Global POS Terminals Market is segmented By Type (Fixed, Mobile), By End-User (Retail, Hospitality, Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2022-2029
The Global "POS Terminals Market" is expected to grow at a CAGR of 5.8% during the forecasting period (2022-2029).
- Point of Sale POS terminals is a collection of systems used to process quick and easy payment options for customers at retail and hospitality locations among others.
- A customer’s debit or credit card is scanned with the help of the terminal, with the equipment transferring financial funds from the customer’s account to the seller’s after verification.
Market Drivers and Restraints
- POS Terminals Market, The growth of e-commerce and retail sales in emerging countries and the resulting POS transactions would positively influence the market scenario.
- The rise in the adoption of POS terminals and an increase in cashless transactions will also positively boost the market. The growing trend of purchasing consumer goods through card payments would also propel the market growth during the forecast period, owing to the high product adoption in all significant retail and commercial outlets.
- The companies are thus focused on providing payment services in such outlets. For instance, in February 2019, Wirecard AG has integrated Alipay as a payment method in the department stores operated by Stockmann, which offers fashion, beauty, home, and food products as part of its product portfolio in its eight department stores and online sites in Finland and the Baltics.
- The uncertainty surrounding the safety and security of transactions through card payments and instances of fraudulent practices on POS terminals might hamper the market growth prospects, owing to the consumer distrust in the payment method and slow adoption in commercial purchases.
Market Segment Analysis
- Based on product type, the global pos terminals market is broadly segmented as Fixed POS Terminals and Mobile POS Terminals.
- The fixed POS terminal segment is leading by overall market share owing to the higher adoption rate and growing demand in emerging economies.
- However, the mobile POS terminals are gaining market traction owing to the convenience of payments and connected services through POS terminals and payment banks. The companies recognize the trend and are focused on the launch of associated services.
- POS Terminals Market, For instance, in February 2019, Wirecard AG implemented a unique and innovative mobile application, Well.com app in Romania, which allows biometric authentication payment by fingerprint.
- POS Terminals Market, The market is further segmented by end-user into retail, hospitality, and others. The retail sector is the leading segment owing to intense competition among companies involved and the adoption of advanced technologies to maintain a competitive edge over others.
- POS Terminals Market, The additional advantages of faster checkout and less congestion leading to better management are the primary factors that would propel the segment growth during the forecast period.
- The Global POS Terminals market is segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa.
- Asia-Pacific is the leading geographical segment on a global basis owing to a recent surge in POS terminal adoption and widespread awareness regarding the benefits of card transactions. China and India are the countries driving the regional growth, with India being the primary regional driver behind the robust growth of the market.
- According to a report published by the Indian Ministry of Electronics and Information Technology, the total card payments accounted for almost 50% of the total volume of payments.
- POS Terminals Market, The companies are thus interested in the expansion of business activities in Asia-Pacific to strengthen its market position. For instance, on January 9, 2019, Mastercard and Mosambee launched ‘SamosaPoS’ in India, an Android-based multi-utility point of sale (PoS) machine, aiming to unlock huge potential for digital payments amongst small merchants in suburban and rural regions.
- The overall competitive scenario of the market is intense, with a large number of players striving to achieve market dominance in the highly fragmented POS terminals market through the launch of innovative end-products in emerging economies.
- The high rate of new market entrants and the introduction of advanced digital solutions to be integrated into POS terminals are the primary factors that could effectively increase the market competitiveness during the forecast period.
- The significant companies involved in the market include Oracle Corporation, Hewlett Packard Enterprise Company, Dell Inc., Samsung Electronics Inc., and Toshiba Corporation.
- The companies thus follow the market strategy of strategic partnerships and collaborations to expand the market reach in key geographical regions. For instance, on January 04, 2019, POSDATA Group, Inc. announced a strategic distribution agreement with Poynt, Inc., to distribute the Poynt all-in-one commerce platform to merchants across North America, including the Poynt Smart Terminal and Poynt 5 with the help of its reseller network.
- The mobile POS terminal market segment is gaining significant market traction owing to the rise in the adoption of end-product devices and the growth of card payment transactions in emerging economies.
- Asia-Pacific is the leading geographical segment by overall market share, with India and China driving the regional market growth.
- The companies are expanding business and related services in the region to increase company revenue and capture significant market share. For instance, on January 14, 2019, Innoviti Payment Solutions Ltd. announced the market launch of ‘Innoviti-POS’ – targeted at enabling rapid scale-up of digital payment acceptance through POS amongst smaller retailers in Tier-2 and Tier-3 towns across India.
- The companies follow the business strategy of new product launches to maintain market competitiveness among companies involved in the POS Terminals Market. For instance, on December 11, 2018, Net Element, Inc. announced the launch of Netevia Light POS, a seamless and secure mobile payments acceptance software on smart terminals by PAX Technology.
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