The report is titled’ ‘POS Terminal Market: Opportunity Analysis and Future Assessment 2020-2028’. An overview of conceptual frameworks, analytical approaches of the POS terminal market is the main objective of the report, which further consists of the market opportunity and insights of the data involved in the making of the respective market. The POS terminal market is expected to grow at a significant rate in the near future.
The POS terminal market size was valued at US$ 58.6 Bn in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 11.5% from 2020 to 2028.
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POS Terminal Introduction
A point-of-sale terminal is an electronic device that processes card payments at retail locations. The function of a POS device is to read the information of the credit or debit card provided by the customer, check the available balance in the bank account of an individual, transfer the funds from the buyer’s bank account to the seller’s account, records the transaction and print the receipt of the same. Increasing shopping activities coupled with digitalization are responsible for boosting the demand for POS terminals shortly.
POS Terminal Market Dynamics
The growth factors supporting the POS terminal market shares accounting for the acceptance of EMV cards and NFC/contactless payments across the globe. Besides, the growing graph of online payments in an upward direction, production of RFID tags, and advancements in POS terminal machines are also expected to augment business growth during the forecast years. For instance, in February 2021, a total count of 5,814,854 POS transactions was registered by the Reserve Bank of India.
In addition, the infrastructure development coupled with the upsurge in mobile POS terminals in underdeveloped or developing regions is another milestone supporting the growth of the market in the next decade. Furthermore, the flourishing retail industries vertical across the globe is also expected to cater to the demand for POS terminals.
On the other hand, the data security issues and privacy concerns related to these devices may pull back the business growth in a negative direction. Based on geographies, the Asia Pacific region is calculated to be the fastest-growing segment, owing to the rising government initiatives to support a cashless economy, which in turn boosts the demand for POS terminals in these regions.
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POS Terminal Market Segmentation
The global POS Terminal market is segmented based on product, component, deployment, application, and region. On the basis of product, the POS terminal market is segmented into fixed and mobile. Based on components, the market is fragmented into hardware, software, and services. The deployment segment is divided into cloud and on-premise. Lastly, based on application, the market is divided into restaurants, hospitality, healthcare, retail, warehouse, entertainment, and others.
- North America
- Latin America
- Asia Pacific
- Middle East
POS Terminal Market Key Players
The global POS Terminal market is dominated by Cisco Systems, Inc., Centerm Information Co., Ltd., Diebold Nixdorf, Incorporated, Hewlett-Packard Inc., Hisense, Ingenico, NCR Corporation, NEC Corporation, Newland Payment Technology, Oracle Corporation, Panasonic Corporation, PAX Technology Corp., Posiflex Technology, Inc., Samsung Electronics Co., Ltd., SZZT Electronics Co., Ltd., Toshiba Corporation, and VeriFone Systems Inc.
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