POS Terminals Market

Global Pos Terminals Market Forecast

The Pos Terminals Market is expected to grow from USD 12.8 Billion in 2026 to USD 23.5 Billion by 2033, reflecting strong industry expansion and registering a CAGR of 9.1% during the forecast period from 2026 to 2033.

Increased Prevalence of Cashless Payments Encouraging Growth of POS Terminals Market

Digital transformation of cashless payments in the end-use industry verticals such as retail, healthcare, and hospitality is driving the need for point-of-sale (POS) terminals, which is creating a favourable growth environment for POS terminals market. According to research, global cashless payment volumes are expected to climb by more than 80% between 2020 and 2025, from around 1 trillion transactions to almost 1.9 trillion, and nearly triple by 2030. The fastest-growing region will be Asia Pacific, with cashless transaction volume increasing by 109% until 2025 and then by 76% from 2025 to 2030, followed by Africa (78%, 64%) and Europe (78%, 64%) (64%, 39%). Latin America follows (52%, 48%), with the United States, and Canada increasing the slowest (43%, 35%).

The POS terminals market is expected to develop at a healthy rate during the projected period, owing to the benefits of digitalisation such as traceability, security, and tractability. During the projected period, advancements in internet connectivity, such as 5G, would boost the expansion of POS terminals. As a result, mobile POS terminals are expected to increase rapidly over the next several years. Manufacturers will gain a competitive advantage by integrating POS systems with inventory, merchandising, marketing, and customer relationship management. The widespread use of digital payments is driving the progress of POS terminals market forward.

Increased Demand for Fixed POS Terminals to Drive Growth of POS Terminals

The fixed POS Terminals segment in the product is expected to be the fastest-growing segment of the POS Terminals market over the forecast period. Fixed POS terminals are preferred by large-scale sellers due to installation expenses, and high procurement costs, which have fuelled the expansion of POS terminals market. Furthermore, end-users who are wary about cloud data storage are more inclined to install fixed POS terminals to save data on-premises. Inventory management, payment device support, customer relationship management (CRM), and bill printing are all features of the POS system. The segment is also growing due to the growing need in retail for a better customer experience. The demand will be driven by the deployment of fixed POS terminals as self-checkout systems. The fixed POS terminal accounts for more than 3/4^th of the overall market value.

Growing Adoption of Advanced Technologies to Stimulate POS Terminals Market in Asia Pacific

Asia Pacific is the largest user of POS Terminals and is expected to grow at the fastest rate throughout the forecast period. The region is at the forefront of technological adoption, which is impacting the POS terminal market growth. According to Worldpay, digital or mobile wallets will account for over 40% of point-of-sale payments in the Asia Pacific area by 2020. Card payments (debit and credit) came in second, accounting for 33.6 % of all payments, while cash came in third (19.2 %). The popularity of cashless payments in various nations is also a feature that opens new business potential. Another factor that has been pushing POS terminals market across the region is the use of debit and credit cards in point-of-sale transactions. According to a Visa Inc. from 2020, Singapore had the highest adoption rate of cashless payments at 98 %, followed by Malaysia (96 %), Indonesia (93 %), Vietnam (89 %), the Philippines (89 %), and Thailand (89 %) (87 %).

Vendors' investments in the region through innovation, strategic partnerships, and mergers and acquisitions are propelling the industry forward. Worldline and Yes Bank will debut the SMS Pay technology on POS terminals in November 2020, allowing merchants to accept contactless and remote payments from their customers. Shopkeepers, and merchants, including local kirana stores and departmental stores, can now request payment against invoices using the new feature. In a similar vein, MYPINPAD, a leading provider of PCI-certified payments software solutions, and SPECTRA Technologies, Hong Kong's leading payment terminal manufacturer and payment solution provider, announced the launch of a software-based contactless payments solution for smart devices in March 2021, which improves the customer experience for small, and micro-merchants in Hong Kong. With the launch of the new SoePay solution, Mastercard teamed with both companies to expand the Mastercard Tap on the Phone acceptance network. The region's e-commerce expansion is a factor that is creating new chances for the POS terminals industry. According to a report conducted in the first half of 2021 by Reprise and Google, regular 'a few times a month' online shoppers are now outpacing their offline counterparts by 42 % vs. 31 %, and those who shop online 'once every few months' leapfrog offline shoppers by 66 % in the region.

Key Market Companies

• NCR VOYIX
• Oracle Corporation
• Toast, Inc.
• payabl
• Revel Systems
• TouchBistro
• Block, Inc.
• Ingenico
• Verifone
• PAX Technology

Regional Classification of the Global POS Terminals Market is Listed Below:

North America

• U.S.
• Canada

Europe

• Germany
• France
• Spain
• U.K.
• Italy
• Russia
• Rest of Europe

Asia Pacific

• China
• Japan
• India
• Southeast Asia
• Rest of Asia Pacific

 Latin America

• Brazil
• Mexico
• Rest of Latin America

Middle East and Africa

• GCC
• South Africa
• Rest of Middle East & Africa