Point of Sale (POS) Terminals Market size is set to surpass USD 160 billion by 2028, according to a new research report by Global Market Insights Inc.
The increasing technological advancements and the growing adoption of POS solutions in several industrial sectors such as retail, healthcare, hospitality, and BFSI is propelling the Point of sale terminals market growth. Further, the growing focus of the regional governments to develop the cashless economy will drive the market expansion.
The COVID-19 pandemic negatively impacted the Point of sale terminals market in 2020. The raised safety concerns encouraged the individuals to avoid cash-based payments and direct human contact, and accelerated the familiarity and use of mobile wallets, and QR codes at retail stores, hotels, theaters, and restaurants. According to the National Payments Corporation of India (NPCI), in October 2021, the value of transactions through the UPI payments crossed USD 100 billion in India, indicating a rise in the use of the digital transactions. However, the shift toward online payment will also support the industry as individuals are focusing on cashless payment options for a seamless transaction process.
Robust functionality offered by the fixed POS terminals to several stores will fuel the market demand
The fixed Point of sale terminals market will witness steady growth during the forecast timeframe attributed to the all-in-one management solutions provided by the devices. The terminals offer inventory management, employee time clocks, capability to manage gift cards & loyalty programs, and cash drawer integration. They enable the brick-and-mortar store to process credit/debit cards, NFC, and cash payments seamlessly. The fixed POS devices allow the retail & restaurant owners to upgrade the existing practices with a hybrid system, maintaining the familiarity with traditional methods. In addition, the implementation of EMV-compliant POS terminal regulations encouraging the merchants to replace their current non-complainant terminals will support the industry growth.
The advancements in hardware components used in POS terminals to foster the market value
The components of the POS terminals include touch-screen monitors, credit card readers, receipt printers, barcode scanners, digital menu boards, and handheld ordering devices. The OEMs are gaining a competitive edge in the market through high investments in R&D activities to introduce advanced product range. For instance, in June 2020, Avalue Technology Inc. launched RiVar, a dual-display POS touchscreen terminal. It features a 15.6-inch full HD touchscreen flat panel PC equipped with Intel Celeron Apollo Lake platform and supports Android, Linux Ubuntu & Windows 10 operating systems. The solution allows the installation of card or fingerprint readers on the side of the screen. The improvement in technology enhancing the user experience will boost the Point of sale terminals market progression.
Browse key industry insights spread across 350 pages with 689 market data tables and 28 figures & charts from the report, “Point of sale terminals market Size By Product (Mobile, Fixed), By Component (Hardware, Software, Service), By Technology (Biometric, Traditional), By Operating System (Windows, Linux, MAC), By Application (Restaurants, Hospitality, Healthcare, Retail, Warehouse/Distribution, Entertainment), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2022 – 2028” in detail along with the table of contents:
The affordability of traditional POS terminals will spur the industry expansion
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A traditional POS terminal is primarily a PC with a built-in hard drive for data storage. Several small & medium size businesses with limited capital leverage these solutions. The system can be partially operated without constant internet connection as the data is stored in the PC, suitable for remote locations lacking advanced broadband and telecom infrastructure. It allows sales data to be exported into Microsoft Excel for accounting purposes. The POS terminal system enables integration with printers and cash drawers, offering the merchants a holistic solution.
The expanding e-commerce sector leading to a rise in the number of warehouses to support the rise of POS terminals.
The utilization of online shopping platforms, such as Amazon and eBay, has rapidly increased in the past few years. The services offered by the e-commerce brands including home delivery, multiple payment options, and product comparison have encouraged more individuals to use these platforms. The acceptance was further propelled due to the stay-at home regulations imposed by the government owing to the pandemic. The market participants, such as Alibaba and Flipkart, are expanding their warehousing network to cater to a large set of customers simultaneously. The surge in the number of warehouses or distribution centers will augment the industry demand for tracking inventory lots, in-store sales, and online orders.
The increase in NFC and contactless payments in APAC will offer strong growth opportunities
Asia Pacific Point of sale terminals market is expected to showcase around 17% growth rate through 2028 on account of the growing demand for cashless payment methods. According to the Reserve Bank of India (RBI) Digital Payments Index, a growth of around 30.1% in digital payments was witnessed in India in March 2021. It demonstrates the rapid deepening and adoption of digital payments across the country. To further stimulate the utilization of cashless payment, the entities are also focusing on introducing offline payment methods in the country.
Key strategic partnerships and focus on product innovation are crucial strategies amongst the market players
The prominent companies operating in the Point of sale terminals market include AURES Group, Touch Dynamic Inc., Bematech SA, Diebold Nixdorf, Castles Technology, Co. Ltd., NCR Corporation, NEC Corporation, New POS Technology Limited, Samsung Electronics, Co., Ltd., PAR Technology Corporation, PAX Technology, Panasonic Corporation, Posiflex Technology, Toshiba Corporation, and Fujian Newland Payment Technology Co., Ltd. These industry leaders emphasize on securing orders through strategic partnerships and consistent R&D efforts to develop cutting-edge solutions.
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