The Point-of-Sale Terminal Market is projected to reach $152.5 billion by 2029, at a CAGR of 9.9% from 2022 to 2029. Based on 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. The point-of-sale terminals market is majorly driven by the growing adoption of mobile-based POS terminals, growing use of Europay, Mastercard, and Visa (EMV) Cards, and 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 Terminals 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. 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 growing demand for seamless shopping experiences and the increasing adoption of smart payment solutions.
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.
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The increasing demand for contactless and cashless payment is expected to offer significant growth opportunities for the point-of-sale terminal market.
Some key benefits of going cashless payment that attract more consumers include safety, growth in saved funds in accounts, better money management, and flexibility. The ability to make different digital payments through banking cards enables consumers to opt for cashless payment modes. Users can store their card information in digital payment apps or mobile wallets to mark cashless payments. With the rising concerns over the safety of handling cash transactions due to the COVID-19 pandemic, wholesalers and consumers are relying on contactless payment modes to avoid the risk of getting infected. Thus, major companies worldwide have started investing in POS terminals to improve customer experience, creating significant growth opportunities for the point-of-sale terminals market.
Key Findings in the Global Point-of-sale Terminals Market Study:
In 2022, the POS Hardware Segment is Expected to Dominate the Point-of-sale Terminals Market
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 growing demand for wireless communication technologies, increasing data visibility through cloud POS systems, and increasing demand for contactless and cashless payments are some of the factors driving the growth of this segment.
In 2022, the Android-based POS Terminals Segment is Expected to Dominate the Point-of-sale terminal market
Based on operating system, the android-based POS terminals segment is expected to account for the largest share of the point-of-sale terminals market in 2022. The increasing adoption of cloud-based and android POS devices and the growing adoption of wireless technologies in mobile handsets are expected to support the growth of this segment.
The Retail Segment is Expected to Dominate the Point-of-sale terminals market
Based on end user, the retail segment is expected to account for the largest share of the point-of-sale terminals market in 2022. The large market share of this segment is attributed to the rising penetration of e-commerce platforms, growing focus on contactless payments, increased adoption of in-store mobile payments, and strong growth in the global retail industry.
Asia-Pacific: The Fastest-growing Regional Market
In 2022, Asia Pacific is expected to account for the largest share of the point-of-sale terminals market, followed by North America, Europe, Latin America, and the Middle East & Africa. However, Asia-Pacific is expected to witness rapid growth during the forecast period. The rapid growth of this region is mainly driven by the presence of prominent point-of-sale terminal key players. Besides, the growing modernization of the payment industry, rising e-commerce, virtual payment trends, and increasing prominence of SMEs are expected to help the region grow rapidly over the coming years.
Key Players
The report includes a competitive landscape based on an extensive assessment of the key strategic developments adopted by the leading market participants in the point-of-sale terminal industry over the last four years. The key players profiled in the global 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.).
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 region
- North America
- Europe
- U.K
- 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
Key questions answered in the report: