Point of Sale (POS) Terminals Market

Global Point of Sale (POS) Terminals Market Size (2024 to 2029)

The global point of sale (POS) terminals market is predicted to reach USD 17.34 billion in 2024 and USD 29.10 billion by 2029, growing at a CAGR of 10.9% during the forecast period.

Current Scenario of the Global Point of Sale (POS) Terminals Market

The point of sale is the time and place where a transaction takes place. A point-of-sale system is computer hardware and software that handles the transaction when a product or service is sold. It allows to store, capture, share and report data related to the sale transaction. This makes the shopping experience easier and helps speed up the checkout process, resulting in customer satisfaction. Inventory management, on-hand stocks, product availability, and pricing information are primary data acquired from the systems. Point-of-sale terminal systems have emerged from transactional terminals to systems that can be combined with enterprise CRMs and other financial solutions. Therefore, this evolution has enabled end users to have business intelligence to better manage their revenue streams and inventory. With the functional advantages of advanced point-of-sale systems, companies have replaced their traditional billing software with point-of-sale systems, ensuring the growth of the global point-of-sale terminals market. Compared to the traditional system, the improved POS systems offer greater durability and dependability, resulting in a lower ownership expense and raising the need for point-of-sale solutions in small and medium-sized businesses. The emergence of mobile points of sale (mPOS) has challenged current transaction and payment techniques due to improved features, such as a better user experience and mobility.

MARKET TRENDS

The fixed point of sale (POS) system is considered the best option for many merchants for their business activities. Therefore, there are many advantages to choosing Android-based fixed point-of-sale hardware. Zebra Technologies offers fixed point-of-sale solutions to ensure fast and accurate transactions and lanes flow seamlessly with scanners that help cashiers scan items of all sizes and are capable of reading barcodes in almost all conditions. Fixed point-of-sale solutions are used because they provide any business with the benefits of a more robust management solution, including inventory management, robust business functionality, a cash drawer, employee clocks, and the capacity to manage schedules, loyalty cards, and gifts. Additionally, this traditional form of technology has been around for decades. It has been the most recognized and accepted way in the past to process cash, check, and credit/debit card payments.

MARKET DRIVERS

The growing adoption of innovative payment options by small retailers around the world has boosted the retail market.

Retailers are widely embracing mobile and cloud-based point-of-sale technologies, which have created the need to integrate mobile and web platforms to deliver an omnichannel experience to their customers. The growth of the tourism industry has positively impacted the restaurant industry and necessitated the deployment of point-of-sale software to better serve travelers. The increasing demand for point-of-sale solutions with advanced functionality among fast-growing companies such as e-commerce, retail, restaurant industry, and entertainment is expected to drive market growth during the foreseen period.

Impact of Covid-19 on the Global POS Terminals Market

Due to the coronavirus pandemic, Android-based point-of-sale terminals, which are made almost exclusively in China, are hit the hardest. In addition, there is a shortage of magnetic machines to process digital payments at the point of sale. The coronavirus can be transmitted through the buttons of the payment terminal. This is the reason why POS terminals need to be cleaned from time to time. PAR, a Par Tech Technology Corporation subsidiary, recently recommended that restaurateurs keep point-of-sale terminals clean as the company stands ready to protect its customers and employees from the COVID-19 outbreak.

REPORT COVERAGE

REGIONAL ANALYSIS

North America dominates the global POS terminal market, followed by APAC. Asia-Pacific is expected to experience strong growth due to the increase in the number of small and medium-sized businesses and the falling cost of ownership. The existence of a huge software base in China and India can positively influence the software segment due to the spread in retail stores.

North America is determined to experience significant growth in the worldwide POS terminal market. The substantial growth of the point-of-sale market in the region can be mainly attributed to the adoption of point-of-sale terminals in various industries, especially retail, entertainment, and healthcare. The United States is an important North American POS terminal market area. For several years, different types of point-of-sale terminals have been used in points of sale across the country, resulting in the need for replacement with updated technologies.

KEY PLAYERS IN THE GLOBAL POINT OF SALE (POS) TERMINALS MARKET

1. Panasonic Corporation,

2. Ingenico SA,

3. MICROS Systems Inc.,

4. VeriFone Systems Inc.,

5. NEC Corporation,

6. Hewlett-Packard Development Company LP,

7. PAX Technology Limited,

8. Cisco Systems Inc.,

9. Toshiba Corporation 

10. Samsung Electronics Co. Ltd

RECENT HAPPENINGS IN THE GLOBAL POINT OF SALE (POS) TERMINALS MARKET

• In November 2019, NCR Corporation announced the acquisition of POS Solutions, the leading restaurant and point-of-sale solutions provider in Central Texas. The integration of POS solutions into the NCR family aligns with its strategy of improving capabilities to offer solutions and serve customers in the growing local restaurant markets, such as Austin.

• In January 2019, Toshiba Corporation announced that it would integrate its TCX 300 point-of-sale system across all Massachusetts sites for the Roche Bros grocery chain here. March 2019.

• In January 2018, Epson America Inc., a division of Seiko Epson, introduced a multifunction thermal receipt printer, OmniLink TM-H6000V, that helps visitors have an interactive transaction experience with mobile devices. It allows users to scan and verify their items and print receipts in real-time.

DETAILED SEGMENTATION OF THE GLOBAL POINT OF SALE (POS) TERMINALS MARKET INCLUDED IN THIS REPORT

This research report on the global point of sale (POS) terminals market has been segmented and sub-segmented based on the type, application, component, and region.

By Type

• Wireless POS

• Mobile POS

• Fixed POS

By Component

• Software  

• Hardware

• Services    

 the global point-of-sale terminal market is segmented into point-of-sale software, point-of-sale hardware, and point-of-sale services. 

By Application

• Retail         

• Entertainment       

• Government          

• Warehouse/Distribution   

• Hotel         

• Restaurant              

• Transportation     

 It has applications in retail, entertainment, government, warehouse/distribution, hotels, restaurants, transportation, and others.

By Region

• North America

• Europe

• Asia-Pacific

• South America

• Middle East and Africa