Mar 04, 2020
Point-of-Sale Terminals Market to Grow 2X on Back of Heightened Demand for Cashless Payments
by Team Fact.MR
Point-of-sales (POS) Terminals market will grow at a promising CAGR of more than 7% between 2019 and 2029. Budding ecosystems of cashless payments in developing countries are set to fuel the demand for POS terminals in retail, healthcare, and restaurants. Various application segments are witnessing heightened demand for convenient features such as invoice management, inventory management, and image scanners. Point of sale terminal systems offer these features as additional benefits to drive market demand. Innovation and development of high speed networks positively impact the growth of point of sale terminals in untapped markets.
Fixed POS Terminals Account for Majority of Market Value
Fixed POS terminals are projected to be in the lead in terms of total market value with a robust growth rate of over 7% during the forecast period. This is attributable to the rising demand for enhanced consumer experience in retail. Deployment of fixed POS terminals as self-checkout systems will drive demand during the forecast. However, cloud deployment, and software development of multifunctional POS systems are thrusting the demand for mobile POS terminals. Consumer demand for convenience and security of transactions is projected to drive mass-adoption of mobile POS terminals.
Key Takeaways of Point of Sale Terminal Market Study
- Fixed POS terminal holds leading share of more than 3/4th of the total market value.
- Mobile POS terminal segment will gain 3.6X growth during the forecast period.
- On-premise deployment has a market value share of more than 77%.
- Cloud POS presents lucrative growth opportunities on the back of a stupendous 10% CAGR through 2029.
- Healthcare is projected to grow 2.7X during the forecast.
- Asia Pacific (East Asia + SAO) will lead global sales and grow 2.4X during the forecast period.
“Market players stand to gain sustainable growth by forging strategic partnerships with stakeholders from within various applications. Innovation of POS systems with support features for managing inventory, and employee productivity will further product demand.”-Says the Fact MR Analyst
Innovations to Remain Key Agenda of Market Players
Innovation drives increased adoption of POS terminals in various industry verticals such as healthcare and retail. Burgeoning demand for contactless payments along with unification of in-store and online sales will propel the demand for POS Terminals during the forecast period. Modern POS systems are an enhanced tool for a variety of operations such as billing, cash/card/online collection, and data analysis. Manufacturers can gain remunerative growth opportunities by expanding their footprint in developing economies that are witnessing a surge in cashless transaction.
Find More Valuable Insights on Point-of-Sale Terminals Market
Fact.MR, in its new offering, provides an in-depth analysis of the global point-of-sales terminals market, displaying data on historical demand (2014-2018) and forecast data for the period, 2019-2029. The study provides readers with essential insights Point-of-Sales market on the basis of product (fixed and mobile), component (hardware, software, and services), deployment (on premise, and cloud), application (restaurants, hospitality, healthcare, retail, warehouse, entertainment, and others), and across 6 key regions (North America, Latin America, Europe, East Asia, South Asia & Oceania, and Middle East & Africa).
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