- Software segment is one of the fastest growing components of POS terminal market.
- The market is growing at a CAGR of 10.2% between 2019 and 2027.
- Global POS terminal market is projected to reach at $133.77 billion in 2027.
POS Terminal, POS stands for Point of Sales. The POS terminal is an electronic gadget or device that is used to process card payment. This device is extensively used in retail shops, shopping malls, restaurants, hotels, etc. This gadget is used to complete the payment transaction and to prepare the invoice for the customer. The POS is generally acted as a transactional interface between the merchant and customer when a product or a service is purchased. The POS system is a hardware used in a storefront business which also uses a computer and software to handle the everyday sales and credit card transactions and operations.
POS terminal mainly reads the credit or debit card information of a customer and it also check whether the funds in a customer’s bank account is sufficient. Moreover, it transfers the funds from the customer account to the seller’s account. It records the transaction and print the receipt. It is one of the fastest and time saving which helps to transfer money easily. Thus, it is likely to have a great potential market over the forthcoming years.
The global POS terminal market is primarily driven by the growing penetration of digitization and increase in the cash free transactions across the globe. Moreover, rapid growth in the adoption and development of POS software on platforms such as Windows, Linux, UNIX, etc is expected to boom the demand for POS terminal market in the near future. However, stringent regulations along with the need of Government certifications act as a major restraint of the market. Nonetheless, emerging digitization in developing countries such as India, China, Brazil, etc. is likely to set new avenues for POS terminal market over the future years.
The global POS terminal market is classified into type, deployment, component, application and regions. Based on type, the global POS terminal is segregated into mobile POS terminal and fixed POS terminal. On-premise and cloud are the major deployment types of the global POS terminal market. In terms of component, software, hardware and services are major segment of the market. Retail, restaurants, hospitals and others are major applications of the global POS terminal market.
In terms of the region, the North America led the global POS terminal market in 2018. U.S. is a major contributor of the market in the region. Moreover, it is predicted to continue its dominance over the forthcoming years. Booming retail and entertainment industries in the region is a major factor that is likely to influence the market growth in the region during the upcoming years. Europe was the second largest market of POS terminal in 2018. Germany, UK, France and Italy contribute to more than half of the total shares of the market in the region. Growing retail industry is expected to witness the significant growth of the market in the region.
Asia Pacific is considered as a fastest growing market for POS terminal over the forecast period. China and India are the major countries in the region that account more than 40% share of the market in the region. Increase in go-cashless movement in country like India coupled with surging digitization is predicted to the lucrative growth in demand for POS terminal over the upcoming years
Toshiba Corporation, Hewlett-Packard Company, VeriFone Systems Inc., Panasonic Corporation, PAX Technology Limited, Cisco Systems Inc., MICROS Systems Inc., NEC Corporation. Samsung Electronics Co., Ltd., Ingenico S.A. and others are the some major players of the global POS terminal market.