POS Terminals Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 - By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa)

POS Terminals Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 - By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa)

The global market for point-of-sale (POS) terminals is experiencing a significant upswing due to the widespread adoption of cashless payments in various industry verticals such as retail, healthcare, and hospitality. The digital transformation of cashless payments is driving the need for POS terminals, creating a favorable environment for market growth. According to recent research, global cashless payment volumes are projected to rise by more than 80% between 2020 and 2025, reaching nearly 1.9 trillion transactions, and nearly triple by 2030. The Asia Pacific region is expected to witness the fastest growth, followed by Africa, Europe, Latin America, the United States, and Canada.

Digitalization Driving Growth of POS Terminals Market
The advantages of digitalization, such as traceability, security, and tractability, are boosting the development of POS terminals. Advancements in internet connectivity, including 5G, are expected to further accelerate the expansion of POS terminals, with mobile POS terminals experiencing rapid growth. Integrating POS systems with inventory, merchandising, marketing, and customer relationship management provides a competitive advantage for manufacturers. The increasing use of digital payments is propelling the progress of the POS terminals market.

Increased Demand for Fixed POS Terminals
The fixed POS terminals segment is expected to be the fastest-growing segment in the market during the forecast period. Large-scale sellers prefer fixed POS terminals due to installation expenses and high procurement costs. End-users concerned about cloud data storage often opt for fixed POS terminals to save data on-premises. The fixed POS terminal accounts for over 75% of the overall market value.

Asia Pacific Spearheading POS Terminals Market Growth
Asia Pacific is the largest user of POS terminals and is expected to witness the fastest growth during the forecast period. The region's technological adoption is driving the market growth, with digital or mobile wallets projected to account for over 40% of point-of-sale payments in the area by 2020. Cashless payments are gaining popularity in several nations, opening new business opportunities. The region's e-commerce expansion is also creating new chances for the POS terminals industry.

Notable Innovations and Partnerships Fueling Market Growth
Several key players in the POS terminals market are driving growth through innovation, strategic partnerships, and acquisitions. For example, Adyen launched an Android-based mPOS solution for the US and UK markets, allowing merchants to accept major digital payment methods. Samsung Electronics introduced Samsung Kiosk, an all-in-one solution for contactless ordering and payment available in multiple countries.

Competitive Landscape
Some of the prominent players in the POS terminals market include Adyen, AURES Group, Bematech SA, Castles Technology Co. Ltd, Samsung Electronics, Diebold Nixdorf, Fujian Newland Payment Technology Co. Ltd., NEC Corporation, New POS Technology Limited, Panasonic Corporation, NCR Corporation, PAX Technology, Posiflex Technology, PAR Technology Corporation, Toshiba Corporation, and Touch Dynamic Inc.

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