Point-Of-Sale Terminals Market Forecasts to 2028 – Global Analysis By Product (Wireless POS, Fixed POS Terminal), Technology (Traditional, Biometric), Application (Entertainment, Retail) and By Geography
According to Stratistics MRC, the Global Point-Of-Sale Terminals Market is accounted for $72.84 billion in 2021 and is expected to reach $143.76 billion by 2028 growing at a CAGR of 10.2% during the forecast period. POS terminals refer to electronic devices used for processing card payments, printing bills etc., across various end-use verticals such as restaurants, hospitality, healthcare, retail, warehouse/distribution, and entertainment. The product enables users to record & track client orders and credit & debit cards and connects to other systems. Continuous technological developments have led to advancements in these systems, which include mobile POS with bar code scanners and cloud-based POS, increasing the efficiency of businesses by providing high Return on Investments (ROI).
Rising demand for contactless payments
Despite the fact that the COVID-19 epidemic resulted in a drop in overall market growth due to supply chain interruption and loss of end-user revenue, the necessity for mobile point-of-sale (POS) terminals to support contactless payment was recognized. Product adoption has been helped by the increasing demand for cashless and contactless payments. Besides, requirement for personnel and customer management, online and in-store sale unification, and inventory tracking has resulted in demand for digitalization. The usage of the product to keep records of company activities and allow cashless payment has been driven by the digital revolution across retail, healthcare, hospitality, and other industries. Digitalization across several sectors is likely to bolster growth of the global POS terminal market in the years to come. The growing popularity of smartphones has boosted demand for portable POS systems, boosting market development.
Increasing adoption of POS terminal software by the restaurant chains
UK POS terminals market accounted for USD 4 billion in 2021 due to the rising expansion of casual dining brands such as Big Table Group, Honest Burgers, and McDonald's Corporation. These companies are implementing advanced POS systems to simply their financial transactions and track the customer data for marketing purposes. In October 2021, Big Table Group expanded its Las Iguanas brand presence across the UK by opening 50 new stores. The restaurant chain, with 57 outlets in the country, offers Latin American cuisines. The initiative almost doubled its presence in the country, with a total of around 107 outlets. Such expansions are driving the POS terminal demand to help in coordinating the operational and financial activities of restaurants situated in different locations. The software will support restaurant chain owners in inventory management, payment processing, email marketing, and online food ordering.
Increasing demand for more secured payment options
Over the years, the software and hardware of the POS system have been developed and modified to ensure safe transactions and portability. To safeguard payment gateways, POS suppliers have expanded their expenditures in end-to-end encryption technology, which will assist to create consumer confidence and drive product demand. Furthermore, multipurpose software connected with a POS system would provide the end-user with secure payment, employee information storage, and analysis of customer data. The product's capacity to operate as an effective employee management tool for monitoring employee performance and generating a pleased staff has further raised demand. Because of convenient option of payment, online payment, and decreased queue time, POS terminal adoption has aided governments' ambition of introducing a cashless economy, particularly in developed nations. The idea of cashless payment has led to product development in hospitality and retail sectors.
Security concerns pertaining to data breaches
According to a recent study (2018) by the Electronic Transaction Association, better data security is the number one priority for customers. POS systems handle critical information, and they are often exposed to the risk of security breaches. Every POS system needs to connect with an external network. The device type of network connection depends on the store or retailer. While small businesses connect their POS systems via cellular data connections, larger businesses connect their systems with the help of their internal network. POS terminal systems can be managed remotely via these internal networks. This may result in theft/loss of important information such as credit card numbers.
The POS software segment is expected to have the highest CAGR during the forecast period
The POS software segment is growing at the highest CAGR in the market. This growth can be attributed to data support functionality, multifunctional feature, and ease in sales analysis. Moreover, advancements in cloud computing and the growing use of Software-as-a-Service (SaaS) platform-based POS systems are driving the segment growth. The efficient software integration functionalities of barcode scanners and screen terminals across these systems provide data restoring and backup features, which also support segment growth.
The hardware segment is expected to be the largest during the forecast period
The hardware segment is expected to be the largest share in the market. Hardware components comprise interfaces or devices to register transaction details, such as tablets, monitors, cash drawers, receipt printers, barcode scanners, EFT-POS machines, and network devices. The 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.
Region with highest share:
Asia Pacific is projected to hold the largest share in the market. A surge in the adoption of digital payment technologies in Asia Pacific has created a pool of opportunities for mPOS in countries, such as China, Japan, and India, which is expected to restrict the regional market growth for the fixed POS terminal segment over the forecast period.
Region with highest CAGR:
North America is projected to have the highest CAGR in the market. The growing number of payment technologies, such as NFC and contactless payments, has been driving the product demand in the region. The U.S. has a high number of large retail brand outlets, such as Wal-Mart, Costco Wholesale Corporation, Target, The Kroger Co, The Home Depot, and Amazon, which need POS terminals to manage payment, billing, employee duty, and inventory on a daily basis. Moreover, the U.S. government is encouraging the adoption of contactless payment systems in the wake of COVID-19 to limit the spread of the virus.
Key players in the market:
Some of the key players profiled in the Point-Of-Sale Terminals Market include Centerm, Information Co Ltd, NEC Corporation, Newland Payment Technology, Oracle Corporation, Panasonic Corporation, PAX Technology Corp, Posiflex Technology Inc, Samsung Electronics Co Ltd, Toshiba Corporation, Cisco Systems Inc, Diebold Nixdorf Incorporated, Hewlett-Packard Inc, Hisense, Ingenico Group, NCR Corporation, and VeriFone Systems Inc.
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. Kiosks have quickly become a part of everyday life, providing customers with a simple and interactive way to purchase items while giving businesses an innovative solution to reimagine the workplace and increase efficiency.
In July 2021: Oracle acquired GloriaFood, an online ordering and marketing platform, to extend its Oracle Micros Simphony Cloud POS platform. According to a press release, the acquisition, completed at the end of June now provides Oracle’s restaurant customers to serve diners directly through the web, mobile, and apps.
Operating Systems (OS) Covered:
• Media Access Control Address (MAC)
• POS Software
• POS Terminal Mining
• POS Terminal Metal Fabrication
• On Premise
• Wireless POS
• Portable/Mobile POS Terminal
• Fixed POS Terminal
• Other Applications
• North America
o Rest of Europe
• Asia Pacific
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of Middle East & Africa
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