Market Overview
The international market for point-of-sale terminals was estimated at USD 75.08 billion in 2020, and it is expected to increase at a compound yearly growth rate (CAGR) of 6.9% between 2021 and 2028. Even though the COVID-19 epidemic resulted in a drop in overall market growth due to supply chain interruption and end-user revenue loss, the requirement for mobile point-of-sale (POS) terminals to support contactless payment was recognized. Product adoption has been helped by the requirement for cashless and contactless payments and the requirement for personnel and, inventory tracking, customer management plus online and also in sale unification. The adoption of the product to maintain track of business activities and allow the digital transformation has driven cashless payment throughout retail, healthcare, hospitality, and other sectors. The growing popularity of smartphones has boosted demand for compact point-of-sale terminal market, boosting the market growth.
Over the years, the software and hardware of the POS system have been developed and modified to ensure secure transactions and portability. To safeguard payment gateways, POS suppliers have expanded their expenditures in end-to-end encryption technology, which will help to create customer trust and drive product demand. Furthermore, multipurpose software connected with a POS system would provide the end-user with consumer data analysis, secure payment, and employee information storage. The product's capacity to operate as an effective employee management tool for monitoring employee productivity and generating a pleased staff has further boosted demand.
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Market Segmentation
The development of the point of sale (PoS) terminal market is determined by the performance of the following market segments:
By component
This segment handles the POS software, hardware, and services.
By type
mPOS, portable countertop, smart POS, and PIN Pad are among the kinds of point of sale terminals available, as are smart mobile dongles and micro POS.
By industry
The home delivery and service delivery sector, medical and hospitality, retail, taxi and transportation, entertainment, sports, and media sectors all make up the industry component of the point of sale terminal market.
Regional Classification
Over the projection period, Asia Pacific is anticipated to be the fastest-growing regional market. Furthermore, government measures to promote a cashless economy are driving increased demand for POS terminals in this area.
In 2020, North America was the second-largest market sector, and from 2021 to 2028, it will grow at a steady CAGR. Product demand in the area has been driven by the expanding variety of payment technologies, like NFC and contactless payments. Wal-Mart, The Home Depot, Target, Costco Wholesale Corporation, The Kroger Co, and Amazon are a few of the large retail brands in the United States that rely on POS terminals to manage payment, billing, personnel duty, and inventory regularly.
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Point Of Sale (Pos) Terminal Market Research Report, By Component (Hardware, Software, And Services), By Product Type (Fixed And Wireless), By Deployment (On-Cloud And On-Premises), And By End-User - Forecast Till 2027
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