Global Point Of Sale Terminals Market Size, Share, Growth Analysis, By Product Type(Fixed POS terminals and Wireless mobile POS), By Component(Hardware and Software) - Industry Forecast 2024-2031

Global Point Of Sale Terminals Market size was valued at USD 94.40 billion in 2022 and is poised to grow from USD 101.95 billion in 2023 to USD 188.71 billion by 2031, growing at a CAGR of 8% during the forecast period (2024-2031).

The POS terminal, a digital electronic device merging software and hardware, enables retail outlets to process card payments independently of cash registers. These terminals, utilized across various sectors like restaurants, healthcare, and retail, handle transactions, inventory, invoicing, and loyalty programs. Implementation costs vary based on organization size and supplier terms; smaller retailers may avoid rental fees for POS operation, and customers typically face no additional charges. Wired terminals offer convenience, accepting debit and credit cards via magnetic stripe, chip, or contactless methods, while wireless versions, prevalent in hospitality and retail, utilize 3G for online transactions. The market's growth is propelled by the surge in contactless payments and NFC device adoption, driving demand for POS solutions. However, cyber threats pose a challenge despite manufacturers' efforts to innovate secure payment solutions tailored to specific industries, which promise enhanced inventory management and business efficiency for retailers.

Top-down and bottom-up approaches were used to estimate and validate the size of the Global Point Of Sale Terminals Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Global Point Of Sale Terminals Market Segmental Analysis

Point Of Sale Terminals Market is segmented on the basis of product type, component, and region. On the basis of product type, global Point Of Sale Terminals Market is segmented into fixed POS terminals and wireless, mobile POS. On the basis of component, global Point Of Sale Terminals Market is segmented into hardware and software. On the basis of region, global Point Of Sale Terminals Market is divided into North America, Europe, Asia Pacific, Latin America, and MEA.

Drivers of the Global Point Of Sale Terminals Market

Agents in retail settings vend products to patrons across various store sections, while numerous enterprises extend their sales beyond physical stores, encompassing venues like farmers' markets, food trucks, or clients' residences, facilitated by mobile Point of Sale (mPoS) solutions ensuring secure acceptance of diverse card payments. This practice substantially enhances customer satisfaction, fosters a comprehensive market perspective, and amplifies sales prospects. Moreover, in the United States, the migration toward Europay, Mastercard, and Visa (EMV) standards is underway, compelling many merchants to seek payment solutions enabling FMV card acceptance. These combined elements propel market expansion.

Restraints in the Global Point Of Sale Terminals Market

According to tech experts, vulnerabilities in mobile point-of-sale (mPOS) systems enable deceitful merchants to deceive consumers and attackers to pilfer payment card information. Square, Zettle, SumUp, and PayPal have all reported flaws in their mPOS systems in the US and Europe. These systems, which connect to mobile apps via Bluetooth and transmit data to payment processors' servers, pose a substantial risk, particularly in regions where only a fraction of transactions use EMV technology, leaving them susceptible to Magstripe attacks. Additionally, individual mPOS software has been targeted with remote code execution attacks, potentially compromising the entire reader's operating system and influencing other readers' behavior through random notifications.

Market Trends of the Global Point Of Sale Terminals Market

A prominent trend in the point-of-sale terminal market is the increasing emphasis on technological advancement. One notable instance occurred in September 2021 when PAX Global Technology, a Chinese company specializing in payment terminals and software, introduced Android payphones in Amsterdam. Similarly, in November 2020, Worldline, a French payment services firm, acquired Ingenico for USD 8.5 billion, exemplifying the industry's trajectory towards innovation and consolidation.