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POS terminals market set to grow by $54.9B from 2024-2028

Wednesday, July 03, 2024 — 11:50:49 (EDT)

NEW YORK, July 3, 2024 /PRNewswire/ -- The global POS terminals market size is estimated to grow by USD 54.9 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of about 8.98% during the forecast period. Growth in end-user demand for pos terminals is driving market growth, with a trend towards continuous development of new products. However, high operational and maintenance costs of pos terminals poses a challenge. Key market players include BBPOS International Ltd., Bitel Corp., Castles Technology Co. Ltd., Cegid SA, CitiXsys Holdings Inc., Diebold Nixdorf Inc., Elavon Inc., Fiserv Inc., Ingenico Group SA, NCR Corp., Newland Europe BV, Oracle Corp., PAX Global Technology Ltd., PayPal Holdings Inc., Revel Systems Inc., Squirrel Systems U.S. Inc., TouchBistro Inc., VeriFone Inc., and WInpos Group AB.

Technavio has announced its latest market research report titled Global POS terminals market 2024-2028

Get a detailed analysis on regions, market segments, customer landscape, and companies- View the snapshot of this report

POS Terminals Market Scope

Report Coverage Details Base year 2023 Historic period 2018 - 2022 Forecast period 2024-2028 Growth momentum & CAGR Accelerate at a CAGR of 8.98% Market growth 2024-2028 USD 54.9 billion Market structure Fragmented YoY growth 2022-2023 (%) 8.02 Regional analysis APAC, North America, Europe, South America, and Middle East and Africa Performing market contribution APAC at 46% Key countries China, US, Germany, UK, and Japan Key companies profiled BBPOS International Ltd., Bitel Corp., Castles Technology Co. Ltd., Cegid SA, CitiXsys Holdings Inc., Diebold Nixdorf Inc., Elavon Inc., Fiserv Inc., Ingenico Group SA, NCR Corp., Newland Europe BV, Oracle Corp., PAX Global Technology Ltd., PayPal Holdings Inc., Revel Systems Inc., Squirrel Systems U.S. Inc., TouchBistro Inc., VeriFone Inc., and WInpos Group AB

Market Driver

The global POS terminals market is experiencing growth due to the development of secure and compliant terminals. PCI-DSS and EMV regulations are driving the adoption of advanced encryption, tokenization, and authentication mechanisms. Merchants benefit from greater customization and scalability options, including modular POS systems. Mobile POS (mPOS) solutions and cloud-based platforms offer flexibility, affordability, and scalability, particularly for small and medium-sized businesses. Continuous technology advancements expand market opportunities across various industries and geographies.

The Pos Terminals Market has seen significant growth in recent times with the increasing trend of contactless payments. The use of digital wallets and mobile point-of-sale (mPOS) systems has become commonplace in various industries. The implementation of contactless technology has been a game-changer, allowing for faster transactions and improved customer experience. The demand for secure and convenient payment solutions has led to the development of new features such as tokenization and encryption. Furthermore, the integration of loyalty programs and real-time analytics has added value to the market. The future looks bright for the Pos Terminals Market with the continued adoption of digital payments and advancements in technology.

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Market Challenges

The global POS terminals market growth is being hindered by the high operational and maintenance costs. These costs consist of setup fees, individual transaction charges, monthly subscriptions, and cancellation penalties. Server-based POS terminals are more expensive due to their high setup costs, licensing fees, and monthly maintenance fees. The failure of POS terminals can lead to significant downtime and revenue loss for businesses. Retailers experience one-quarter of all technology device issues from POS terminals, resulting in wasted time and resources for repairs. These factors limit the profitability of end-users in the market.

The Pos Terminals Market faces several challenges in the current business landscape. One major challenge is the increasing competition from e-commerce platforms and mobile wallets. Consumers prefer convenience and speed, leading to a shift towards digital payments. Another challenge is the need for secure and reliable payment systems to ensure customer trust. Additionally, compliance with regulatory requirements, such as KYC and anti-money laundering regulations, adds complexity to the market. Furthermore, the cost of hardware and maintenance for point-of-sale (POS) terminals is a significant challenge for small businesses. Lastly, the need for real-time processing and integration with various payment networks is essential to remain competitive. Overall, the Pos Terminals Market requires continuous innovation and adaptation to meet the evolving needs of consumers and businesses.

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Segment Overview

This pos terminals market report extensively covers market segmentation by

End-user 1.1 Entertainment 1.2 Hospitality 1.3 Healthcare 1.4 Retail 1.5 Others

Component 2.1 Hardware 2.2 Software 2.3 Services

Geography 3.1 APAC 3.2 North America 3.3 Europe 3.4 South America 3.5 Middle East and Africa

1.1 Entertainment- The Pos Terminals Market refers to the sale and usage of point-of-sale (Pos) systems in businesses. These systems facilitate transactions between merchants and customers, streamlining the payment process. The market continues to grow as more businesses adopt digital payment methods, enhancing customer convenience and efficiency. Additionally, the integration of mobile Pos systems and contactless payment options further expands the market's reach. Overall, the Pos Terminals Market is an essential component in modern business transactions.

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Research Analysis

The Pos Terminals Market encompasses a wide range of solutions, including Fixed and Mobile POS Terminals, catering to various Consumption Areas such as Electronic Appliance stores, Wireless Devices retailers, Rental Cabs, and Remittance centers. Brands and fresh market entrants leverage these technologies to facilitate Accounting, Sales Tracking, and Inventory Management in their businesses. Online Transactions and Inventory Tracking are key functions supported by Payment Technologies integrated into Mobile-based POS Terminals. Contactless payment solutions have gained significant traction in the market, offering convenience and safety to customers. Growth strategies for Pos Terminal providers focus on enhancing functionality, expanding partnerships, and improving user experience.

Market Research Overview

The Pos Terminals Market refers to the industry that provides point-of-sale (POS) systems and technologies for businesses to process customer transactions. These systems enable merchants to accept various payment methods, including credit and debit cards, mobile wallets, and digital currencies. The market is driven by the increasing adoption of digital payments and the need for businesses to offer seamless and efficient transaction processing. Additionally, advancements in technology, such as contactless payments and artificial intelligence, are fueling innovation in the POS terminal market. The market caters to various sectors, including retail, hospitality, healthcare, and finance, among others. The use of POS terminals is essential for businesses to manage their sales, inventory, and customer data effectively.

Table of Contents:

1 Executive Summary 2 Market Landscape 3 Market Sizing 4 Historic Market Size 5 Five Forces Analysis 6 Market Segmentation

End-user Entertainment Hospitality Healthcare Retail Others Component Hardware Software Services Geography APAC North America Europe South America Middle East And Africa

7 Customer Landscape 8 Geographic Landscape 9 Drivers, Challenges, and Trends 10 Company Landscape 11 Company Analysis 12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research

Jesse Maida

Media & Marketing Executive US: +1 844 364 1100 UK: +44 203 893 3200 Email: media@technavio.com Website: www.technavio.com/

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Source: Company press release.