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POS Terminals Market size surpassed USD 70 billion in 2022 and will grow at over 9% CAGR from 2023 to 2032 driven by advancements in payment technologies and a positive inclination toward EMVs.
The industry growth is fueled by increasing awareness regarding POS terminals among several industries. The expanding hospitality sector in APAC nations, including China, Singapore, Australia, Japan, and Singapore, is benefitting the market scenario. In addition, changing consumer preferences and increasing levels of disposable income are propelling the hotel industry.
Report Attribute | Details |
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Base Year: | 2022 |
POS Terminals Market Size in 2022: | USD 70 Billion |
Forecast Period: | 2023 to 2032 |
Forecast Period 2023 to 2032 CAGR: | 10% |
2032 Value Projection: | USD 190 Billion |
Historical Data for: | 2018 to 2022 |
No. of Pages: | 350 |
Tables, Charts & Figures: | 728 |
Segments covered: | Product, Component, OS, Technology, Application, and Region |
Growth Drivers: |
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Pitfalls & Challenges: |
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Despite a positive outlook for product adoption, the POS terminals market faces a major hurdle due to a lack of stable PCI & P2PE accreditation in several POS solutions, leading to low reliability of the terminal and heightened susceptibility to fraud & crimes. Moreover, limited awareness associated with solution needs, benefits, and requirements of PCI DSS is keeping merchants from becoming PCI-compliant thereby leading to a loss of customer trust and reputation. Nonetheless, government efforts to transition into a cashless economy are likely to overcome this hurdle.
The mPOS Terminals market is expected to grow at a CAGR of around 14% during the forecast timeperiod. Mobile POS terminals are gaining popularity due to the ease of use and portability. These technologies allow for faster transaction times, higher sales, and increased client satisfaction. Faster transactions facilitated by mobile POS systems help to streamline operations. Improvements in product design, including RFID, screen size, battery performance, and operating system, have increased their adoption among end-use industries.
In terms of component, POS terminals market from the service segment is foreseen to witness growth at over 10% CAGR through the forecast timeline. The rising demand for SaaS and cloud-based solutions is anticipated to stimulate business growth and create new opportunities for vendors. As POS systems include the assimilation of hardware & software components, high-quality services ensure the smooth deployment and functioning of these systems. The equipment and software require continuous updates and management to ensure work efficiency.
By 2032, the Windows-based POS terminals market is projected to be worth more than USD 150 billion owing to the popularity of Windows among small businesses across different industry verticals due to budgetary constraints or limited requirements. Moreover, the need for OSS as a result of high security is fueling segment growth. As of 2023, Windows accounted for more than 55% of the desktop OS market revenue and has a strong prevalence in developing nations due to its affordability.
On the basis of application, the POS terminals market from retail segment is estimated to grow at more than 8% CAGR from 2023 to 2032. Retailers emphasize streamlining operations during high-traffic times, bolstering product penetration in the retail sector. Retail outlets employ electronic shelf labels with POS systems to improve customer experience and reduce waiting time. For instance, Diebold Nixdorf offers an electronic price label system that simultaneously updates prices on shelves and POS terminals.
North America POS terminals market is slated to garner over USD 40 billion in revenue by 2032, attributed to the significant growth of retail outlets, casinos, and restaurants, as well as the booming tourism sector, especially in the U.S. and Canada. Furthermore, the rapid adoption of advanced payment systems, along with booming urbanization and industrialization, is set to support regional market statistics through the assessment period.
are some participants in the POS terminals industry. These firms are primarily focusing on the expansion of product offerings by providing value-added services.
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The above information has been provided for the following regions and countries: