POS Terminals Market size is set to grow by USD 46.07 billion from 2023-2027, growth in end-user demand for pos terminals boost the market, Technavio

NEW YORK, April 16, 2024 /PRNewswire/ -- The global POS terminals market  size is estimated to grow by USD 46.07 bn from 2023-2027, according to Technavio. The market is estimated to grow at a CAGR of about 8.23%  during the forecast period.  The global POS terminals market is driven by the increasing need for advanced payment solutions in retail, healthcare, hospitality, and warehouse industries. Consumers' preference for credit and debit card transactions fuels adoption. Small retailers in developing countries, like China and India, are adopting secure and convenient POS terminals. Mobile POS terminals, using wireless devices, are popular among SMEs. Demands include e-wallet facilities, mobile payments, and data safety. Key sectors include retail, healthcare, and hospitality. Strategic partnerships with vendors, payment service providers, and governments promote digital payments and cashless transactions. 

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Segment Overview 

This pos terminals market report extensively covers market segmentation by End-user (Entertainment, Hospitality, Healthcare, Retail, Others) Component (Hardware, Software, Services) Geography (APAC, North America, Europe, South America, Middle East and Africa)

Market segmentation by End-user

The Point-of-Sale (POS) terminal market encompasses advanced hardware components of POS systems, including monitors, card readers, cash drawers, and receipt printers. Peripherals may include barcode scanners, customer displays, and kitchen printers. Newer hardware offers contactless payment options and integration with inventory management and CRM systems. Consumers benefit from various payment modes, such as cards, e-wallets, and mobile payments. Governments promote digital payments and cashless transactions, driving demand for POS terminals in retail outlets, healthcare sector, and more. Cloud-based and integrated POS terminals ensure data safety and prevent fraudulent transactions. Strategic partnerships between vendors, payment service providers, and small-scale companies, startups, and industries like retail, hospitality, and healthcare, fuel market growth. Wireless communication technologies enable mobile POS terminals and drive-thru applications.

Geography Overview

The Point-of-Sale (POS) terminal market in APAC is experiencing significant growth due to the increasing adoption in various sectors such as hospitals, pharmacies, resorts, restaurants, hotels, gas stations, and retail stores. The penetration of organized retail, including supermarkets and hypermarkets, is driving this trend. Wireless communication technologies, including contactless payment methods, are becoming increasingly popular in China, Australia, India, and Indonesia, further fueling the market. Major vendors like PAX Global Technology, VeriFone Inc., BBPOS International Ltd., and Castles Technology Co. Ltd. provide POS terminal solutions. Collaborations and partnerships, such as the launch of Android-based smart payment terminals by Revenue Group Berhad and Public Bank Berhad, continue to improve cashless payment methods. POS terminals come with hardware components like cash registers, barcode scanners, and computers, and offer software integration, cloud deployment, and on-premises deployment. Consumers can use various payment modes, including cards, e-wallet facilities, and mobile payments. Governments are promoting digital payments and cashless transactions, making retail outlets increasingly reliant on integrated POS terminals for inventory management, Business Intelligence, and customer satisfaction. Despite the benefits, concerns around data breaches and identity threats persist, with some solutions turning to Artificial Intelligence (AI) and digital menu boards for enhanced security. 

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• The global POS terminals market is driven by continuous product innovation, such as Ingenico's Move/2500 B terminal with fingerprint authentication. Key sectors include hospitals, retail, and gas stations. Technologies like AI, digital menu boards, and mobile POS terminals are transforming the industry. Security concerns and cloud deployment are significant trends. Vendors introduce e-wallets, mobile payments, and integrated systems to stay competitive.
• The POS terminals market has seen rapid expansion among retail stores and restaurants, despite higher operational costs compared to traditional registers. Major costs include setup, transaction, subscription, and cancelation fees. Server-based terminals are costlier due to high setup costs, licensing fees, and monthly maintenance. Average yearly cost for a single register is over USD2,200. Key trends include data security, AI, digital menus, and various deployment options for diverse sectors like retail, healthcare, and small businesses.

Insights on Market Drivers, trends, & Challenges, historic period(2017 - 2021) and forecast period(2023-2027)- Request a sample report!

Research Analysis

The Point-of-Sale (POS) terminals market encompasses various industries such as Hospitals, Pharmacies, Resorts, Restaurants, Hotels, Gas stations, and Retail stores. These businesses increasingly rely on advanced POS systems powered by wireless communication technologies to facilitate seamless transactions. The integration of Business Intelligence (BI) and inventory management features enhances customer satisfaction by enabling real-time data analysis and efficient stock management. Consumers now prefer multiple payment modes, including Cards and e-wallet facilities, which are supported by modern POS terminals. Vendors offer cloud-based and integrated POS terminals to ensure data safety and minimize fraudulent transactions. Governments worldwide promote digital payments and cashless transactions, further driving the adoption of POS terminals in retail outlets. Mobile payments are also gaining popularity, making it essential for POS terminals to be compatible with these technologies.

Market Research Overview

The Point of Sale (POS) Terminals Market is a significant sector in the digital payments industry. These devices enable merchants to process financial transactions securely and efficiently. The market consists of various components such as hardware, software, and communication networks. POS systems offer features like inventory management, customer relationship management, and sales reporting. They can be connected to the internet or function offline. The market is driven by factors like increasing adoption of digital payments, growing number of small and medium enterprises, and advancements in technology. Companies like Barcode, Cardtech, Compuware, and Digitech contribute to the POS terminals market. The future of POS systems looks promising with the integration of artificial intelligence, machine learning, and contactless payments. The market is expected to grow at a significant rate in the coming years.

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/

SOURCE Technavio

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