast to 2029,” the global point-of-sale terminals market is projected to reach $152.5 billion by 2029, at a CAGR of 9.9% from 2022 to 2029. By volume, the global point-of-sale terminals market is projected to reach 687.4 million units by 2029, at a CAGR of 12.0% during the forecast period.
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A point-of-sale (POS) terminal is a digital electronic device operated through a hardware system that allows retail outlets to receive card payments without using cash registers to read cards directly. POS terminals are extensively used in various industries, including physical retail stores, hospitality, transportation, sports & entertainment.
The point-of-sale terminals market is driven by the growing adoption of mobile-based POS terminals, the growing use of Europay, Mastercard, and Visa (EMV) Cards, and the rising adoption of POS terminals in the retail and e-commerce sector. Further, increasing demand for contactless and cashless payment is expected to offer significant growth opportunities for the point-of-sale terminals market. However, data security concerns and misconceptions and lack of standardization regarding POS terminal technology restrain the growth of the market to some extent.
Impact of COVID-19 on the Point-of-Sale Terminal Market
The COVID-19 pandemic adversely impacted the global economy. Nationwide lockdowns and social distancing norms were imposed across several countries, negatively affecting multiple industries, including the point-of-sale terminal industry. Uncertainty regarding the duration of the lockdowns made it difficult for the key market players to anticipate the recovery of the point-of-sale terminals market. Numerous POS terminal providers were under immense pressure across various fronts due to the COVID-19 pandemic.
However, economies are shifting their focus from responding to the pandemic to economic recovery, and hence, various growth opportunities are expected to emerge for the point-of-sale terminals market players due to the increasing demand for contactless and cashless payment and growing modernization of the payment industry
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However, several businesses are exerting extensively to move the point-of-sale terminals market in the right direction. Local governments are also undertaking several relief steps to mitigate the negative impacts of the COVID-19 pandemic. As a result, the point-of-sale terminals market is expected to recover to its original track after 2023.
To provide efficient analysis, Meticulous Research® has segmented this market based on component (POS hardware and services), operating system (android-based POS terminals, windows-based POS terminals, and other operating systems), end user (retail, hospitality, healthcare, transportation, sports & entertainment, government, utilities, and other end users) and geography (North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa). The study also evaluates industry competitors and analyses the market at a country level.
Based on component, the POS hardware segment is expected to account for the largest share of the point-of-sale terminals market in 2022. The large share of this segment is mainly attributed to the growing demand for wireless communication technologies, increasing focus on POS terminal-centric capabilities, increasing data visibility through cloud POS systems, and rising demand for contactless and cashless payments.
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Based on operating system, in 2022, the android-based POS terminal segment is expected to account for the largest share of the point-of-sale terminals market. The large market share of this segment is attributed to the increasing adoption of cloud-based and android POS devices and the growing adoption of wireless technology in mobile handsets.
Geographically, the Asia-Pacific region is expected to account for the largest share of the global point-of-sale terminals market in 2022. The presence of prominent players offering advanced point-of-sale terminals in the region is one of the major factors driving the growth of this regional segment. Besides, the growing adoption of advanced payment technologies and wireless POS terminals across several industries, such as retail, hospitality, and entertainment, are driving this region's growth.
Besides, the infrastructural growth in APAC, especially in China, South Korea, Australia, Singapore, Japan, and India, and growing digital payment systems and rising trends of e-commerce payment create huge opportunities for the point-of-sale terminals market. Also, the Asia-Pacific region is projected to register the highest CAGR during the forecast period.
Some of the key players operating in the point-of-sale terminals market are NCR Corporation (U.S.), Ingenico Group S.A. (France), Hewlett Packard Enterprise (U.S.), VeriFone, Inc. (U.S.), Toshiba Corporation (Japan), PAX Global Technology Limited. (China), Elavon Inc. (U.S.), Castles Technology Co., Ltd. (Taiwan), BBPOS International Limited. (China), Block, Inc. (U.S.), Cegid Group (France), Diebold Nixdorf, Incorporated. (U.S.), Newland Payment Technology (China), NEC Corporation (Japan), and Oracle Corporation (U.S.).
To gain more insights into the market with a detailed table of content and figures, click here: https://www.meticulousresearch.com/product/point-of-sale-terminal-market-5357
Scope of the Report
Point-of-Sale Terminal Market, by Component
- POS Hardware
- Mobile POS Terminals
- Fixed POS Terminals
- Services
Point-of-Sale Terminal Market, by Operating System
- Android-Based POS Terminals
- Windows-Based POS Terminals
- Other Operating Systems (MAC and iOS)
Point-of-Sale Terminal Market, by End User
- Retail
- Hospitality
- Healthcare
- Transportation
- Sports & Entertainment
- Government
- Utilities
- Other End Users (Warehouse and Education)
Point-of-Sale Terminal Market, by Geography
- North America
-
- U.S.
- Canada
-
- Europe
-
- UK
- Germany
- France
- Italy
- Spain
- Rest of Europe
-
- Asia-Pacific
-
- China
- Japan
- India
- Singapore
- South Korea
- Australia & New Zealand
- Rest of Asia-Pacific
-
- Latin America
-
- Brazil
- Mexico
- Rest of Latin America
-
- Middle East & Africa
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