POS Terminals Market Set to Cross USD 196.5 Billion at 8.27% CAGR by 2031, Fueled by Surge in Cashless Transactions

POS Terminals Market Size, Share, Growth Drivers and Regional Analysis, Global Forecast 2024 - 2031

AUSTIN, TEXAS, UNITED STATES, May 23, 2024 /EINPresswire.com/ -- POS Terminals Market Size

An SNS Insider report projects the POS Terminals Market was USD 104.01 Billion in 2023 and is anticipated to reach USD 196.5 Billion by 2031 and grow at a CAGR of 8.27% over the forecast period from 2024 to 2031. This exponential growth is a testament to the increasing ubiquity of POS terminals in everyday transactions.

The utilization of wireless technology is streamlining operations across various sectors, from rental cabs to restaurants.

- Businesses in the retail and hospitality sectors rely on POS terminals for transactions, accounting, sales tracking, and inventory management. Restaurants, bars, and food service providers, in particular, leverage POS technology for inventory management, sales tracking, and operational efficiency.
- The rise of the modern drive-thru is a significant factor propelling the POS terminals market. Many companies are integrating POS systems to streamline drive-thru, kitchen, and back-office operations, ensuring efficient order and delivery processes. Leading fast-casual chains like Chipotle, Starbucks, and Panera are incorporating drive-thru components into their locations, further fueling demand for POS terminals.
- The growing prominence of mobile POS terminals, offering enhanced ROI and facilitating customer and employee management, inventory tracking, and in-store and online sales unification, is another key growth driver. The increasing adoption of contactless and NFC devices across various industries is also bolstering demand.

Download Free Sample Report with Full TOC & Graphs @ https://www.snsinsider.com/sample-request/1308

KEY PLAYERS:
- VeriFone Systems
- Micros Systems
- Ingenico S.A.
- Pax technology Limited
- Cisco Systems
- Squirrel Systems
- Toshiba Corporation
- POS Direct Ltd
- Panasonic Corporation
- NEC Corporation
- NCR CorporationHewlett-Packard Corporation
- Samsung Electronics.
- Ingenico
- First Data
- PAX Global Technology
- NCR Diebold Nixdorf
- BBPOS
- Elavon
- Castles Technology

Recent Developments

• In January 2024, Acumera, Inc. showcased its Acumera Reliant Platform at the National Retail Federation's (NRF) 2024 Annual Convention and Expo, designed to provide retailers with continuous access to vital applications.
• In September 2023, POSaBIT Systems Corporation launched POSaBIT POS 2.0, a scalable, agile, and user-friendly solution for the ever-changing market.
• In June 2023, payabl. introduced a new POS solution enabling businesses to handle online and offline payments through a single terminal.
• In June 2022, Qashier provided the official POS for the GastroBeats 2022 festival, marking its entry into event payment solutions.
• In May 2022, Lavu partnered with Verifone to offer restaurants unified payments and POS solutions.

KEY MARKET SEGMENTS:

BY TYPE
• Fixed
• Mobile
• Portable Countertop & PIN Pad
• mPOS
• Smart POS
• Others

The fixed POS terminals segment dominated the market in 2023, primarily due to its adoption by large-scale vendors and its comprehensive features, including bill printing, CRM, inventory management, and payment device support.

BY COMPONENTS
• Hardware
• POS Software & Services

The hardware segment led the market in 2023, driven by the essential role of hardware components like EFT-POS machines, barcode scanners, cash drawers, receipt printers, and monitors in POS systems.

BY APPLICATION
• Retail
• Hospitality
• Healthcare
• Transportation
• Sports & Entertainment
• Others

The retail segment accounted for the largest revenue share, as retailers increasingly adopt POS systems to streamline transactions, manage inventory, and enhance customer experience through personalized interactions.

Make an Enquiry Before Buying @ https://www.snsinsider.com/enquiry/1308

Impact of the Russia-Ukraine War

The ongoing conflict between Russia and Ukraine has disrupted supply chains, causing delays and increased costs in the production and distribution of POS terminals. The war has also led to economic instability in the region, impacting consumer spending and business investments. This has resulted in a slowdown in the adoption of POS terminals in the affected areas.

Regional Analysis

- The Asia Pacific region is experiencing significant growth in the POS terminals market due to rapid technology adoption and the increasing prevalence of cashless payments. Investments by vendors in innovation, partnerships, and mergers and acquisitions are further propelling market growth. India, for instance, has seen a steady rise in POS terminals in various sectors.
- North America is projected to witness the highest CAGR from 2024 to 2031, driven by the demand for contactless payments and NFC technology. The presence of numerous large retail outlets further fuels the need for POS terminals in the region.
- Europe is also experiencing substantial growth, fueled by the increasing demand for -cashless and contactless transactions, coupled with a growing trend towards digitalization and e-payment platforms.

Key Takeaways for the POS Terminals Market Study

• The POS terminals market is projected to grow at a significant CAGR, driven by the increasing demand for seamless and secure payment solutions.
• The adoption of wireless technology, advancements in payment technologies, and the rising popularity of mobile POS solutions are key growth drivers.
• The retail sector is the largest application segment, with retailers leveraging POS systems to enhance customer experience and operational efficiency.
• The Asia Pacific region is poised for significant growth, driven by technological advancements and a growing preference for cashless payments.
• The ongoing Russia-Ukraine war and the global economic slowdown pose challenges to market growth, but the increasing adoption of POS terminals in essential sectors is expected to partially offset these challenges.

Table of Content – Analysis of Key Points

Chapter 1. Executive Summary
Chapter 2. Global Market Definition and Scope
Chapter 3. Global Market Dynamics
Chapter 4. POS Terminals Market Impact Analysis
Chapter 4.1 COVID-19 Impact Analysis
Chapter 4.2 Impact of Ukraine- Russia war
Chapter 4.3 Impact of ongoing Recession
Chapter 5. Value Chain Analysis
Chapter 6. Porter’s 5 forces model
Chapter 7. PEST Analysis
Chapter 8. POS Terminals Global Market, by Type
Chapter 9. POS Terminals Global Market, by Component
Chapter 10. POS Terminals Global Market, by Application
Chapter 11. Regional Outlook
Chapter 12. Competitive Intelligence
Chapter 13. Key Companies Analysis
Chapter 14. Research Process

Continued…

Buy Single User License @ https://www.snsinsider.com/checkout/1308

Contact us:
Akash Anand
Head of Business Development & Strategy
info@snsinsider.com
Phone: +1-415-230-0044 (US) | +91-7798602273 (IND)

Read Related Reports:

Refurbished Smartphone Market

Contract Manufacturing and Design Services Market

Smart Tracker Market

Akash Anand
SNS Insider Pvt. Ltd
+1 415-230-0044
info@snsinsider.com
Visit us on social media:
Facebook
Twitter
LinkedIn
Instagram
YouTube