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DUBLIN--(BUSINESS WIRE)--Sep 22, 2022--
The "Point of Sale (POS) Terminals Market" report has been added to ResearchAndMarkets.com's offering.
The Point-of-Sale terminals market was valued at US$ 68.20 Bn in 2019 and is expected to reach US$ 149.35 Bn by 2028, expanding at a CAGR of 9.1% from 2020 to 2028.
However, migration of the global payments industry towards more secure chip card technology is expected to subdue the impact of this challenge during the forecast period.
The Point of Sale (POS) terminal market has witnessed a dramatic turn-around and development with the advancement in technology and growth of POS terminal solutions. The POS terminals are slowly and steadily migrating towards digital format, with e-mailed receipts and electronic signature capture enabling paper free transactions. Increased adoption of credit and debit cards coupled with the escalating demand for POS terminals is driving the overall POS terminals market.
In addition, advancements in payment technologies and move towards EMV (Europay, MasterCard, Visa) chip card payment is expected to fuel market momentum in the coming years. In recent years, the POS terminals market had been plagued by privacy and security concerns related to data breaches.
Purpose of the Report
The purpose of this report is to provide company executives, industry investors, and industry participants with in-depth insights to enable them to make informed strategic decisions regarding the opportunities in the global Point-of-Sale (POS) terminals market.
Overall, the research study provides a holistic view of the global POS terminal market, of growth, offering market size and estimates for the period from 2020 to 2028, keeping in mind the above-mentioned factors.
Product Segmentation Analysis
With the proliferation of smartphones, tablets, and other personal mobility devices, mobile POS terminals have gained traction. The mobile POS solutions are expected to complement and not replace the traditional/fixed POS terminals, thereby augmenting the functionality of traditional POS solutions.
In 2019, fixed POS terminals outnumbered mobile POS terminals in terms of both revenue and volume, accounting for over 55% of the global market revenue. However, the market for mobile POS terminals has witnessed a significant upsurge owing to superior benefits offered such as mobility, lower installation cost, and better return on investment as compared to their traditional counterparts. As a result, the market for mobile and wireless POS terminals is poised to witness healthy growth, growing at a CAGR of 13.1% during the forecast period.
End-use Segmentation Analysis
Retail was the predominant end-use segment in the global Point of Sale (POS) terminals market, accounting for around one-third of the global market revenue in 2019. It is expected to retain its dominant position during the forecast period 2020-2028. Growing preference for mobile Point of Sale (mPOS) solutions is expected to drive the replacement demand across the retail sector.
Furthermore, healthcare is slated to offer healthy growth opportunities, expanding at a CAGR of 15.3% during the forecast period. The demand for Point of Sale (POS) terminals in the healthcare segment is anticipated to be driven by the growing need for streamlining payment practices across the healthcare industry.
Component Type Segmentation Analysis
In 2019, the hardware components including tablets (generally an iPad), smartphone paired with a credit/debit card reader, complex terminal including monitor, barcode scanners, cash drawers, credit, and debit card scanner, mouse, keyboard, and printer accounted for the majority of the market revenue share.
Although hardware segment is expected to remain the largest revenue contributor to the global POS terminals market, software segment is expected to witness comparatively higher growth over the forecast period 2020 -2028. The growth can be attributed to the advancements in cloud computing, resulting in increased use of software as a service (SaaS) platform-based POS systems.
Geographical Analysis
In 2019, Asia Pacific was the largest Point of Sale (POS) terminals market, accounting for over 30% of the global market revenue.
The POS terminal industry in recent years has witnessed a dramatic turn-around and development with the advancement in technology and the growth of mobile POS terminal solutions. The POS terminals are slowly and steadily migrating towards a digital format, with e-mailed receipts and electronic signature capture enabling paper free transactions.
Today, there are large numbers of software vendors developing software for POS systems. With the advent of mobile terminals and cloud computing, software-as-a-service based POS systems capable of being accessed directly from the Internet is witnessing robust growth.
The POS industry continues to grow as businesses across the globe increasingly realize the value to be gained by deploying the advanced POS systems. Low upfront and installation cost and availability of leasing options in most cases are expected to sustain healthy growth in the coming years. These dramatic changes in the POS industry and capabilities of systems have had a huge impact on how POS vendors work with their customers.
Market Snapshot: Global Point Of Sale (POS) Terminals Market
Companies Mentioned
For more information about this report visit https://www.researchandmarkets.com/r/j2r3r2
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SOURCE: Research and Markets
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PUB: 09/22/2022 08:46 AM/DISC: 09/22/2022 08:47 AM
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