SAN FRANCISCO, May 19, 2021 /PRNewswire/ — The global point-of-sale terminals market size is expected to reach USD 130.91 billion by 2028, according to a new report by Grand View Research, Inc., expanding at a CAGR of 6.9% over the forecast period. Many industries, such as manufacturing, automobile, entertainment, restaurant, and hospitality, have lost their business due to strict social distancing rules and complete lockdown imposed in most of the countries to control the spread of the novel coronavirus. The slumped businesses affected the product demand across the industries.
Key suggestions from the report:
- The mPOS segment is anticipated to grow at the highest CAGR over the forecast period. The increasing demand for contactless, wireless, and portable POS systems across retail and restaurant sectors is boosting the segment growth
- The healthcare segment will witness the highest growth from 2021 to 2028. The increasing need to streamline the payment process, manage entry of new patients, process COVID-19 patient information, and schedule vaccination across the healthcare sector during the pandemic is estimated to drive the product demand
- The increasing demand for POS terminals with a comprehensive solution, such as business management solution, in addition to payment transaction function, is anticipated to boost the market growth
- The market in Asia Pacific is expected to grow at the highest CAGR from 2021 to 2028. The rising product demand from the retail sectors of countries like China, India, and Japan is augmenting the market growth
- Moreover, fine dining and other forms of restaurants in the foodservice sector is booming in major cities of Asian countries, thereby bolstering the product demand
- The major key players dominate the market with their presence and services across the world
Read 189 page research report with ToC on «Point-Of-Sale Terminals Market Size, Share & Trends Analysis Report By Product (Fixed, Mobile), By Component (Hardware, Software), By Deployment (Cloud, On-premise), By Application (Healthcare, Retail), And Segment Forecasts, 2021 – 2028» at: https://www.grandviewresearch.com/industry-analysis/point-of-sale-pos-terminals-market
For instance, Europe and the Middle East regions are tourist hotspots that have suffered losses due to international travel restrictions. However, the retail and healthcare sectors are expected to exhibit product demand for point-of-sale (POS) terminals for contactless payment. The market is expected to regain its foothold across industries by 2021; also, Mobile Point-of-Sale (mPOS) and contactless payment terminals are in high demand currently as they contribute to the effort of containing the spread of coronavirus.
The market is anticipated to grow substantially over the forecast period owing to rising product demand in various applications, such as Customer Relationship Management (CRM), reporting, payment processing, among others. The decline in the trend of carrying cash for shopping and the need for understanding customer purchase patterns has further boosted product adoption.
Large businesses using the POS system offer a discount for payment through debit/credit card on purchase. This helps attract more customers and boost sales. Hence, small- and medium-scale businesses are also deploying these systems due to the aforementioned benefits. Industries, such as retail, hospitality, and restaurants, are the highest adopter of POS systems for everyday transactions at their facility.
Grand View Research has segmented the global point-of-sale terminals market on the basis of product, component, deployment, application, and region:
- POS Terminals Product Outlook (Revenue, USD Million, 2016 – 2028)
- POS Terminals Component Outlook (Revenue, USD Million, 2016 – 2028)
- POS Terminals Deployment Outlook (Revenue, USD Million, 2016 – 2028)
- POS Terminals Application Outlook (Revenue, USD Million, 2016 – 2028)
- POS Terminals Regional Outlook (Revenue, USD Million, 2016 – 2028)
- North America
- Asia Pacific
- Latin America
List of Key Players of Point-Of-Sale (POS) Terminals Market
- Ingenico Group (acquired by Worldline)
- NCR Corp.
- VeriFone Systems, Inc.
- PAX Technology, Inc.
- Fujian Newland Payment Technology Co. Ltd.
- Revel System, Inc.
- Oracle Corp.
Find more research reports on Electronic Devices Industry, by Grand View Research:
- Retail Point-of-Sale Terminals Market– The global retail point-of-sale terminals market size was valued at USD 13.31 billion in 2015. Changing customer preference towards high volumes of non-cash transactions along with intense demand for additional payment options is expected to augment the demand for these systems.
- Point Of Sale Software Market– The global point of sale software market size was valued at USD 8.2 billion in 2019 and is projected to expand at a CAGR of 10.1% over the forecast period.
- Mobile POS Terminals Market– The mobile POS terminals market has gained traction over the past few years owing to increased deployments in large retail chains across a wide number of store formats and regional markets.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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