Meticulous Research® – leading global market research company published a research report titled “Point-of-Sale Terminal market by Component (POS Hardware, Services), Operating System, (Android-based POS Terminal, Windows-based POS Terminal) End User (Retail, Hospitality, Healthcare, and Government) with Global Forecast to 2029”.
According to this latest publication from Meticulous Research®, the global point-of-sale terminal market is projected to reach $152.5 billion by 2029, at a CAGR of 9.9% from 2022 to 2029. By volume, the global point-of-sale terminals market is projected to reach 687.4 million units by 2029, at a CAGR of 12.0% during the forecast period.
The point-of-sale terminals market is driven by the growing adoption of mobile-based POS terminals; the growing use of Europay, Mastercard, and Visa (EMV) Cards; and the rising adoption of POS terminals in the retail and e-commerce sector. However, data security concerns and misconceptions and lack of standardization regarding POS terminal technology restrain the growth of the market to some extent. The increasing demand for contactless and cashless payment in developed and developing regions is expected to offer significant growth opportunities for the point-of-sale terminals market.
To provide efficient analysis, Meticulous Research® has segmented this market based on component (POS hardware and services), operating system (android-based POS terminals, windows-based POS terminals, and other operating systems), end user (retail, hospitality, healthcare, transportation, sports & entertainment, government, utilities, and other end users), and geography (North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa). The study also evaluates industry competitors and analyzes regional and country-level markets.
Based on component, in 2022, the POS hardware segment is expected to account for the largest share of the point-of-sale terminals market. The large market share of this segment is attributed to the growing demand for wireless communication technologies, increasing focus on POS terminal-centric capabilities, increasing data visibility through cloud POS systems, and increasing demand for contactless and cashless payments.
Based on operating system, in 2022, the android-based POS terminals segment is expected to account for the largest share of the point-of-sale terminals market. The large market share of this segment is attributed to the increasing adoption of cloud-based and android POS devices and the growing adoption of wireless technologies in mobile handsets.
Based on end user, in 2022, the retail segment is expected to account for the largest share of the point-of-sale terminals market. The large market share of this segment is attributed to the rising penetration of e-commerce platforms, growing focus on contactless payments, increased adoption of in-store mobile payments, and strong growth in the global retail industry. In addition, advanced features such as efficient invoice systems, discount offers, inventory management systems, data back-up, and customer record maintenance make POS terminals more attractive to retailers, enhancing this segment's growth.
Based on geography, in 2022, the Asia-Pacific is expected to account for the largest share of the point-of-sale terminals market. The presence of prominent key players in the region is expected to contribute to the high revenue share of this region due to the rapid economic growth in major countries such as China, Japan, India, and South Korea. Also, the growing modernization of the payment industry, the increasing prominence of SMEs, and the significant use of wireless POS terminals across several industries, such as retail, hospitality, and entertainment, are the key factors driving the demand for the point-of-sale terminals market in the region.
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The key players operating in the point-of-sale terminals market are NCR Corporation (U.S.), Ingenico Group S.A. (France), Hewlett Packard Enterprise (U.S.), VeriFone, Inc. (U.S.), Toshiba Corporation (Japan), PAX Global Technology Limited. (China), Elavon Inc. (U.S.), Castles Technology Co., Ltd. (Taiwan), BBPOS International Limited. (China), Block, Inc. (U.S.), Cegid Group (France), Diebold Nixdorf, Incorporated. (U.S.), Newland Payment Technology (China), NEC Corporation (Japan), and Oracle Corporation (U.S.).
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