Point-of-Sale Terminal Market Growth & Trends
The global point-of-sale terminals market size is expected to reach USD 181.47 billion by 2030, registering a CAGR of 8.5% from 2022 to 2030, according to a new study by Grand View Research Inc. Growing demand for mobile POS terminals from several end-use industries, rising preference for affordable wireless technologies, and rise of modern drive-thru are expected to be some of the major factors driving the point-of-sale (POS) terminal market during the forecast period. Moreover, change in customer payment preferences and buying behavior also bode well with the market growth.
The POS system has become a vital and multifaceted tool for many businesses due to its several valuable features across different end-use industries such as retail, hospitality, restaurant, healthcare, and other industries. Companies in the hospitality and retail sectors use POS terminals for payments and additional operational applications, such as inventory management, sales tracking, and accounting, among others. For instance, bars, restaurants, and foodservice providers depend highly on POS technology to track products, sales, inventory, and operations. These factors are driving the POS terminal market across several end-use industries.
Mobile applications have created a new medium for revenue growth as it helps reduce the payment turnaround time, eliminate queues, increase security, free floor space, and provide paper-free receipting services. Due to the low deployment costs, the flexibility of having a tablet-based POS or smartphone POS has encouraged SMBs to invest in mobile POS (mPOS) terminals. As a result, the demand for mPOS and contactless payment terminals is expected to soar high in the coming years.
The pandemic negatively impacted the tourism sector worldwide. Along with discontinuity in tourist activities in 2020, sectors such as hospitality, restaurants, and entertainment, a huge market for POS vendors, also suffered considerable losses. In the first quarter of 2020, due to the shutting down of manufacturing facilities worldwide, several players in the market recorded a substantial revenue drop in the H1 and H2 of the same year. Nevertheless, the market regained its foothold across industries in late 2020 and early 2021. In the wake of the pandemic, the declining trend of cash payments provided avenues for contactless payments, thereby augmenting market growth.
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Point-of-Sale Terminal Market Report Highlights
Fixed POS dominated the market in 2021 and is expected to continue market lead. These are adopted mainly by broad-scale vendors due to high installation and procurement costs, which have contributed to the market growth.
On-premise deployment is estimated as the most significant deployment segment in 2020 and accounted for over 70.0% of the global revenue share. The segment is expected to grow steadily in the coming years as large enterprises are often conscious of data security. They choose on-premises deployed POS solutions to make sure on-premises critical data storage.
Latin America is anticipated to witness a significant CAGR during the forecast period. This growth is attributable to the rising base of micro-merchants and SMBs, along with the growing penetration of tablet devices.
Since the coronavirus outbreak, key players operating in the market have been focused on introducing products that can improve product quality. For instance,Hewlett- Packard Inc. launched the EliteOne 800 G8 All-in-One (AiO) for meaningful connections and engaging collaboration hybrid work environments. It is a virtual conference power station for the office and the home.
List of Key Players in the Point-of-Sale Terminal Market
Acrelec
AURES Group
Elo Touch Solutions
HM Electronics, Inc.
Hewlett-Packard Development Company, L.P.
NCR Corporation
Oracle Corporation
Presto
Qu Inc.
Quail Digital
Revel Systems
Toast, Inc.
Toshiba Corporation
TouchBistro Inc.
Xenial, Inc.
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