Point-of-Sale Terminals Market to Grow 2x on Back of Heightened Demand for Cashless Payments, Says Fact.MR
United States, Fact.MR, Aug. 12, 2022 (GLOBE NEWSWIRE) — 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.
Digital transformation of end-use industry verticals such as retail, healthcare, and hospitality is propelling the demand for Point-of-Sale (POS) terminals.
The surge in demand for affordable wireless communication technologies has increased the demand for POS terminals. POS systems utilize wireless devices to facilitate payments for services or products. The use of wireless technology can streamline various processes, from rental cabs to restaurants.
Companies in the hospitality and retail sectors use POS terminals for payments and additional operational tasks, such as inventory management, sales tracking, and accounting. For instance, bars, restaurants, and foodservice providers rely highly on POS technology to track sales, operations, products, and inventory.
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Key Takeaways from the Market Study
- Global market for POS terminals likely to reach US$ 85 Bn by 2022-end
- Fixed POS terminal holds a leading share of more than 75% of revenue
- POS terminal software to experience threefold growth through 2032
- Cloud POS to expand at a stupendous 10% CAGR through 2032.
- Retail industry to account for 34% of POS terminals usage from 2022 to 2032
- U.S to experience a CAGR worth 7% throughout the assessment period
- East Asia to dominate the global market, capturing 49% revenue
- China to be an opportunistic market, slated to surge at a 9% CAGR
“Market players stand to gain sustainable growth by forging strategic partnerships with stakeholders from within various applications. Innovation of POS systems with support features for managing inventory, and employee productivity will further product demand,” says the Fact MR analyst.
Point-of-Sale (POS) Terminal Market: Overview
- The global point-of-sale (POS) terminal market is expected to expand at a CAGR of 11.3% during the forecast period, primarily driven by rise in demand for mobile POS terminals
- The point-of-sale (POS) terminal market is expected to be valued at US$ 30.7 Bn in 2020 and reach US$ 184.2 Bn by 2030
- In terms of component, the POS terminal devices segment is anticipated to account for notable share as compared to the other components of the point-of-sale (POS) terminal market
- In terms of device type, fixed POS is set to dominate the market during the forecast period, whereas portable/mobile POS is expected to be the fastest growing segment during the forecast period
- North America remains a prominent market for point-of-sale (POS) terminals globally, and the market in the region is expected to be valued at US$ 21,726 Mn by the end of 2020
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Front Runners are emphasizing capacity enhancements and global footprint expansion to leverage lucrative prospects in developing economies. Some notable developments are as follows:
- 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.
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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More Valuable Insights
In its latest report, Fact.MR offers an unbiased analysis of the market providing historical data for the period of 2017-2021 and forecast statistics for the period of 2022-2032.
The study divulges essential insights on the market on the basis of product (fixed POS terminal and mobile POS terminal), component (hardware, software, mining and metal fabrication) deployment (on-premise and cloud) and application (restaurants, hospitality, healthcare, retail, warehouse, entertainment and others across six regions (North America, Latin America, Europe, East Asia, South Asia & Oceania and Middle East & Africa).
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