Point-of-Sale Terminal Market Forecasts to 2028 - Global Analysis By Product Type, Component, Deployment, Operating System, Technology, Application, End-User and Geography

According to Stratistics MRC, the Point-of-Sale [POS] Terminal Market is accounted for $83.24 billion in 2022 and is expected to reach $157.39 billion by 2028 growing at a CAGR of 11.2% during the forecast period. An electronic device characterized as a point-of-sale (POS) terminal, which is controlled by a hardware system enables retail stores to accept card payments without using cash registers to read cards directly. Various businesses, including physical retail stores, hotels, transportation, petrol pump make substantial use of POS systems.

According to the analysis by Capgemini Financial Services 2020, the global volume of cashless transactions grew 14.1% from 2018 to 2019 to reach 708.50 billion.

Market Dynamics:

Driver:

Increasing demand for contactless and cashless payment

Safety, increased savings in accounts, improved money management and flexibility are some of the major benefits of going cashless which attract more customers. Customers can choose cashless payment methods because they can make various digital payments using their banking cards. To mark cashless transactions, users can store their card information in mobile wallets or digital payment apps. Since the COVID-19 epidemic has sparked, worries about the safety of conducting cash transactions, consumers and wholesalers are switching to contactless payment methods to reduce their risk of getting infected by the virus. The point-of-sale terminals industry is experiencing significant growth opportunities as a result of major companies starting to invest in POS terminals to enhance the consumer experience.

Restraint:

Data security concerns can impede the market growth

The global Point-of-Sale [POS] Terminal market expected to hinder growth during the forecast period as insecure networks are highly susceptible to data hacking. Hackers can quickly breach the infrastructure and gain access to vital information and documents, including the credit card information of clients' business accounts. Such data leaks can cause the company to incur significant financial losses and reputation damage.

Opportunity:

Increase in Demand for POS Terminals in SMEs Sector

The global Point-of-Sale [POS] Terminal market is expected to drive growth during the forecast period as brand retail stores and a variety of hospitality-related businesses were the major places to use POS credit card machines. SMEs, on the other hand, are preferring to use these terminals in their companies. Mobile POS systems are widely used by small regional enterprises and micro-businesses in developing nations like China and India to manage their sales and inventory.

Threat:

Malware Infections

POS could become infected with bugs or viruses, just like any other internet-based system, which will prevent it from functioning. This might put a major strain in the work. Moreover, there are techniques to avoid this from happening, but there is still a small chance that it might occur again. If it does, fixing it could be expensive, and customers might stop buying till the problem is fixed.

COVID-19 Impact:

The COVID-19 outbreak had a negative impact on the worldwide economy. Multiple nations implemented nationwide lockdowns and social distancing standards, which had a negative effect on various industries, including the point-of-sale terminal. However, economies are turning their attention from responding to the outbreak to economic recovery, and as a result, different growth opportunities are anticipated to take shape for the market players for point-of-sale terminals due to the rising demand for smooth shopping experiences and the rise in utilisation of smart payment solutions.

The hardware segment is expected to be the largest during the forecast period

The hardware segment is expected to have a lucrative growth due to security risks, the majority of originally set up hardware for the market is built to facilitate efficient transactions. However, the forced distinction driven by the outbreak has accelerated the development of contactless payments with specific features for authentication. The addition of cameras and fingerprint sensors is forcing manufacturers to use larger form sizes, but industry advancements are also allowing them to become smaller in their pursuit of microelectronics.

The android-based segment is expected to have the highest CAGR during the forecast period

Due to the adoption of wireless technologies in mobile handsets, cloud-based and Android POS devices, as well as these advancements, it is estimated that the android-based segment will experience the highest CAGR during the projection period.

Region with largest share:

The Asia Pacific region is estimated to witness a largest share of the global point-of-sale [POS] terminal market during the forecast period as the demand for POS terminals is being fueled by the adoption of debit and credit cards for point-of-sale payments. Additionally, regional market expansion is being fueled by expenditures made by vendors through innovation, strategic partnerships, and mergers and acquisitions. And also, developing new opportunities for the POS terminals market is the expansion of e-commerce in the region.

Region with highest CAGR:

North America is projected to have the highest CAGR over the forecast period due to the widespread knowledge of POS solutions among leading regional retailers, hotels and restaurants, as well as owners of small businesses. The industry in North America is also being driven by the adoption of cutting-edge payment technologies including Near-field Communication (NFC) and biometric payment cards.

Key players in the market

Some of the key players in Point-of-Sale [POS] Terminal market include Toshiba Corporation, Acrelec, HP Company, Castles Technology, Aures Technologies S.A., Oracle Corporation, New POS Technology Limited, Shopify Inc., NEC Corporation, Panasonic Corporation, PAX Technology, Ncr Corporation, Lightspeed Commerce, Inc., Cisco Systems, Infor Inc., Apollo Global Management, Inc., GK Software SE and VeriFone

Key Developments:

In October 2022, Apollo Global Management, Inc. acquired Ingenico, a provider of POS terminals and payment solutions

In May 2022, GK Software SE partnered with Rizing, LLC, an SAP consulting services provider, to develop advanced retail solutions that would be integrated into SAP omnichannel Point-of-Sale (POS) by GK and SAP S/4HANA

In February 2022, VeriFone partnered with DNA Payments to launch its Android Trinity Series POS Terminal in the U.K.

Product Types Covered:

• Wireless Or Mobile
• Fixed Or Wired

Components Covered:

• Software
• Hardware
• Services
• Mining
• Metal Fabrication

Deployments Covered:

• On-Premises
• On-Cloud

Operating Systems Covered:

• Windows-Based
• Android-Based
• Linux
• MAC
• IOS

Technologies Covered:

• Biometric
• Traditional

Applications Covered:

• Supermarkets/hypermarkets
• Department stores
• Convenience stores
• Specialty stores
• Discount stores

End-Users Covered:

• Hospitality
• Retail
• Healthcare
• Restaurants
• Warehouse
• Entertainment
• Sports
• Utilities
• Government
• Transportation
• Education

Regions Covered:

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • Italy
  • France
  • Spain
  • Rest of Europe
• Asia Pacific
  • Japan
  • China
  • India
  • Australia
  • New Zealand
  • South Korea
  • Rest of Asia Pacific
• South America
  • Argentina
  • Brazil
  • Chile
  • Rest of South America
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Qatar
  • South Africa
  • Rest of Middle East & Africa

What our report offers:

• Market share assessments for the regional and country-level segments
• Strategic recommendations for the new entrants
• Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
• Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
• Strategic recommendations in key business segments based on the market estimations
• Competitive landscaping mapping the key common trends
• Company profiling with detailed strategies, financials, and recent developments
• Supply chain trends mapping the latest technological advancements

Free Customization Offerings:

All the customers of this report will be entitled to receive one of the following free customization options:

• Company Profiling
  • Comprehensive profiling of additional market players (up to 3)
  • SWOT Analysis of key players (up to 3)
• Regional Segmentation
  • Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking

Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances