PUBLISHER: The Business Research Company | PRODUCT CODE: 1392835
PUBLISHER: The Business Research Company | PRODUCT CODE: 1392835
“Point-of-Sale Terminals Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on point-of-sale terminals market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for point-of-sale terminals? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The point-of-sale terminals market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
A point-of-sale (POS) terminal is a computerized replacement for a cash register that requires the entry of a card PIN to complete a transaction, processing both debit and credit cards. This method of payment enhances security by eliminating potential user errors during transactions. POS terminals are utilized for accepting payments and tracking sales.
The primary types of POS terminals are mobile and fixed. Mobile terminals are small, hand-held devices equipped with a display screen featuring touch input and a QWERTY keyboard, and they may also offer telephony capabilities. The components involved in POS systems include hardware, software, and services. Various technologies, including biometric and traditional POS systems operated by Windows, Linux, and Mac, find application in industries such as restaurants, hospitality, healthcare, retail, warehouse, entertainment, and others.
The point-of-sale terminal market research report is one of a series of new reports from The Business Research Company that provides point-of-sale terminal market statistics, including point-of-sale terminal industry global market size, regional shares, competitors with a point-of-sale terminal market share, detailed point-of-sale terminal market segments, market trends and opportunities, and any further data you may need to thrive in the point-of-sale terminal industry. This point-of-sale terminal market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry
The point-of-sale terminals market size has grown strongly in recent years. It will grow from $94. 43 billion in 2023 to $102. 31 billion in 2024 at a compound annual growth rate (CAGR) of 8. 4%. The growth observed in the historical period can be attributed to several factors, including the adoption of digital payments, adherence to regulatory compliance, the prevalence of mobile and wireless connectivity, consumer preferences for convenience, integration with small businesses, and expansion into various industries.
The point-of-sale terminals market size is expected to see strong growth in the next few years. It will grow to $149. 36 billion in 2028 at a compound annual growth rate (CAGR) of 9. 9%. The anticipated growth in the forecast period can be attributed to rapid digital transformation, the increasing adoption of contactless payments, the integration of mobile point-of-sale (mPOS) solutions, and the seamless incorporation of e-commerce. Key trends expected during this period include the continued prominence of contactless payment solutions, the integration of omnichannel strategies, the utilization of mobile POS (mPOS) systems, the implementation of enhanced security measures, the adoption of cloud-based POS solutions, and ongoing technological advancements in the field.
The anticipated rise in demand for contactless and cashless payments is set to propel the growth of the point-of-sale terminal market. Cashless and contactless payments represent a payment method devoid of physical cash, serving as a computerized replacement for traditional cash registers. Point-of-sale terminals facilitate transactions through card payments, enabling cashless purchases. For example, as reported by the India Brand Equity Foundation in June 2022, contactless transactions constituted 25% of all supermarket transactions in 2020, a figure that increased to 31% by 2022. This underscores the growing preference for contactless and cashless payments, a trend driving the expansion of the point-of-sale terminal market.
The increasing adoption of smartphones is poised to drive the growth of the point-of-sale terminals market. Smartphones, characterized by built-in computers and additional functionalities like operating systems, web browsing, and software program execution, play a pivotal role in point-of-sale terminals. They serve as versatile platforms for mobile payment processing, enabling businesses to seamlessly manage transactions and accept payments. For instance, according to Uswitch Limited in February 2023, mobile connections in the UK reached 71. 8 million, indicating a 3. 8% increase from the previous year. The projected smartphone ownership of 95% of the UK's population, around 65 million individuals, by 2025 further emphasizes the increasing role of smartphones in driving the point-of-sale terminals market.
Technological advancement emerges as a prominent trend gaining traction in the point-of-sale terminal market. Major industry players are actively introducing various technological innovations to enhance their standing in the market. For example, in September 2021, PAX Global Technology, a Chinese manufacturer of payment terminals, introduced Android payphones in Amsterdam. These payphones, serving as smartphones with integrated point-of-sale technology, represent innovative alternatives for acquiring banks and payment services.
Leading companies in the point-of-sale terminal market are placing a heightened focus on the introduction of mobile Android point-of-sale (POS) terminals to gain a competitive advantage. These terminals, typically handheld devices like smartphones or tablets running on the Android operating system, come equipped with specialized POS software. In January 2022, Adyen, a Netherlands-based e-commerce company, launched mobile Android point-of-sale terminals in the EU, UK, and US. These comprehensive mobile devices support payment acceptance through the Adyen payments platform, eliminating the need for separate cash registers, barcode scanners, and customer-facing displays.
In March 2023, Ingenico, a France-based payment service provider, executed the acquisition of Phos for an undisclosed amount. This strategic move is expected to enhance Ingenico's offering of payment acceptance via smartphones, complementing its Payments Platform as a Service (PPaaS) business and strengthening its position in the payments sector. Phos, a UK-based company specializing in software-only point-of-sale solutions, aligns with Ingenico's goal to broaden its capabilities and market presence.
Major companies operating in the in the point-of-sale terminals market report are Samsung Electronics Co. Ltd., NEC Corporation, Panasonic Corporation, Toshiba Corporation, Hewlett-Packard Development Company L. P., VeriFone Systems Inc., Qashier PTE Ltd., Newland Payment Technology, GK Software SE, PAX Technology Limited, Casio Computer Co. Ltd., iMetrics Pte Ltd, Acrelec Group SAS, AURES Technologies SA, HM Electronics Inc., NCR Corporation, Oracle Corporation, Presto Group LLC, Qu Inc., Quail Digital Limited, Revel Systems Inc., Toast Inc., TouchBistro Inc., Xenial Inc., Aireus Inc., Dinerware Inc., Posist Technologies Private Limited, Ingenico Group S. A., BBPOS Limited, Honeywell International Inc.
Asia-Pacific was the largest region in the point-of-sale terminals market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the point-of-sale terminals market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the point-of-sale terminals market report are: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.
The point-of-sale terminal market consists of revenues earned by entities by providing self-service terminals, legacy software and cloud computing terminals. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified)).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.