Description
The Global Point of Sale (POS) Terminals Market size was USD 139.43 Billion in 2023 and it is expected to grow to USD 248.4 Billion in 2030 with a CAGR of 8.6% in the 2023-2030 period.
Market Overview
POS may be defined as a system application for payment of products or services during a retail transaction. Nowadays, many organizations have been availed with cash registers whereby the customer and the trader identify the billing quantity, generate the receipt and have got various modes of payment. POS terminals increase the speed of serving customers and significantly reduce the time spent on the check-out or checkout of the business as well as minimizing the mistakes that may be made by the employees.
With the opportunity to use the necessary functions – from sales information and the ability to oversee stocks to analytical tools – a POS terminal is a source of accurate information about customer interests and sales dynamics. I have learnt that gaining knowledge in business not only gives one the knowledge of how business is being run but also gives one a head start to better the business, management of the business and keeps on increasing the profits that one gets from the business. The global point of sale market is divided on the basis of applications, components and distribution channel.
UPI platforms that constitute cashless transactions for retailers and consumers are ever becoming attractive and appealing thus eliminating the need to hold on to debit cards for cashless transactions.
The COVID-19 pandemic is a challenge to the POS terminal market in increasing revenue in 2020. This is because major users such as supermarkets, hotels, spas, etc. have been closed due to lockdowns for terminals like these.
Global Point of Sale Terminals Market: Growth Drivers
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Increasing demand for mobile POS systems drives market growth:
The widespread use of smartphones and tablets has made mobile POS systems more accessible. These systems provide flexibility and mobility, enabling businesses to accept payments at any location and time.
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Rising use of EMV cards is increasing:
The requirement for POS terminals with EMV processing capabilities has expanded because of the development toward Euro pay, Mastercard, and Visa norms which includes the utilization of chip-based cards to change the handling of transactions for security purposes. This acceptance is spurred by the fact that it helps to prevent fraud risks hence motivating the growth of the market.
Global Point of Sale Terminals Market: Restraining Factors
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High Initial Investment Costs Hinder the Market:
It can be especially relevant for SMEs since the costs required for purchasing POS terminals can be high. These expenses refer to the costs for software; hardware; installation; and training.
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Economic Uncertainty:
With the current connection of POS programs to marketing, loyalty programmers, stock, and customer support the new systems are fast becoming the heart of a company
Global Point of Sale Terminals Market: Opportunity Factors
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Technological Advancements:
Rapid technological advancements including the integration of NFC (Near Field Communication), Euro pay, Mastercard, and Visa chip technology, and mobile payments offer POS terminal vendors a great chance to provide cutting-edge products.
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Market Expansion:
The growing use of POS terminals in sectors other than traditional retail, such as healthcare, hospitality, entertainment, and transportation, offers vendors a significant chance to penetrate new markets and broaden their sources of income.
Global Point of Sale Terminals Market: Challenges
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Network connectivity:
Communication problems are one of the typical POS system problems that influence the company’s interaction and processes. These can be performance issues such as slow Internet, connectivity issues, or interferences. From slow network access and reduced device performance to failure to conduct transactions may arise from network issues.
Global Point of Sale Terminals Market: Segmentation
Based On Application: The market is divided into Restaurants, Hospitality, Healthcare, and Retail, Others. The restaurants hold the highest market share.
Based On Component: The market is segmented into Hardware, Software, and Services. Among these, the hardware segment dominates major revenue contributors.
Based On Region: Based on Region, the market is segmented into five key geographical regions namely – North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
Global Point of Sale Terminals Market: Regional Insights
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Asia Pacific
Asia Pacific is the leader in POS terminals use and the market’s highest growing region during the forecasting period. As the number of digital money transactions increases and the e-commerce industry continues to expand at a fast pace. Developing countries with large population and rising middle class can be found in the Asia pacific region and countries like southeast Asian countries, China and India belongs to this category. The government is encouraging people to use digital means and cashless methods to make their payments – mostly in the Asia-Pacific region.
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North America
North America is expected to experience significant growth in the upcoming year. In North America, the healthcare sector is additionally using point-of-sale terminals for a range of functions, including patient money collection, appointment scheduling, and insurance company billing. The need for POS terminals in the area is anticipated to be driven by the healthcare industry’s growing need for streamlined and efficient processes.
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Europe
Cloud based POS solutions gained traction in the European retail sector. All this makes these systems increasingly attractive for the business community as cost-effective, scalable, and versatile solutions. Such firms are developing contactless payment systems, cloud-based technologies, and enhancing their data management capabilities to stay relevant in the market.
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Latin America
Latin America states seen to be utilizing QR codes or short-range wireless technologies. The increasing request for cashless services and the more secure services provided by these terminals.
Global Point of Sale (POS) Terminals Market: Competitive Analysis
Acumera Inc., Hewlett Packard Development LP, Ingenico Group, NCR Corporation, Oracle Corporation, Presto Group, PAX Technology Inc. Square, Inc. Toshiba Corporation, Verifone Systems Inc.
Global Point of Sale (POS) Terminals Market: Recent Developments
- Hewlett Packard Enterprise: March 26, 2024 – Hewlett Packard Enterprise revealed its enhancement of AIOps network management features by incorporating several advanced AI Large Language Models into HPE Aruba Networking Central. This integration is part of HPE’s cloud-native network management solution, which operates on the HPE Green Lake Cloud Platform.
- NCR Corporation: November 27, 2023 – NCR Corporation, a top provider of digital commerce solutions for retail, restaurant, and banking sectors, maintained its status as the largest supplier of point-of-sale (POS) software globally, according to the Global POS Software 2023 study by RBR Data Services.
