Point Of Sale Terminal Market Size

Global Point of Sale (Pos) Terminal Market Overview:

Point of Sale (Pos) Terminal market size was valued at USD 67.2 billion in 2021. The Point Of Sale (Pos) Terminal market industry is projected to grow from USD 72.6432 billion in 2022 to USD 125.3068535 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 8.10%% during the forecast period (2022 - 2030). Rising use of online mode for ordering and use of E-wallets are the key market drivers enhancing the Point Of Sale (Pos) Terminal market growth.

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Point Of Sale (Pos) Terminal Market Trends

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  Rising use of contactless payments to boost the market growth

  
  

The introduction of mobile POS (mPOS) terminals to accept contactless payments directly through consumers' cell phones has been prompted by the rise in contactless payments. Mobile POS terminals' rising popularity has opened up new opportunities for market expansion. These technologies' better Return on Investment (ROI) and ease of use have positively affected the market. The increased demand for inventory tracking, online & in-store sale unification, and employee and customer management has further enhanced product adoption.

The demand for POS terminals has surged due to the spike in interest in inexpensive wireless communication technology. POS systems use wireless devices to enable payments for goods and services. Wireless technology can streamline many activities, from restaurants to cab services. Businesses use POS terminals in the hospitality and retail industries for payments as well as other operational duties, including inventory control, sales tracking, and accounting. For example, bars, restaurants, and food service providers heavily rely on POS systems to track sales, operations, products, and inventory. Therefore, such a growth in the technological enhancement and use of online payments has enhanced the Point Of Sale (Pos) Terminal market CAGR across the globe in recent years.

Furthermore, Point Of Sale Terminal market revenue is anticipated to be constrained over the projected period. One of the key elements encouraging the growth of POS terminals is the development of the modern drive-thru. In order to connect their drive-thru line, kitchen, and back-office operations for a seamless order and delivery procedure, several businesses have started using POS systems.

Point Of Sale (Pos) Terminal Market Segment Insights:

Point Of Sale (Pos) Terminal Deployment Insights

The Point Of Sale (Pos) Terminal market segmentation based on deployment, includes on-cloud and on-premises. The on-cloud segment held the majority share in 2021, contributing to the Point Of Sale (Pos) Terminal market revenue. The rising use of SaaS technologies and software integration is blamed for this expansion. In the SaaS model, users pay a minimal monthly price on a subscription basis rather than purchasing all the software, hardware, and support services upfront. This lowers the upfront costs for eateries and other end customers.

On-Premise is the second fastest-growing segment, which accounts for a considerable share of the Point Of Sale (Pos) Terminal market. Manual installation is a part of on-premise deployment at the client's location. Electrical work, hardware and software installation, and cabling permissions are all included in the installation. Due to cloud POS's numerous advantages over on-premise deployment, many businesses have begun implementing it. For instance, 3.6 Xenial Ordering, a development for Xenial Cloud POS, was introduced by Xenial, Inc. in January 2022. This cloud POS offers seamless process workflow, user experience, and infrastructure updates and improvements for this built version of Xenial Ordering UI and API.

January 2021: To launch its first live Cloud Tap on Phone pilot with Computer Engineering Group (CEG), an independent IT Services provider based in Napa, California, Mastercard collaborated with NMI and Payments Inc. One of Mastercard's cutting-edge technologies for next-generation acceptance is called Cloud Tap on Phone, and it makes use of the Azure cloud computing service from Microsoft.

Figure 2: Point Of Sale (Pos) Terminal Market, by Deployment, 2021 & 2030 (USD Million)

Point Of Sale (Pos) Terminal Product Type Insights

The Point Of Sale (Pos) Terminal market segmentation based on product type, includes Fixed And Wireless. The remote sensing segment held the majority share in 2021, contributing to the Point Of Sale Terminal market revenue. Large-scale retailers favour fixed POS terminals primarily because of the high installation and procurement costs, which have recently encouraged the market's expansion. Additionally, end users who are wary about using the cloud for data storage are likely to instal fixed POS terminals to save their data on an on-site server. The POS system has numerous uses, including printing checks, supporting payment devices, managing customer relationships (CRM), and managing inventory.

Wireless is the second fastest-growing segment, accounting for a considerable market share. This expansion is linked to customers' increasing acceptance of in-store mobile payments. Payments can be processed from any location in the store thanks to wireless POS terminals. Many end users, including restaurants, have started using mPOS because it makes payments easier during peak times and prevents lost sales from delays, which boosts customer satisfaction.

Point Of Sale (Pos) Terminal Component Insights

The Point Of Sale (Pos) Terminal market segmentation based on components, includes hardware, software, and services. The hardware segment held the majority share in 2021, contributing to the Point Of Sale (Pos) Terminal market revenue. Devices or interfaces to register transaction details are referred to as hardware components. Examples include displays, tablets, receipt printers, cash drawers, barcode scanners, network devices, and EFT-POS machines. The majority of the system's hardware components are found in the stationary POS terminal, which also makes using the system to manage daily activity easier.

Software is the fastest-growing sub-segment. The segment expansion is supported by the methodical software integration functionalities of screen terminals and barcode scanners across these systems, which give backup capabilities and data restoring.

Point Of Sale (Pos) Terminal Regional Insights

By Region, the study provides market insights into North America, Europe, Asia-Pacific and Rest of the World. North America Point Of Sale (Pos) Terminal market accounted for USD 29.5008 billion in 2021 and is expected to exhibit a 43.90% CAGR growth during the study period. The region's demand for products has been driven by a number of sophisticated payment technologies, including contactless payments and NFC. Additionally, the United States is home to a large number of well-known retail chains, like Wal-Mart, Costco Wholesale Corporation, Target, The Kroger Co., and The Home Depot, which depend on POS terminals to handle everyday operations like billing, payment, employee duty, and inventory. In order to stop the virus from spreading after COVID-19, the US government is also promoting the use of contactless payment methods. The pandemic-related slowdown in the retail and other service sectors, however, hindered the area market's overall development. Thus both U.S. Point Of Sale (Pos) Terminal market and the Canada Point Of Sale (Pos) Terminal market are anticipated to grow.

Further, the major countries studied in the market report are: The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 3: POINT OF SALE (POS) TERMINAL MARKET SHARE BY REGION 2021 (%)

Asia Pacific Point Of Sale (Pos) Terminal market held the second-largest share during the projected period, it is expected to grow sustainably. The demand for POS terminals in this region is rising as a result of government attempts to foster a cashless economy. Many new prospects for mPOS have arisen as a result of the region's growing adoption of digital payment methods in nations like Japan, China, and India. However, the need for fixed POS terminals from large businesses to safeguard their corporate information and guarantee the processing of enormous volumes of client data is fostering the segment's expansion. Hence, the China Point Of Sale (Pos) Terminal market held the largest share in the regional market.

Furthermore, the Point Of Sale (Pos) Terminal market is predicted to grow across other Asian countries because the nations are taking steps to resurrect their economies, which is anticipated to lead to an increase in product demand over the next several years. Additionally, there is a sizable unbanked population and low penetration in other developing nations like Vietnam and Thailand, which are likely to present attractive market expansion potential.

Point Of Sale (Pos) Terminal Key Market Players & Competitive Insights

Major market players are spending a lot of capitals on R&D to enhance their grade lines, which will aid the Point Of Sale (Pos) Terminal market expand. Market players are also taking a range of strategic measures to expand their worldwide footprint, with prime market developments such as new grade innovations & launches, contracts & agreements, mergers and acquisitions, better investments, and collaboration & strategic partnerships with other organizations in the Point Of Sale (Pos) Terminal market. Competitors in the Point Of Sale (Pos) Terminal industry must offer cost-effective items to extend and survive in an increasingly high competitive and expanding market environment.

One of the primary business strategies adopted by manufacturers in the Point Of Sale (Pos) Terminal industry to benefit clients and expand the market sector is to manufacture locally to reduce operating costs. In recent years, Point Of Sale (Pos) Terminal industry has provided medicine with some of the most significant benefits. The Point Of Sale (Pos) Terminal market major player such as Ingenico (France), CITIXSYS AMERICAS (US), Verifone (US), Squirrel Systems (Canada), BBPOS (Hong Kong), and others are working to drive the market growth via investing heavily in research and development activities.

Verifone (US), is a provider of payment and commerce solutions. The business is involved in the design, production, and marketing of payment-related goods such as countertop payment devices, point-of-sale (POS) hardware with a PIN pad, networking devices, mobile POS hardware, and unattended payment devices. In May 2022, In a new cross-distribution partnership, Lavu, a leading provider of restaurant software and payments solutions created by restaurant professionals, and Verifone, a leader in FinTech and a provider of payment solutions to some of the most recognisable brands in the world, will seamlessly combine Lavu's all-in-one restaurant software suite with Verifone's FLEX payment solution.

Also, Ingenico (France), is partner, providing straightforward and dependable payment solutions to financial institutions, retail giants, and small business owners alike. In January 2023, The revolutionary cloud Payments Platform as a Service from Ingenico, along with Klarna, have announced a strategic alliance that will make it easier to introduce Klarna's flexible payment choices at the point of sale.

Key Companies in the Point Of Sale (Pos) Terminal market include

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  Ingenico (France)

  
  


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  CITIXSYS AMERICAS (US)

  
  


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  Verifone (US)

  
  


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  Squirrel Systems (Canada)

  
  


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  BBPOS (Hong Kong)

  
  


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  Newland Payment Technology (China)

  
  


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  First Data (US)

  
  


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  Cegid Group (France)

  
  


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  PAX Technology (Hong Kong)

  
  


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  Castles Technology (Taiwan)

  
  


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  Elavon (US)

  
  


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  NCR Corporation (US)

  
  


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  Diebold Nixdorf (US)

  
  


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  Winops (Finland)

  
  


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  BITEL (Korea), among others

  
  

Point Of Sale (Pos) Terminal Industry Developments

June 2023: A new point-of-sale (POS) system from Payabl., a reputable FinTech company known for the payment solutions, has been presented with a focus on supporting the expansion of European retailers. The POS system was created as a reaction to the expanding omnichannel shopping trend. The recently released payabl. POS terminals in fact are designed to take advantage of this potential by making it simpler for merchants to accept payments across all channels, allowing them to work with just one supplier for both online and in-person transactions. The recently released payabl. POS terminals guarantee to give a seamless omnichannel platform, combining transaction processing for cards that are present as well as cards that are not. These terminals will support Visa, Mastercard, along with payments made using Google & Apple Pay, giving businesses a streamlined payment option.

May 2023: Axis Bank, one of the biggest private sector banks in India, has launched "Sarathi," the first digital onboarding system which enables retailers to employ point of sale (POS) or electronic data capture (EDC). The technology expedites the application process and offers paperless onboarding for businesses to enable quick POS installation. This is done through real-time database checks & live video verification. The solution provides quick installations within about 45 minutes of the processing of the application. The solution enables merchants to complete the onboarding process in just four easy steps, including real-time database checks for quicker application processing, the live video verification for authenticating merchant information at the merchant's convenience, elimination of the field verification process to help in immediate decision-making, and instant POS installation.

May 2023: In collaboration with ICICI Bank, merchant commerce platform Pine Labs announced the adoption of digital Rupee on its point-of-sale terminals. Due to the technical integration between two parties, major retail locations in Mumbai and Bengaluru will now be able to take Digital Rupee at Pine Labs point-of-sale terminals. The process of Digital Rupee payment is carried out entirely digitally by Pine Labs using dynamic QR (quick response) embedded into their intelligent Android PoS terminals.

January 2022: The introduction of mobile Android point-of-sale (POS) terminals in the EU, UK, and US was announced by Adyen.

Point Of Sale (Pos) Terminal Market Segmentation:

Point Of Sale (Pos) Terminal Component Outlook

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  Hardware

  
  


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  Software

  
  


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  Services

  
  

Point Of Sale (Pos) Terminal Product Type Outlook

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  Fixed

  
  


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  Wireless

  
  

Point Of Sale (Pos) Terminal Deployment Outlook

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  On-Cloud

  
  


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  On-Premises

  
  

Point Of Sale (Pos) Terminal Regional Outlook

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  North America

  
  

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  US

  
  


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  Canada

  
  

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  Europe

  
  

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  Germany

  
  


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  France

  
  


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  UK

  
  


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  Italy

  
  


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  Spain

  
  


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  Rest of Europe

  
  

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  Asia-Pacific

  
  

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  China

  
  


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  Japan

  
  


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  India

  
  


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  Australia

  
  


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  South Korea

  
  


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  Australia

  
  


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  Rest of Asia-Pacific

  
  

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  Rest of the World

  
  

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  Middle East

  
  


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  Africa

  
  


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  Latin America