Exploring the Booming POS Terminal Market: US$ 180.4 Billion with a CAGR of 9.4% by 2032

The POS terminal market generated $68.2 billion in revenue in 2021. The POS terminal market is anticipated to increase at a CAGR of 9.4% from 2022 to 2032, reaching around US$ 180.4 billion.

The market for electronic devices and systems used to handle transactions at retail establishments, such as supermarkets, eateries, and other companies, is known as the POS (point of sale) terminal market. A computer, a cash drawer, a printer, a card reader, and a display screen are frequently seen in POS terminals. They are employed to handle sales transactions, accept payments, and issue receipts to customers.

Due to rising demand for cutting-edge features like mobile compatibility and contactless payments, as well as the expanding uptake of e-commerce and m-commerce, the POS terminal market is anticipated to expand in the upcoming years. Increasing use of credit and debit cards, rising disposable income, and increased need for quick and secure services are some of the factors propelling the market's expansion.

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The POS terminal market generated 68.2 billion dollars in sales. The POS terminal market is anticipated to increase at a CAGR of 9.4% from 2022 to 2032, reaching around US$ 180.4 billion. Nearly 40% of revenues in the worldwide payments sector are attributed to POS systems. The market for POS terminals is expanding quickly as a result of factors including businesses increasingly using wireless payment systems and consumers having more access to a wider range of payment options, such as Visa (EMV) cards, EuroPay, and MasterCards.

Key Takeaways: POS Terminal Market

"Due to the COVID-19 outbreak, sectors like retail, healthcare, and other industries inclined towards adopting cashless payments. This further encouraged the POS terminal vendors to increase the production to meet the growing demand worldwide," says FMI analyst.

Adoption of Contactless Payments is Spurring the Growth of POS Terminal Market

Customers can make contactless payments by simply waving their cellphones across payment readers. Making a contactless payment is easier and more convenient in comparison to card payments. As, it is both faster and more secure than PIN technology since it instantaneously delivers encrypted data to the point-of-sale gadget.

Contactless payments are made possible by NFC and EMV technology, which uses radio frequency to allow a smartphone and wireless cards to connect with a payment reader when they

are in close proximity. Contactless payments offered by Apple, Samsung, and Google are extremely safe since they are protected against fraud by numerous layers of protection.

Amid the COVID-19 pandemic, users are increasingly opting for contactless payments as notes and cards can spread the virus at the time of shopping. This is further boosting the adoption of contactless payments, which in turn is driving market growth.

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Security Challenges Posed by POS Systems Hindering the POS Terminal Market Growth

Point-of-Sale (PoS) data breaches by cyber criminals majorly attack to steal customers’ personally identifiable information (PII) such as credit card information, birth dates, government ID numbers, home addresses, medical records, phone numbers, financial information, email addresses, logins, passwords, and other personal information.

Prevention of sensitive and confidential information leak of consumers possess a huge challenge for POS systems, restraining the growth of market.

Competitive Landscape

POS terminal market players are focusing on strategic partnership to reinforce their presence in the high-potential markets. They are also focusing on collaboration with payment tech providers. Also, it has been observed that the players are focusing on innovations and the launching of new products in the POS segment. Some of the key developments in the facilities management market are mentioned below:

POS Terminal Market by Category

By Component, POS Terminal Market Outlook is segmented as:

POS Terminal Devices

Services

By Type, POS Terminal Market Outlook is segmented as:

By Application, POS Terminal Market Outlook is segmented as:

By Region, POS Terminal Market is segmented as:

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