Point of Sale (POS) Terminals Market
Point of Sale (POS) Terminals Market Analysis Report By Product (Fixed POS Terminal, Mobile POS Terminal), By Component ( Hardware, Software, Services), By Deployment (On-premise, Cloud-based), By Application, By Region - Global Insights 2022-2032
Point of Sale (POS) Terminals Industry Snapshot (2022-2032)
The point of sale (POS) terminals market has garnered a market value of US$ 85 Bn in 2022, anticipated to register a positive CAGR of 7.8% in the forecast period 2022-2032 and reach a value of US$ 180.13 Bn.
Point of Sale (POS) Terminals Market Size (2022)
US$ 85 Bn
Sales Forecast for Point of Sale (POS) Terminals (2032)
US$ 180.13 Bn
Global Market Growth Rate (2022 to 2032)
Key Companies Profiled
Demand Analysis of Point of Sale (POS) Terminals from 2017-2021 Vs Future Outlook 2022-2032
From 2017 to 2021, the global Point of Sale (POS) Terminals market registered significant gains, registering a CAGR worth 5%. 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 offers 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.
According to Fact.MR’s analysis, the market is projected to show a promising growth rate at a CAGR of around 7.8% over the forecast period (2022 to 2032), surpassing US$ 180 Bn by 2032.
Prominent Point of Sale (POS) Terminals Market Drivers
How is the Prevalence of Cashless Payments Encouraging POS Terminals Usage?
Digital transformation of end-use industry verticals such as retail, healthcare, and hospitality is propelling the demand for Point-of-Sale (POS) terminals.
Owing to the benefit of digitization such as traceability, security, and tractability, the POS terminals market exhibits a robust growth rate of more than 10% during the forecast period. Advancements in internet connectivity such as 5G will bolster the growth of POS terminals during the forecast period.
As a result, mobile POS terminals are projected to exhibit high growth during the forecast period. Innovation of POS systems integrated with inventory, merchandising, marketing, and customer relationship management will give manufacturers a competitive edge. The prevalence of digital payments is a central force behind the growth of the POS terminals market.
Which Region is projected to dominate the Usage of POS Terminals?
POS machines have evolved over the years owing to the transaction-oriented terminals/devices to systems that merge well with the company's CRM along with the financial solutions. This evolution has empowered end-users with business intelligence to manage their revenue streams and inventory better.
East Asia leads the usage of POS machines with a majority market value share of over 49%. Surging penetration of online transactions in China and Japan will prove to be a driving factor behind the impressive 8% growth during the forecast period.
South Asia & Oceania are projected to exhibit the second largest market share with a strong 9% CAGR from 2022 to 2032. Developing countries in the Asia Pacific are witnessing a boom in cashless payments which furthers the demand for point-of-sale terminals.
Investments in developing network infrastructure and cloud-based POS machines present remunerative opportunities. According to a 2020 survey by Visa Inc., the adoption rate of cashless payments in Singapore accounted for 98%, followed by Malaysia (96%), Indonesia (93%), Vietnam (89%), Philippines (89%), and Thailand (87%).
How attractive are the Opportunities for POS Terminals Landscape in the U.S?
Increasing Reliance on Cashless Transactions in a post-pandemic era
The U.S. market will continue to be the most lucrative market for POS terminals, with an ever-expanding growth and development of network infrastructure to support cashless transactions. A CAGR worth 7% is anticipated for the market as per Fact.MR.
This will define how manufacturers employ business strategies in the US. In the post-COVID-19 era, consumers are exploring various sales methods. According to the latest retail experts and shopper surveys, this new behavior is expected to stay over the forecast period. Such trends have affected the demand for POS terminals across regions.
How is the Market Performing in Emerging Economies like Japan and China?
Increased Adoption of Online Transactions Encouraging Adoption
As per the Fact.MR analysis, East Asia leads the market with a majority market value share of over 49%. Surging penetration of online transactions in China and Japan will prove to be a driving factor behind the impressive 8% growth during the forecast period.
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Which Component Type is expected to dominate the Market?
POS Terminal Software to Accrue Maximum Revenue Share
According to Fact.MR, the software segment is anticipated to exhibit robust growth and will grow 3x through 2032. The fast growth of the software segment over the forecast period can be attributed to high data support functionalities and advancements in cloud computing. The growing utilization of software-as-a-service (SAAS) platforms for POS terminals will further fuel the demand for software components.
Which Application of Point of Sale (POS) Terminals is Propelling Growth?
High Adoption anticipated in the Retail Industry
Retail is set to propel the demand for POS terminals with a maximum market value share of over 34%, closely followed by Restaurants. Mass adoption of cohesive technologies such as Near Field Communication (NFC) in debit and credit cards will drive product demand in the retail segment.
Which Product Type is projected to drive the Sales?
Fixed POS Terminals to Witness Maximum Traction
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. Fixed POS terminal holds a leading share of more than 3/4th of the total market value.
The competitive landscape of the Point of Sale (POS) Terminals market is shaped by product innovation and strategic mergers & acquisitions. Front Runners are emphasizing capacity enhancements and global footprint expansion to leverage lucrative prospects in developing economies.
- In June 2021, Samsung Electronics introduced Samsung Kiosk, an all-in-one solution that offers contactless ordering and payment capabilities. Providing customers with easy install options and a protective coating, the Kiosk is now available in 12 countries worldwide, including the United States, Canada, the United Kingdom, Ireland, France, Sweden, the Netherlands, Belgium, Spain, Austria, Australia, and Singapore.
- In July 2021, Oracle completed the acquisition of GloriaFood. The acquisition extends the Oracle MICROS Simphony Cloud POS platform by adding a global online ordering system and marketing solutions to enable restaurants of all sizes to go digital and serve customers directly through the web, mobile, and apps.
An Adaptive Approach to Modern-day Research Needs
Key Market Segments in Point of Sale (POS) Terminals Industry Research
By Product :
- Fixed POS Terminal
- Mobile POS Terminal
By Component :
- POS Terminal Hardware
- POS Terminal Software
- POS Terminal Services
- POS Terminal Mining
- POS Terminal Metal Fabrication
By Deployment :
- On-premise POS Terminal Deployment
- Cloud-based POS Terminal Deployment
By Application :
- POS Terminals for Restaurants
- POS Terminals for Hospitality
- POS Terminals for Healthcare
- POS Terminals for Retail
- POS Terminals for Warehouses
- POS Terminals for Entertainment
- POS Terminals for Other Applications
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Yes, the report has been compiled by expert analysts of Fact.MR, through a combination of primary and secondary research. To know more about how the research was conducted, you can speak to a research analyst.
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