The global Point-Of-Sale Terminals market size is expected to be worth around US$ 230.91 billion by 2030, according to a new report by Trends Market Research.
The global Point-Of-Sale Terminals market size was valued at US$ 80.08 billion in 2020 and is anticipated to grow at a CAGR of 16.9% during forecast period 2021 to 2030.
Many industries, such as manufacturing, automobile, entertainment, restaurant, and hospitality, have lost their business due to strict social distancing rules and complete lockdown imposed in most of the countries to control the spread of the novel coronavirus. The slumped businesses affected the product demand across the industries.
For instance, Europe and the Middle East regions are tourist hotspots that have suffered losses due to international travel restrictions. However, the retail and healthcare sectors are expected to exhibit product demand for point-of-sale (POS) terminals for The market is expected to regain its foothold across industries by 2021; also, Mobile Point-of-Sale (mPOS) and contactless payment terminals are in high demand currently as they contribute to the effort of containing the spread of coronavirus.
The market is anticipated to grow substantially over the forecast period owing to rising product demand in various applications, such as Customer Relationship Management (CRM), reporting, payment processing, among others. The decline in the trend of carrying cash for shopping and the need for understanding customer purchase patterns has further boosted product adoption.
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The fixed product segment dominated the market and accounted for more than 61% of the global revenue share in 2020. Fixed POS terminals are preferred mainly by large-scale vendors due to high procurement and installation costs, which have currently contributed to the market growth. Furthermore, end-users wary about cloud data storage are inclined towards installing fixed POS terminals to store data with the on-premises server. The POS system has a wide range of applications, such as supporting payments devices, printing bills, inventory management, and Customer Relationship Management (CRM).
The hardware segment emerged as the largest segment in 2020, accounting for a revenue share of more than 63%. Hardware components comprise interfaces or devices to register transaction details, such as tablets, monitors, cash drawers, receipt printers, barcode scanners, EFT-POS machines, and network devices. The fixed POS terminal involves most of the hardware components to complete the system and facilitate a complete experience of managing daily activity using the system.
The retail segment generated the highest revenue share of over 31% in 2020 and is expected to grow further at a significant rate over the forecast period. The rising adoption of modern payment options by small retailers is expected to drive the segment growth. Some of the retailers that have announced chain-wide adoption of mPOS solutions include Home Depot, Disney Stores, Target, Urban Outfits, and Nordstrom. The growth of omnichannel retailing systems for a unified shopping experience across all channels via smartphones is expected to generate a high growth avenue for the retail industry.
On-premise deployment emerged as the largest deployment segment in 2020 and accounted for over 76% of the global revenue share. On-premise deployment comprises manual installation at the customer’s premise. The installation includes cabling and cabling permits, electrical work, and hardware and software installation. As large businesses are often wary of data theft, they prefer on-premises deployed POS solutions to ensure on-premises storage of critical data.
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Asia Pacific is expected to emerge as the fastest-growing regional market over the forecast period. Moreover, government initiatives to support a cashless economy are increasing the demand for POS terminals in this region. A surge in the adoption of digital payment technologies in Asia Pacific has created a pool of opportunities for mPOS in countries, such as China, Japan, and India, which is expected to restrict the regional market growth for the fixed POS terminal segment over the forecast period. However, demand from large enterprises to secure their information and ensure the processing of a large volume of customer data is helping the rise in demand for fixed POS terminals. The pandemic affected the most lucrative sectors in the region including retail, hospitality, and entertainment, leading to a decline in demand for new POS terminals. China, which is a manufacturing hub for POS terminal hardware, recovered early compared to other Asian countries, while Japan implemented control measures to avoid impact on its businesses. The remaining Asian countries are striving to revive consumer-related industries, which is expected to help increase the product demand in 2021. Moreover, low penetration and considerable unbanked population in other developing countries, such as Vietnam, Japan, South Korea, Turkey, and Thailand, are expected to provide lucrative growth opportunities to the market players.
- Ingenico Group (acquired by Worldline)
- NCR Corp.
- VeriFone Systems, Inc.
- PAX Technology, Inc.
- Fujian Newland Payment Technology Co. Ltd.
- Revel System, Inc.
- Oracle Corp.
- Product Outlook
- Component Outlook
- Deployment Outlook
- Application Outlook (Revenue, USD Million, 2016 – 2028)
- Regional Outlook
- North America
- Asia Pacific
- Latin America
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- North America
The Point-Of-Sale Terminals market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Point-Of-Sale Terminals market for the base year 2020 and the forecast between 2021 and 2030. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Point-Of-Sale Terminals market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Point-Of-Sale Terminals market development in United States, Europe and China.