POS terminal market size will reach $193.7 billion by

Ottawa, Aug. 02, 2022 (GLOBE NEWSWIRE) — Precedence Research has announced a new report on “Point-of-sale terminals market (By Product; By Component; By Deployment; End User) – Global Industry Analysis, Size, Share, Growth, Trends, Regional Outlook and Forecast 2022-2030”.

Key Knowledge:

  • The POS terminal market segment in the United States is growing at a CAGR of 16% between 2022 and 2030.
  • The supermarket/hypermarket segment grows at a CAGR of 8.6% from 2022 to 2030.
  • The healthcare segment is expected to reach a CAGR of 9.6% between 2022 and 2030.
  • The Asia-Pacific region reached a revenue share of around 41% in 2021.

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Regional overviews

The Asia-Pacific region is expected to dominate the market over the forecast period. Due to the growth in the number of initiatives taken by governments that support the cashless economy, the growth of the market in this region will be boosted. There is a growing demand for this product in the Asia-Pacific region. The availability of smartphones and internet connectivity has also boosted the use of digital payments. The Asia-Pacific region offers major opportunities for market growth, especially through countries like India, Japan, and China.

There is a great demand for this product in large companies. In sectors such as restaurants, hotels and entertainment, the demand for terminals is expected to increase over the next few years. The North American region will also drive the market growth over the forecast period. The growing need for contactless payments will drive the growth of the market. In order to manage the billings in the POS present in the North American region, there is a greater demand for POS terminals. The governments of this region are also encouraging through the adoption of various initiatives the adoption of a method of payment that does not accept cash. After the pandemic, the demand for point-of-sale terminals has increased significantly.

Report Hstrong points

  • Based on components, the hardware segment is expected to drive the growth of the market due to increased usage of devices, especially in the case of stationary POS terminals which are used by many large organizations. There are many hardware devices connected to the terminal which are extremely essential for the operation of the product.
  • Based on deployment, the cloud-based segment is expected to grow well over the forecast. As it is available as subscriptions which is extremely good for medium and small businesses. There will also be a good demand for the on-premises segment, as many large companies are looking for this option in order to have access to the servers inside the premises. It also provides better security for the consumers as well as the employees working in the organization.
  • Based on end user, the retail segment is expected to dominate the market as this segment makes maximum use of this system. It helps in keeping track of inventory and managing sales made through online portals as well as offline modes. Given the increased use of systems, indifferent service companies like restaurants and hospitals. Does not increase the use of this system in retail businesses as it provides an all-in-one solution to these businesses. There is an integration of customer relationship management software. The increasing adoption of this system in the retail segment is due to the benefit of saving time for employees as well as consumers by avoiding the waiting time. There is also an increased use of technologies that provide mobile wallets. This technology is expected to penetrate developing countries in the coming years. The advantages offered by this technology are the time savings of fast payment methods.

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Report scope

Report attributes Details
Market size in 2021 $86.9 billion
Revenue forecasts by 2030 $193.7 billion
CAGR 9.31% from 2022 to 2030
The biggest market Asia Pacific
Fastest growing region North America
base year 2021
forecast year 2022 to 2030
Key players Presto, Acrelec, Toshiba Corporation, Quail Digital, Oracle Corporation and others

Report Hstrong points

  • Based on components, the hardware segment is expected to drive the growth of the market due to increased usage of devices, especially in the case of stationary POS terminals which are used by many large organizations. There are many hardware devices connected to the terminal which are extremely essential for the operation of the product.
  • Based on deployment, the cloud-based segment is expected to grow well over the forecast. As it is available as subscriptions which is extremely good for medium and small businesses. There will also be a good demand for the on-premises segment, as many large companies are looking for this option in order to have access to the servers inside the premises. It also provides better security for the consumers as well as the employees working in the organization.
  • Based on end user, the retail segment is expected to dominate the market as this segment makes maximum use of this system. It helps in keeping track of inventory and managing sales made through online portals as well as offline modes. Given the increased use of systems, indifferent service companies like restaurants and hospitals. Does not increase the use of this system in retail businesses as it provides an all-in-one solution to these businesses. There is an integration of customer relationship management software. The increasing adoption of this system in the retail segment is due to the benefit of saving time for employees as well as consumers by avoiding the waiting time. There is also an increased use of technologies that provide mobile wallets. This technology is expected to penetrate developing countries in the coming years. The advantages offered by this technology are the time savings of fast payment methods.

Market Ddynamic

Drivers

The growing demand for these systems is due to its productivity. The use of this system has been helpful in increasing the number of sales made by all retail outlets. These systems come with software already installed which is extremely user friendly and can be used easily. Apart from its use in large companies, medium and small sellers also use this system. Apart from making payment options cashless and contactless, these systems offer many other functions. It helps in managing inventory, it helps in keeping track of sales, and it is also extremely beneficial in analyzing the financial situation. All these factors are expected to drive the growth of the system market over the coming years.

Constraints

Due to the use of a cloud-based storage system, security risks are increased. There may be an increase in the misuse of any data provided on these online platforms. The risk of theft is increased. All these factors will be a major drawback that will hamper the growth of the market in the coming years. as there is less awareness about the availability of this platform, market growth will be hampered. During the pandemic, like many other industries, this industry also suffered losses. The amount of investments made in this sector has decreased due to the losses incurred in recent years.

Opportunities

Initially, these systems were considered as transaction systems, but in recent years, due to advancements in the technology used, the system is considered as customer relationship management software which has also integrated many financial solutions. It also helps in managing the company’s inventory more efficiently. The maintenance cost has been reduced which will drive the growth of the market in the coming years. It is also useful to provide the real-time data that helps in making sound decisions. Many companies are replacing their old invoicing software with these systems because they are more efficient in managing finances.

Challenges

One of the major challenges facing this industry is that of making critical information available on an online platform. As these terminals are used via the Internet and the information is available online, they are extremely vulnerable to theft. Critical information regarding the cards used to make the payment and the PIN could be acquired and misused. This happens to be a major challenge in the growth of the market.

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Recent Ddevelopments

  • Presto flex, which happens to be a purpose-built multi-purpose platform offered to the hospitality industry, was introduced in 2021 by Presto. It has an inbuilt payment option via QR code which will be beneficial for making contactless payments.

Market segmentation

By product

By component

Per deployment

Per end user

  • Restaurants
    • FSR
    • RSQ
    • Institutional
    • Fast casual
    • Others
  • Detail
    • Supermarkets/Hypermarkets
    • convenience stores
    • grocery stores
    • Specialty stores
    • Service stations
    • Others
  • Hospitality
  • Health care
  • Warehouse
  • Entertainment
    • Cruise Lines/Vessels
    • Cinemas
    • Casinos
    • golf clubs
    • Stadiums
    • Theme parks
  • Others

By geography

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East and Africa (MEA)

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Margie D. Carlisle