Point of Sale Terminal Market & Forecast 2024-2032, Industry Trends, Growth, Share, Outlook, Impact of Inflation, Opportunity Company Analysis

Point of Sale Terminal Market & Forecast 2024-2032, Industry Trends, Growth, Share, Outlook, Impact of Inflation, Opportunity Company Analysis

Point of Sale Terminal Market Analysis

The Global Point of Sale Terminal Market will reach US$ 193.41 billion by 2032, up from US$ 91.04 billion in 2023, with a CAGR of 8.73% between 2024 and 2032. The need for frictionless payment experiences, the growth of e-commerce, and increased retail automation are all driving the market's expansion. The efficiency and security of transactions are improved by technological advancements such as integrated software solutions and contactless payments. The use of contemporary point-of-sale (POS) systems across diverse industries is also propelled by the growth of small and medium-sized firms (SMEs) and the requirement for advanced data analytics.

Point of Sale Terminal Industry Outlooks

An electronic device called a Point-of-Sale (POS) terminal is used to process credit card payments at establishments like retail stores, petrol stations, hospitals, pharmacies, resorts, restaurants, and hotels. The market is in greater demand due to the rising need for affordable wireless communication technology. Wireless devices are used by point-of-sale (POS) systems to enable payments for goods and services. Wireless technology is used to expedite a number of processes, including those in restaurants and rental cars. POS terminals are used by companies in the retail and hospitality industries for inventory management, accounting, and other operational duties including remittance.

Driving Forces of Point of Sale Terminal Market

E-commerce Integration

A key driver of development in the Point of Sale (POS) terminal industry is e-commerce integration, which is fueled by consumers' growing desire for streamlined and cohesive retail experiences. It is imperative for businesses to integrate point-of-sale (POS) systems with e-commerce platforms in order to provide a seamless purchasing experience. Retailers can synchronize their online and offline sales channels with this interface, guaranteeing that pricing, inventory, and customer information are updated consistently throughout all touchpoints.

The rise in e-commerce has increased the need for point-of-sale (POS) systems that can effectively manage transactions across several channels. Through a single interface, POS terminals coupled with e-commerce platforms allow firms to maintain inventory, manage orders, and process payments from both physical storefronts and online markets. By offering a seamless and uniform purchasing experience to customers whether they are shopping in-store or online, this not only improves customer satisfaction but also streamlines processes.

Moreover, linked point-of-sale systems enable complex features like click-and-collect services, which let customers purchase items online and pick them up in-store. This adaptability raises sales volumes and satisfies the expectations of contemporary consumers. Further propelling the POS terminal market's expansion is merchants' ability to make well-informed judgments and tailor their marketing campaigns thanks to the capacity to collect and analyze data from various sources. Thus, a key factor driving innovation and market expansion is the combination of e-commerce and point-of-sale (POS) systems.

Data Analytics boosts the market growth

The Point of Sale (POS) terminal industry is experiencing significant expansion due to data analytics, which is transforming the way businesses handle and use transactional data. More and more sophisticated analytics features are built into modern point-of-sale (POS) systems, allowing businesses to collect and examine a multitude of data from sales transactions. Businesses may optimize operations and make well-informed decisions with the support of real-time insights.

Businesses may monitor inventory levels, examine sales patterns, and get an unprecedented level of accuracy in understanding client behavior by utilizing data analytics. Retailers might modify their tactics in response to the comprehensive reports that point-of-sale systems (POS) can produce on sales performance, product popularity, and peak transaction hours. Data-driven insights, for instance, can be used to target particular client categories more successfully with promotions, optimize stock levels, and find high-performing products.

Furthermore, by examining preferences and purchase trends, data analytics makes individualized consumer experiences possible. Retailers can use this data to create customized recommendations, loyalty programs, and incentives that will increase consumer happiness and encourage return business. Data analytics in POS systems helps with strategic planning and forecasting in addition to operational effectiveness. To promote growth and profitability, businesses can foresee market trends, modify their pricing policies, and make decisions supported by data. All things considered, adding data analytics to point-of-sale terminals gives businesses a big competitive edge and propels industry growth.

Asia Pacific Point of Sale Terminal Market

Growth in the POS terminal market is being influenced by the adoption of technology that Asia Pacific is leading the way in. Another element that opens up new market prospects is the widespread use of cashless payments in several nations. Another factor boosting the need for POS terminals is the use of credit and debit cards for point-of-sale payments. The region's market is expanding as a result of vendor investments made through mergers and acquisitions, strategic alliances, and innovation. In India, there were more than 4.7 million PoS terminals as of late, according to the Reserve Bank of India. Businesses including restaurants, supermarkets, and petrol and fuel stations have seen a steady increase in the use of PoS terminals.

Analogously, MYPINPAD, a well-known provider of PCI-certified payment software solutions, in collaboration with SPECTRA Technologies, a payment solution provider, and the top manufacturer of payment terminals in Hong Kong, recently announced the introduction of a software-based contactless payments solution for smart devices that improves customer satisfaction for small and micro-merchants in Hong Kong. Additionally, Mastercard collaborated with both businesses to introduce the new SoePay solution, which will help to further expand the Mastercard Tap on Phone acceptance network. Furthermore, the market for POS terminals is presented with new potential by the expansion of e-commerce in the area. As to a recent survey conducted by Reprise and Google, online consumers who purchase 'few times a month' are now surpassing their offline counterparts by 42% compared to 31%, while those who shop online 'once every few months' are ahead of offline shoppers by 66%. The study also claims that the region has already met forecasts for 2025, having leapfrogged by as much as five times.

Point of Sale Terminal Company Analysis

The key players in point of sale terminal industry are Samsung Electronics Co. Ltd, Panasonic Corporation, NEC Corporation, PAX Technology, NCR Voyix, Fujitsu Limited, Agilysys Inc. and Oracle Corporation.

Point of Sale Terminal Company News

June 2024- A new unattended payment solution from Newland NPT was revealed. Specifically designed for use in parking lots, kiosks, and EV charging stations, this solution includes the U2000 modular payment terminal. The X800 is a unique wireless point-of-sale system that enhances this. It is designed to promote smooth payments, increased operational effectiveness, and improved customer interaction for small and medium-sized businesses.

December 2023- Tech business Qashier partnered with well-known international online fashion and leisure shop SHEIN. The seamless fusion of technology and fashion was emphasized by this cooperation at the SHEIN Holiday Pop-up. For every guest, Qashier's state-of-the-art point-of-sale and payment systems significantly improved their shopping experience.

September 2023- The point-of-sale system supplier POSaBIT Systems Corporation introduced POSaBIT POS 2.0. Scalable, flexible, and easy to use, POSaBIT POS 2.0 is a solution that can change with the market.

Product– Market breakup in 2 viewpoints:
1. Fixed
2. Share

Component– Market breakup in 3 viewpoints:
1. Hardware
2. Software
3. Services

Deployment– Market breakup in 2 viewpoints:
1. On-Premises
2. Cloud

End Use– Market breakup in 7 viewpoints:
1. Restaurants
2. Retail
3. Healthcare
4. Warehouse
5. Hospitality
6. Entertainment
7. Others

Countries– Market breakup in 25 viewpoints:
1. North America

1.1 United States
1.2 Canada

2. Europe

2.1 France
2.2 Germany
2.3 Italy
2.4 Spain
2.5 United Kingdom
2.6 Belgium
2.7 Netherland
2.8 Turkey

3. Asia Pacific

3.1 China
3.2 Japan
3.3 India
3.4 Australia
3.5 South Korea
3.6 Thailand
3.7 Malaysia
3.8 Indonesia
3.9 New Zealand

4. Latin America

4.1 Brazil
4.2 Mexico
4.3 Argentina

5. Middle East & Africa

5.1 South Africa
5.2 Saudi Arabia
5.3 UAE

All the key players have been covered from 4 Viewpoints:
• Business Overview
• Key Persons
• Recent Development & Strategies
• Financial Insights

Key Players Analysis:

• Samsung Electronics Co. Ltd
• Panasonic Corporation
• NEC Corporation
• PAX Technology
• NCR Voyix
• Fujitsu Limited
• Agilysys Inc.
• Oracle Corporation

FAQs

1. What is the current size of the point of sale terminal industry?
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3. What are the key factors driving the growth of the point of sale terminal industry?
4. What is the expected market size by 2032?
5. Who are the key players in the point of sale terminal sector?
6. Which country holds the largest market share in the point of sale terminal industry?