The POS terminal market is expected to reach around USD 120 million by the end of 2024 registering a CAGR of 19.8% between 2017 and 2024. The major drivers responsible for the growth of the market are the rising adoption of the hardware such as smartphones and tablets coupled with the rise in e-commerce transactions and the adoption of the secured technology.
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“Point of Sale Terminal Market: Global Demand Analysis & Opportunity Outlook 2024”
The global point of sale terminal market is segmented into component such as hardware and software. Among these segments, hardware point of sale terminal segment is expected to occupy the top position in global point of sale terminal market.
The growing need to maintain competition, to penetrate unfamiliar markets, meeting the increasing demand from customers, and responding to changing customer needs have compelled vendors to focus on having an online sales sector for their business. Few vendors are also focusing on completely replacing their physical stores with digital sales channels.
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This preference for e-commerce has led to the rapid increase in e-commerce transactions, which will, in turn, have a positive impact on the growth of the point of sales systems market.
Global Point of Sale Terminal Market is expected to flourish at a significant CAGR of 19.8% over the forecast period. Factors such as increasing adoption of point of sale in various end use industries, growing number of retail establishments and favorable government initiatives are expected to drive the growth of the Global Point of Sale Terminal Market.
Moreover, the global point of sale terminal market is expected to garner USD 120 Million by the end of 2024.
North America is the leading contributor to the global point of sales market due to the widespread establishments of retail giants and restaurants, followed by Europe and Asia Pacific. The Europe Point of Sale market is expanding due to the widespread use of VISA, MasterCard and Euro Pay payment gateways.
The Asia Pacific Point of Sales (POS) terminal market is forecast to exhibit the growth at a growing CAGR of 13%. Growing preference for connectivity and portability and rising demand across application areas are key driving forces in regional segment.
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Growth of Retail and E-commerce Industry
The global demand for point of sale is increasing due to the rising number of retail and e-commerce business across the globe. Further, spiked adoption of POS in hospitality and healthcare industries is expected to positively impact the growth of the global point of sale market over the forecast period.
Innovation and Technological Developments
Technological advancements associated with point of sale such as chip-embedded payment solutions, biometric payment and other advancements are propelling the demand for point of sale across the globe. Moreover, government initiatives to increase cashless transactions are anticipated to positively impact the growth of the point of sale market.
However, risk associated with data security is expected to hamper the growth of the global point of sale terminal market.
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The report titled “Point of Sale Terminal Market: Global Demand Analysis & Opportunity Outlook 2024” delivers detailed overview of the global Point of sale terminal market in terms of market segmentation by component, by technology, by application and by region. Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
This report also provides the existing competitive scenario of some of the key players of the global point of sale terminal market which includes company profiling of Samsung Electronics Co., Cisco Systems Inc., MICROS Systems Inc., Hewlett-Packard, Panasonic Corporation, Toshiba Corporation, NEC Corporations, VeriFone Systems Inc., PAX Technology Limited and Oracle. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments.
On the whole, the report depicts detailed overview of the Global Point of sale terminal market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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Category: Market Research Publishers and RetailersCompany about: Research Nester is a leading service provider for strategic market research and consulting. We aim to provide unbiased, unparalleled market insights and industry analysis to help industries, conglomerates and executives to take wise decisions for their future marketing strategy, expansion and investment etc. We believe every business can expand to its new horizon, provided a right guidance at a right time is available through strategic minds. Our out of box thinking helps our clients to take wis ...