POS Terminals Market - By Product (Mobile, Fixed), By Component (Hardware, Software, Service), By Technology (Biometric, Traditional), By Operating System (Windows, Linux, MAC), By Application (Restaurants, Hospitality, Healthcare, Retail, Warehouse/Distr

POS Terminals Market - By Product (Mobile, Fixed), By Component (Hardware, Software, Service), By Technology (Biometric, Traditional), By Operating System (Windows, Linux, MAC), By Application (Restaurants, Hospitality, Healthcare, Retail, Warehouse/Distribution, Entertainment) & Forecast, 2023 - 2032

POS Terminals Market is slated to record exponential growth over 2023-2032, driven by the increasing preference for contactless payments globally.

The growth in card payments is primarily driven by a significant rise in consumer expenditure in department stores, catalog sales, and discount shops. On the one hand, consumers in the UK are taking a more calculated approach toward shopping given the spending power in the country. While on the other hand, industry leaders are making efforts to keep up with the rapidly merging physical and virtual commerce by developing creative solutions that integrate on-site sales and online purchasing to accelerate digital transformation.

For instance, in October 2022, Unzer, a German fintech company, introduced a versatile mobile POS system aimed specifically at Europe's small and medium-sized enterprises. The new POS Go system will allow retailers to accept cashless payments anywhere and includes convenient functions such as digital accounting, digital receipt storage, and real-time sales analysis.

The POS terminals industry is categorized as per product, technology, application and region.

By product, the mobile POS terminals market share is set to grow at over 10% CAGR through 2032. To improve customer experience, restaurants and shops are switching from old POS systems to mobile-powered POS solutions. In addition, the rising demand for customer-centric mobile-powered POS systems that provide omnichannel customer data access and customization options for customers is expected to favor sector expansion.

The POS terminals market share from the biometric technology segment has gained immense traction over recent years as it enables hassle-free and secure authentication. The technology is also integrated with smartphones and smart cards for secure authentication in various regions. In addition, biometrics have also eliminated the need to enter pins or passwords, thereby streamlining & simplifying the overall process and contributing to the increasing product uptake through 2032.

Based on application, the healthcare segment is projected to record significant growth through 2032. POS systems have become an important component of the consumer payment journey in the healthcare industry, with 63% of US adults considering switching healthcare providers if they are dissatisfied with the payment experience.

Moreover, healthcare providers are aligning with new payment trends and technologies to improve patient and staff experiences, minimize setup costs, integrate with third-party vendors and applications, and facilitate more flexibility when it comes to accepting payments, which is expected to accelerate industry growth.

Asia Pacific POS terminals market generated more than USD 20 billion in revenue in 2022 and is poised to record robust growth through 2032. Contactless payments and mobile wallets are emerging as the preferred modes of payment across APAC countries. Owing to this trend, the regional market is expected to witness a rise in the deployment of contactless-enabled POS terminals.

Furthermore, the India Government as prioritized the promotion of digital payments in order to bring every segment of the nation under the formal fold of digital payment services. The move is part of an effort to provide seamless, convenient, easy, affordable, and secure online payment facilities to Indian citizens. Such government measures are projected to boost industrial growth between 2023 and 2032.