Global Point-Of-Sale Terminal Market with Future Prospects, Key Player SWOT Analysis and Forecast to 2030

Posted 2 years ago in Other.

The point of sale terminal market is expected to rise and reach a final market valuation worth USD 125.31 billion by the end of the forecast period by 2030.

Global Point-Of-Sale Terminal Market with Future Prospects, Key Player SWOT Analysis and Forecast to 2030

Market overview

The point of sale terminal market is expected to rise and reach a final market valuation worth USD 125.31 billion by the end of the forecast period by 2030. During this period, the market CAGR for growth and expansion stands at a reliable and growing rate of 8.1%.

The COVID-19 pandemic had a negative impact on the POS terminals market in 2020. The imposition of strict lockdown regulations by government authorities to limit the virus spread hampered supply chains. Manufacturers faced challenges such as delays in raw material procurements, temporary closure of production facilities, labor shortages, and disruptions in production processes. These factors affected the R&D activities of companies with respect to technological developments, expansion into new regions, and revenue generation. However, relaxations in several norms & border regulations rekindled general supply chain activities in the second half of FY2020, helping manufacturers deliver terminals on time and subsequently supporting the industry expansion.

Point of Sale terminals has become more popular in recent years. The reason is that many people have been requesting contactless and voice-operated payment services and mechanisms in light of the pandemic. Different modes of payment that can be supported by these mechanisms have also skyrocketed in popularity in recent years. A good example of this is EuroPay.

Many people resorted to online shopping during the height of the pandemic. They wanted to reduce their exposure to the virus as much as possible, and understandably so. This phenomenon, which has accelerated in the past two years, has made Point of Sale terminals much more popular in the past as they provide a secure payment mode.

As a result, increased usage of contactless payments has encouraged the adoption of mobile POS (mPOS) terminals in order to accept contactless payments directly through customers’ smartphones. The growing prominence of mobile POS terminals has provided avenues for market growth. The ease of use and improved Return on Investment (ROI) offered by these systems has favorably impacted the market. Also, the rising need for employee and customer management, inventory tracking, and online & in-store sale unification through tablets has boosted product adoption.

The surge in demand for affordable wireless communication technologies has increased the demand for POS terminals. POS systems utilize wireless devices to facilitate payments for services or products. The use of wireless technology can streamline various processes, from rental cabs to restaurants. Companies in the hospitality and retail sectors use POS terminals for payments and additional operational tasks, such as inventory management, sales tracking, and accounting. For instance, bars, restaurants, and foodservice providers rely highly on POS technology to track sales, operations, products, and inventory.

The rise of the modern drive-thru is one of the prominent factors influencing the growth of POS terminals. Many companies have started adopting POS systems to connect their drive-thru line, kitchen, and back-office operations for a smooth order and delivery process. For instance, fast-casual brands, such as Chipotle, Panera, and Starbucks, have added drive-thru components to some of their drive-thru locations. Moreover, benefits offered by modern drive-thrus, such as increased convenience, have resulted in an improved customer experience. This, in turn, is expected to provide growth opportunities for the POS terminals market.

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Segment overview

By Component

This segment can be further grouped into the following sub-segments:

  • Hardware
  • Point of Sale software
  • Services

The hardware sub-segment currently has the largest Point Of Sale (Pos) Market share. This is expected to continue for the time period that this report covers. The reason for this is that many retail outlets, restaurants, and gas stations use Point of Service terminals to accept payments.

By type

This segment can be further grouped into the following sub-segments:

  • mPOS
  • Smart POS
  • Portable countertop
  • Pin pad
  • Others

By Industry

This segment can be further grouped into the following sub-segments:

  • Home delivery services
  • Service delivery
  • Retail
  • Medical
  • Hospitality
  • Transportation
  • Sports
  • Entertainment
  • Media

Regional analysis

The global Point of Sale Terminals market can be grouped into the following geographic regions:

  • North America
  • The European Union
  • Asia-Pacific
  • The Rest of the World

The North American market currently accounts for the largest market share. It also has the highest regional CAGR. This is expected to continue for the time period that this report covers. In fact, it’s growth in the North American region that’s driving most of the growth in the Point of Sale terminal market for the time period that this report covers.

Many businesses in the North American region are using Point of Sale terminals for B2B and B2C transactions. These industries include hospitality, healthcare, and medical.

The Asia-Pacific market is currently registering a high CAGR in the Point of Sale terminal market. This is expected to continue for the time period that this report covers. The major nations in this region are urbanizing and modernizing rapidly. Hence, there is a greater need for automated Point of Sale terminals.

Many nations in the Asia-Pacific region are also developing smart cities. These cities will need to use automated payment mechanisms since they’re digitally operated. Point of Service terminals will provide this type of payment mechanism.

The European Union currently holds a significant share of the Point of Service terminals market. This is expected to continue for the time period that this report covers. The reason for this is that more establishments across the continent are using Point of Service terminals to accept payments.

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Industry News

  • The American company Oracle recently expanded its operations and presence in the United Kingdom.
  • PAX Technologies recently partnered with AxiaMeds. The second company is a company that provides automated payment solutions for technology companies around the world. The new company plans to develop and market new Point of Service terminal solutions for Android devices.

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Sonam Sinha

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