Author: Vikas Kumar
03 December 2022
A point-of-sale (POS) terminal is a piece of hardware used in retail establishments to handle card payments. Hardware includes inbuilt software for reading magnetic strips on credit and debit cards. The next generation of point-of-sale (POS) systems will consist of portable (as opposed to counter-anchored) proprietary or third-party devices with contactless capabilities. POS terminal systems have evolved from transaction-oriented terminals/devices to systems that can integrate with the company’s CRM and other financial solutions.
The POS terminal market is growing on account of the growing innovations in payment methods, and the shift in retail payment methods from hard cash to electronic methods. Moreover, the surge in demand for affordable wireless communication technologies has increased the demand for POS terminals. POS systems utilize wireless devices to facilitate payments for services or products. The use of wireless technology can streamline various processes, from rental cabs to restaurants.
The POS Terminal Market is expected to grow at a steady rate of around 8% during the forecast period (2022-2028)
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Based on component, the market is segmented into software and hardware. The hardware segment is expected to achieve a significant CAGR during the forecast period. The growing advancements and innovations in POS hardware are expected to drive the market. Furthermore, growing investments by key market players are expected to drive the market.
Based on product, the market is segmented into fixed and mobile. The fixed segment is expected to grow significantly during the forecast period. The growing adoption of fixed POS can be attributed to the wide range of features and functionality such as a cash drawer, employee time clocks, and the capability to manage loyalty programs and gift cards.
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For a better understanding of the market adoption of the translation services industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, and Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. The Asia Pacific region is expected to grow at a significant CAGR during the forecast period. The growing technological adoption and various government initiatives to support a cashless economy are expected to drive the POS terminal market in the region. Furthermore, a rise in digital payment technologies in the region has opened many opportunities for POS in countries such as Japan, China, and India.
Some of the major players operating in the market include Acrelec, AURES Group, Elo Touch Solutions, HM Electronics Inc, Hewlett-Packard Development Company, NCR Corporation, Oracle Corporation, Presto, Qu Inc, and Quail Digital, among others.
Global POS Terminal Market Segmentation
Market Insight, by Component
• Software
• Hardware
Market Insight, by Product
Market Insight, by Deployment
• On-Premises
• Cloud
Market Insight, by Application
• Restaurants
• Hospitality• Healthcare• Retail• Others
Market Insight, by Region
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