Point-of-sale terminals are predicted to increase at a compound annual growth rate (CAGR) of 8.6% during the forecast period, with a market value of USD 96.89 billion in 2022. The POS terminal industry has grown significantly in recent years, owing to its potential for increased returns on investment (ROI) and ease of usage. POS terminal systems are essential for organizations in a variety of industries, including retail, hospitality, transportation, and banking, since they ease transactions. As a result, these systems have acquired popularity among both small and large businesses throughout time.
The point-of-sale (POS) terminal systems have evolved from transactional tools to integrated systems that interface with the business’s CRM and finance systems. End customers may now use business intelligence (BI) solutions to better manage their inventories and revenue streams thanks to this advancement.
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Key Players
- Acrelec
- AURES Group
- HM Electronics
- Hewlett Packard Development LP
- NCR Corp.
- Oracle
- Presto Group
- Qu, Inc.
- Quail Digital
- Revel Systems
- Toast, Inc.
- Toshiba Corp.
- TouchBistro
- Xenial, Inc.
Regional Scope
- North America
- Europe
- APAC
- South America
- Middle East
- Africa
Growth Factor
The market’s growth in the upcoming years will be fueled by the accessibility of point-of-sale terminals via smartphone use. The need for contactless and cashless payments has increased significantly since the epidemic, and this need is anticipated to fuel industry expansion in the years to come. Because of the attractive return on investment that these systems have provided, the market is anticipated to expand throughout the projected period. It is anticipated that as the DM ploy eases and people realize the advantages of using this product, its acceptance will increase. It offers a platform for understanding both in-store and online sales, and it aids with inventory monitoring. The market will rise throughout the forecast period due to the availability of inexpensive wireless communication options.
Payments are made via various wireless devices for items and services used by customers. This technology is increasingly being used in restaurants, hospitals, and even for cab rentals. It is incredibly beneficial in both accounting and inventory management. It aids in the tracking of sales, whether online or offline. This technique is becoming more popular due to the product’s efficiency and dependability. Large service providers use this product exclusively. The need for this product is rising as a result of significant developments in technology use. Originally mostly transaction-based, it is now providing financial solutions to businesses thanks to CRM integration.
Market Dynamics
The ability to simplify sales in various contexts is one of the main benefits of mobile point-of-sale, or mPoS, systems for retailers. In a retail setting, vendors offer products to consumers in different sections of the shop. The mPoS system may be used by several companies that frequently offer goods or services outside of their store, including as a farmers’ market, food truck, or their clients’ homes, to safely take different kinds of card payments.
Merchants may provide their customers a more personalized experience thanks to mPoS’s user-friendly interface. Cross-sections are more likely to be marketed and sold as sales managers will approach customers in aisles rather than in checkout lines. As an illustration, consider a salesperson helping a consumer try on additional items that go well with their purchase while they are in the aisles. This enhances the client experience tremendously, contributes to the development of a more comprehensive picture of the market, and boosts sales prospects.
Regional Analysis
The POS terminal market in North America is mature and highly competitive, with a high level of company adoption. Consumer desire for convenience and speed is driving the rise in popularity of contactless payment and mobile point-of-sale systems. Europe is a significant POS terminal market, with small and medium-sized enterprises adopting them at a rapid pace. The industry is distinguished by a combination of classic and innovative payment methods, with contactless payments gaining traction in recent years.
The market for POS terminals is expanding quickly in the Asia-Pacific area due to economic growth and a move toward electronic payments. Due to the extensive usage of smartphones, mobile payments are especially common in nations like China and India. Due to the rise of electronic payments and efforts to promote financial inclusion, the POS terminal industry in Latin America is expanding quickly. Particularly in nations like Brazil and Mexico, mobile payments are becoming more and more common. The growth of the retail and hotel industries is driving the POS terminal industry in the Middle East and Africa. Particularly in nations like South Africa and the United Arab Emirates with high cell penetration rates, mobile payments are becoming more and more common.
Generally, depending on variables like cultural preferences, technological infrastructure, and economic growth, POS terminal acceptance and use vary by area. Nonetheless, due to customer demands for speed and convenience, there is a general trend towards the adoption of electronic and mobile payment systems.
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