Point of Sale Terminals Market Outlook 2031
The global point of sale (POS) terminals market size was USD 85.80 billion in 2022 and is estimated to reach USD 98.05 billion by 2031 register a substantial CAGR of 6.9% during the forecast period, 2023–2031. The growth of the market is attributed to its potential to provide an extended return on investment and ease of access.
POS systems ease transactions from the central component of businesses across industries, such as hospitality, retail, transportation, and banking; have gained prominence in companies of big and small sizes. The POS is the location and time where a transaction is completed. It is computer hardware and software that controls the transaction during the sale of a product or a service.
It aids to capture, store, report, and share data related to the sales transaction. It facilitates the shopping experience and helps to accelerate the checkout process, resulting in customer satisfaction. Stock in hand, inventory management, pricing information, and availability of a product are primary data that are acquired from the systems.
The Covid-19 pandemic had an adverse impact on the point of sale terminals market. It leads to decline in the overall market growth owing to disruption in supply chain and end-user revenue loss; however, the government’s steps and strategies have helped to neutralised the situation. This pandemic has encouraged the key players to implement advance technologies to overcome these challenges and expand the market growth.
Point of Sale Terminals Market Trends, Drivers, Restraints, and Opportunities
- Evolution of POS terminal systems that can integrate with the company’s CRM and other financial solutions and empowered the end-users with business intelligence to better manage their revenue streams and inventory are expected to drive the market during the forecast period.
- Rising financial frauds across the world, increasing number of customers demanding safe and reliable digital transactions, and the increasing need for using secure payment processes are the key factors responsible for the demand for POS and thereby, estimated to propel the market.
- Growing e-commerce, online retail practices are projected to boost the point of sale terminals market. Moreover with the option of cash on delivery, provided by the major e-commerce platforms is likely to fuel the market.
- The coronavirus pandemic and its repercussions are expected to impede the market growth.
- R&D investment and technological advancement in the point of sale terminals market are expected to offer lucrative opportunities for the market players.
Scope of Point of Sale Terminals Market Report
The report on the point of sale terminals market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Point of Sale Terminals Market –Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Component (Hardware, Software, and Service), Type (Fixed Point of Sale Terminals and Mobile Point of Sale Terminals), End-User Industry (Entertainment, Hospitality, Healthcare, and Retail)
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Regions
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Samsung Electronics Inc.; Hewlett Packard Enterprise; Seiko Epson Corp.; Infor Inc.; and NCR Corporation
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Point of Sale Terminals Market Segment insights
The hardware segment is projected to constitute a large market share
Based on component, the point of sale terminals market is segregated into hardware, software, and service. The hardware segment is expected to account for a key share of the market during the forecast period as fixed POS terminal involves most of the hardware components to complete the system and facilitate a complete experience of managing daily activity using the system.
Furthermore, Hardware components consists of devices or interfaces to register transaction details, monitors, such as tablets, receipt printers, cash drawers, EFT-POS machines, barcode scanners, and network devices; however, software segment is anticipated to expand at a rapid pace during the forecast period owing to multifunctional feature, data support functionality, and ease in sales analysis. Moreover, the growing use of SaaS platform-based POS systems and advancements in cloud computing are driving the segment growth.
The fixed point of sale terminals segment is expected to register a substantial CAGR
Based on type, the point of sale terminals market is bifurcated into fixed point of sale terminals and mobile point of sale terminals. The fixed point of sale terminals segment accounts for a key share of the market and is estimated to propel even further over the forecast period owing to high procurement and installation costs.
Furthermore, end-users are inclined towards installing fixed POS terminals to store data with the on-premises server. The POS system has a wide range of applications, such as printing bills, supporting payments devices, inventory management, and Customer Relationship Management (CRM).; however, mobile point of sale terminals segment is anticipated to expand at a rapid pace during the forecast period owing to its applications which allow avoiding loss of sales due to delays, ease of payments during busy hours, and helps in improving customer satisfaction.
The retail segment is expected to account for a key share of the market
Based on end-user industry, the market is segregated into entertainment, hospitality, healthcare, and retail. The retail segment is projected to expand at a significant pace owing to rising adoption of modern payment options by small retailers. Some of the retailers that have announced chain-wide adoption of mPOS solutions include Disney Stores, Home Depot, Urban Outfits, Target, and Nordstrom.
The growth of omnichannel retailing systems for a unified shopping experience across all channels via smart phones is expected to generate a rapid expansion in coming years.
North America is expected to dominate the market
In terms of regions, the market is broadly classified into Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market in North America is anticipated to expand at a robust CAGR during the forecast period. Growing number of payment technologies, such as NFC and contactless payments is expected to drive the market growth in near future.
Moreover, the U.S. government is encouraging the adoption of contactless payment systems to limit the spread of the virus.
Segments
The point of sale terminals market has been segmented on the basis of:-
Component
- Hardware
- Software
- Service
Type
- Fixed Point of Sale Terminals
- Mobile Point of Sale Terminals
End-user Industry
- Entertainment
- Hospitality
- Healthcare
- Retail
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Companies
Competitive Landscape
Key players competing in the point of sale terminals market include Samsung Electronics Inc.; Hewlett Packard Enterprise; Seiko Epson Corp.; Infor Inc.; and NCR Corporation.
Some of these players are using several market strategies such as mergers, acquisitions, partnerships, collaborations, capacity expansion, and product launches to enhance their market shares. For instance,
- In November 2019, NCR Corporation declared the acquisition of POS Solutions, the leading point-of-sale and restaurant solutions provider in central Texas. Bringing POS Solutions into the NCR family aligns with its strategy to increase its capabilities to deliver its solutions and serve its customers in thriving local restaurant markets, like Austin.
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