The point of sale terminal market is expected to rise and reach a final market valuation worth USD 87 billion by the end of the forecast period by 2023. During this period, the market CAGR for growth and expansion stands at a reliable and growing rate of 9%.
The point of sale terminal market is witnessing a rise in factors such as an elaborated and wide adoption of wireless payment terminals rendered by the retailers, alongside the growth of various kinds of modes of payment like EuroPay, Visa (EMV) cards, and MasterCards. Also, the point of sale terminal market is being pushed for growth as there is a huge increase in e-commerce and online transactions. A point of sale (PoS) can also be understood as a point of purchase. This can be recognized as the time and purchase where any retail transaction is considered to be complete by both ends that is the buyers and the sellers. A POS terminal can be considered as a hardware system that helps in processing card payments at various retail outlets. This system will help your business to accept the payments through different modes both from the customers and also, keep a proper track of the sales conducted. This might sound simple, but the setup can propose questions as they require managerial force and skilled professionalism.
POS Terminal Market, 2017-2023 (USD Billion)
Source: MRFR Analysis
COVID 19 Analysis
The novel coronavirus has stimulated various kinds of changes in the way businesses conducted their manufacturing and production activities, corporates carried out their processes to meet the organizational goals, and individuals performing functions in their normal course of life. The pandemic has introduced new struggles for all the industries and verticals except some like the healthcare services and trends like work-from-home, and online working and classes amongst others. The government has imposed lockdowns and functional restrictions on the point of sale terminal market by domestic and global. Also, there is a decline in imports and exports due to the international norms.
The point of sale (PoS) terminal market size has expanded during the coronavirus pandemic and the ongoing forecast period of 2017-2023, as well. This market reduces the risk of physical involvement and hence, reduces the risk of contracting the disease. The MasterCard is available with the WiFi feature that is further gaining momentum and experiencing an increase amongst the target audience spread across various global locations during the ongoing forecast period of 2017-2023.
Point of Sale Terminal Market Dynamics
The features that are a part of the POS systems help in enhancing the productivity that has a positive impact on the quantum of sales, as well. Many features will require minimal interaction from any technician for the installation process of the systems. Also, these devices come with the plug-and-play capabilities that are being deployed with most of the pre-installed software components. Further, the system helps in the elimination of hassles that often come up while setting the system for users and hence, makes it easy for both the small and medium merchants to smoothly adopt these systems. Also, the ease of use offered by the systems with increased efficiency while driving the point of sale terminal market growth during the forecast period.
However, privacy issues and concerts related to data leak and misuse of the information provided and printed on the cards are restricting the target audience to opt and fully trust these devices and solutions presented by the market operations and prominent point of sale terminal market players during the forecast period of 2017-2023. Also, the lack of awareness amongst the target audience will hamper the market operations during the forecast period that ends by 2023. Also, many manufacturers are already struggling with the losses incurred during the pandemic which is barring them to invest in using these on an elaborated scale.
There is an increase in the concentration of businesses of growing customer frequency. The businesses are on the lookout for technologies that help in streamlining the processes and further, integrate into a single point of contact. Innovations and creativity in technology have led to major and in-depth technology are resulting in advancements in the systems namely the MPOS and the automated POS systems. These help in completely automating the checkout process. POS systems further, help in increasing the operational efficiency of the running businesses and tend to offer approximately 24% saving during the point of sale terminal market operations and also promise a good yield and high return on investment during the forecast period that ends by 2023. Moreover, the market systems are helping the merchants by providing them with multiple capabilities like faster checkouts, sales tracking, ease of forwarding the orders, inventory monitoring, and payment security amongst others.
Point of Sale Terminal Market Segment Overview
The point of sale (PoS) terminal market growth is dependent on the performance of the market segments which are as follows:
This segment deals in hardware, POS software, and services.
The type segment of the point of sale terminal market includes mPOS, smart POS, portable countertop and PIN Pad, and others like a smart mobile dongle and mini POS.
The industry segment of the point of sale terminal market includes the home delivery and service delivery sector, retail, medical and hospitality, taxi and transportation, sports, entertainment, and media sector.
Point of Sale Terminal Market Regional Analysis
Based on the global diversification of the point of sale terminal market and the spread of target audience across the globe, the market functions in 4 major regions. The North American market is likely to grow excellent growth prospects and thus, help the market attain the largest point of sale terminal market size during the forecast period of 2017-2023. The market is home to the growing modernization of the payment industry and also, wide-scale offerings made by business-specific solutions. Another reason that will help the market gain momentum across the global competition is that there has been a significant use and implementation of the wireless PoS terminals across a huge range of industries like hospitality, medical, and healthcare amongst others like the retail and entertainment industry. EMV is one of the compliance requirements that affect the enhanced security for payments that will add to the growth graph of the market during the forecast period of 2017-2023.
Point of Sale Terminal Market Competitive Landscape
The prominent market players that help in the expansion of the Point of sale (PoS) terminal market share and also, help the market reach the expected market valuation are as follows:
The global report helps in understanding the potential and market scope that will help the market attain the dynamics during the forecast period of 2017-2023. The report highlights the performance of the segments in various global regions that will have an impact on the expected and original market valuation by the end of the forecast period. Also, the report discusses the recent developments undertaken by the prominent market players during the period.
|Market Size||USD 87 Billion (2023)|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Component, By Product Type|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Ingenico S.A. (France), Verifone Systems (U.S.), PAX Technology (Hong Kong), HP Company (U.S), Cisco Systems (U.S), Elavon (U.S.), Castles Technology (Taiwan), Newland Payment Technology (China), Panasonic Corporation (Japan), CITIXSYS AMERICAS (U.S.), Touchbistro (Canada), NCR Corporation (U.S.), Diebold Nixdorf (U.S.), Zebra technologies (U.S.), Squirrel Systems (Canada), and BBPOS (Hong Kong).|
|Key Market Opportunities||The point of sale (POS) terminal is expected to expand due to rising initiatives by the governments to promote cashless economy.|
|Key Market Drivers||The wireless POS terminal majorly uses 3G technology to connect to the network for online transactions.|
Frequently Asked Questions (FAQ) :
The point of sale (POS) terminal is expected to expand due to rising initiatives by the governments to promote cashless economy.
The point of sale (POS) terminal market is supposed to expand at 9% CAGR.
The valuation of the point of sale (POS) terminal market is expected to be USD 87 Bn by 2023.
By product type, the segments of the point of sale (POS) terminal market are fixed and wireless.
The growth strategies expected to be witnessed in the market are product development & launches, technological innovations, mergers & acquisitions, etc.