Point of Sale (POS) Terminal Market Will Grow in Near Future 2030

by Eric Martin on Jun 17, 2022 Business 13 Views

Description

According to the Market Statsville Group (MSG), the global POS terminal market size was valued at USD 84.1 billion in 2021. It is anticipated to reach USD 175.2 billion by 2030, registering a CAGR of 8.5% during the forecast period. POS terminals have emerged as a cost-efficient payment and billing solution for many business segments. These devices have a wide range of applications such as payments, printing bills, inventory management and customer relationship management. Technological advancement in POS systems has improved reliability and durability of these systems as compared to traditional systems such as cash registers. Increasing demand from end user segment and high demand for wireless portable POS system is driving market growth.

The low penetration of payment technologies and the considerable unbanked population in countries like India are expected to drive market growth. Increasing market competition and the need for better functionality drive the market for POS terminal software. The demand for POS services is expected to rise significantly in the next eight years. The repair and maintenance services are on the rise in developed countries where the market is saturated, where as demand for managed services will witness high growth in the developing countries. Professional services have emerged as a potential service segment; providing data security, recovery, and maintenance services contribute to market growth.

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Global Point of Sale (POS) Terminal Market Definition

Point-of-Sale (POS) is an automated cash register technology that can track and record customer orders, credit and debit cards, manage inventory across geographically dispersed locations, and connect to other systems across the network. Generally, a fixed POS terminal has as its core a personal computer, which is provided with an application-specific program along with I/O devices for the particular environment across which it serves.

Global Point of Sale (POS) Terminal Market Dynamics

DriversIncreasing demand for mobile POS terminals

Mobile payment processing enables small retailers to gain access to transactional information. The sophisticated data analytics, growing credit card payments, and ever-changing consumer expectations have driven the demand for mobile POS terminal. This growth has encouraged retailers to leverage new applications and strategies to deliver seamless customer experience.

Mobile applications have the capability to create a new medium for revenue growth; as a result, vendors are increasingly trying to understand various marketing channels available in order to leverage technology to compete across the industry. Due to the low deployment costs, the flexibility of having a tablet-based POS or smartphone POS has encouraged SMBs to invest in the mPOS technology.

RestraintsData Security Concerns

The POS systems are increasingly being deployed across the hospitality and retail industries for payments as well as to offer other operational information, such as inventory management, sales tracking, and accounting. Thus, from a security standpoint, the immediate risk to customers and businesses lies in accepting payments. If the customer’s information gets captured, cybercriminals can use it to commit credit card fraud. The risk of exposure has led to the development of the Payment Card Industry Security Standards Council (PCISCC) established data security standards for organizations that handle the information of debit, credit, and ATM cardholders.

POS systems are difficult to secure, owing to their role and exposed location across the network. They handle critical information and require being managed from remote locations. Therefore, a substantial impact of POS breaches is the possibility of identity threats. These victims can encounter problems such as damaged credit standing, financial loss, and fraudulent purchases.

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Scope of the Global Point of Sale (POS) Terminal Market

The study categorizes the point of sale (POS) terminal market based on product, component, deployment mode, and application at the regional and global levels.

By Product Outlook (Sales/Revenue, USD Million, 2017-2030)

  • Fixed POS Terminal
  • Mobile POS Terminal

By Component Outlook (Sales/Revenue, USD Million, 2017-2030)

  • Hardware
  • Software
  • Services

By Deployment Mode Outlook (Sales/Revenue, USD Million, 2017-2030)

  • Cloud
  • On-Premise

By Application Outlook (Sales/Revenue, USD Million, 2017-2030)

  • Restaurant
  • Hospitality
  • Healthcare
  • Retail
  • Warehouse
  • Entertainment
  • Other

By Region Outlook (Sales/Revenue, USD Million, 2017-2030)

  • North America
    • US
    • Canada
    • Mexico
  • Europe
    • Germany
    • Italy
    • France
    • UK
    • Spain
    • Poland
    • Russia
    • The Netherlands
    • Norway
    • Czech Republic
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Indonesia
    • Malaysia
    • Thailand
    • Singapore
    • Australia & New Zealand
    • Rest of Asia Pacific
  • South America
    • Brazil
    • Argentina
    • Colombia
    • Rest of South America
  • The Middle East & Africa
    • Saudi Arabia
    • UAE
    • South Africa
    • Northern Africa
    • Rest of MEA

The fixed POS terminal, by product had the largest market share

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Based on product, the global point of sale (POS) terminal market is divided into fixed POS terminal and mobile POS terminalIn 2021, fixed POS terminals had the largest market share of 64.7% in the global POS terminal market. Large-scale vendors prefer fixed POS terminals. Moreover, end-users cautious of the cloud data storage are likely to install fixed POS terminals to store data with the on-premises server. The POS system has several applications, such as supporting payments devices, inventory management, printing bills, and customer relationship management (CRM).

Moreover, A Mobile Point-of-Sale (mPOS) is a devoted wireless device, tablet, or smartphone which performs the functions of an electronic point of sale terminal or cash register. mPOS solutions consist of a handheld mobile device or computer with a compact portable printer and payment card reader. Once the card is swiped on the POS terminal, the data is encrypted and sent over a wireless network. After the charge is authorized, the shopper signs the screen on the device and the associate prints a receipt on the spot.

Asia Pacific accounts for the highest CAGR during the forecast period

Based on the regions, the global point of sale (POS) terminal market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & AfricaGlobally, Asia Pacific is estimated to hold the highest CAGR of 10.0% in the global point of sale (POS) terminal market during the forecast periodThe rise in the uasge of POS terminals in the region is due to the strong growth in the electronic payment industry is expected to boost the market growth. Moreover, the growth of the retail and food service sector in the region and the growing usage of mobile POS application for creating new payment platform and marketing channels is expected to boost market revenue.

After the Asia Pacific, Europe is the fastest-growing region during the study period. The European POS market has observed tremendous development because of increased credit or debit card usage, the rising GDP of the European Countries, and the mobility revolution. The majority of smart mobile POS solutions in the regional marketplace include pay-as-you-go models with no monthly fixed fees or contracts, thus driving the market growth. The market is expected to witness significant growth over the forecast period as service providers focus on building trust with consumers. The demand for POS terminals in the retail and restaurant sector contributes to the major share in the European POS system market.

Key Market Players in the Global Point of Sale (POS) Terminal Market

The global POS terminals market is highly diverse and competitive with a large number of solution providers vying for differentiation by providing value added services. POS terminal manufacturers are leveraging the outreach of wireless connectivity to create devices with superior processing through any given location. Mobile operators and banks have also emerged as key players in the market, driving the adoption of the technology among retailers.

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Major players in the global point of sale (POS) terminal market are:

Article source: https://article-realm.com/article/Business/23636-Point-of-Sale-POS-Terminal-Market-Will-Grow-in-Near-Future-2030.html

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