POS Terminals Market

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.

Global POS Terminals Market: Competitive Landscape

Adyen launched its Android-based mPOS solution for the US and UK markets in January 2022. Merchants may accept major digital payment methods including mobile wallets, magstripes, and chip cards using the Android handset. It has an app management capability that allows merchants to upload and use external business apps for loyalty programs, inventory management, and returns. On the other hand, Samsung Electronics introduced Samsung Kiosk in June 2021, an all-in-one solution that allows for contactless ordering and payment. The Kiosk is currently accessible in 12 countries around the world, including the United States, Canada, the United Kingdom, Ireland, France, Sweden, the Netherlands, Belgium, Spain, Austria, Australia, and Singapore with easy installation choices and a protective covering.

A few of the players in the POS terminals market include Adyen, AURES Group, Bematech SA, Castles Technology, Co. Ltd, Samsung Electronics, Diebold Nixdorf, Fujian Newland Payment Technology Co., Ltd., NEC Corporation, New POS Technology Limited, Panasonic Corporation, NCR Corporation, PAX Technology, Posiflex Technology, PAR Technology Corporation, Toshiba Corporation, and Touch Dynamic Inc.

Global POS Terminals Market is Segmented as Below:

By Product

• Mobile
• Fixed

Market, By Component

• Hardware
• Software
• Service

Market, By Technology

• Biometric
• Traditional

Market, By Operating System

• Windows
• Linux
• MAC

Market, By Application

• Restaurants
• Hospitality
• Healthcare
• Retail
• Warehouse/distribution
• Entertainment
• Others

By Region

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • UK
  • France
  • Germany
  • Russia
  • Rest of Europe
• Asia Pacific
  • Japan
  • South Korea
  • India
  • China
  • Rest of Asia-Pacific
• LAMEA
  • Latin America
  • Middle East
  • Africa

Key Elements Included In The Study: Global POS Terminals Market

• POS Terminals Market by Product/Technology/Grade, Application/End-user, and Region
• Executive Summary (Opportunity Analysis and Key Trends)
• Historical Market Size and Estimates, Value and Volume, 2018 - 2021
• Volume Consumption at Regional and Country Level, 2022 - 2029
• Market Dynamics and Economic Overview
• Market Size in Value and Volume, Growth Rates, and Forecast Figures, 2022 - 2029
• Competitive Intelligence with Financials, Key Developments, and Portfolio of Leading Companies 
• Regional and Product/Grade/Application/End-user Price Trends Analysis
• Value Chain and Five Force’s Analysis
• Regional/Sub-region/Country Market Size and Trend Analysis
• Company Market Share Analysis and Key Player Profiles

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Disclaimer:

• The segmentation/company profiles/countries depicted above may vary in the actual report.