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”
Global Point of Sale (POS) Terminal Market Overview
A point of sale terminal is an electronic device used to process payments at the retail locations. It involves maintaining and tracking the customer orders, processing debit and credit card payments.
It is a computerized replacement for a cash register. With the rising popularity of e-commerce, the recent years have witnessed an exponential increase in the number of online shoppers.
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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.
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.
Further, POS terminals also allow the cardholder to have real time online access to funds and information in a bank account through debit or cash cards. The POS systems also help in the management of the inventory by recording the markdowns.
Instead of going through the mountain of receipts at the end of the day, the point of sale system calculates the markdowns automatically as sales occur. Likewise, POS systems also make the promotion of the product easy.
Promotions, discounts, and coupons can be tracked and the effect of these promotions recorded daily. Tracking the effect of promotions of products is almost impossible without point of sales inventory management systems.
Market Size & Forecast
Global Point of Sale (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.
Geographically, 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.
North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
Latin America (Brazil, Mexico, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
Western and Eastern Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, Rest of Western Europe) Market size, Y-O-Y growth & Opportunity Analysis
Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of Asia) Market size, Y-O-Y growth & Opportunity Analysis
Growth Drivers and Challenges
The growth of the global POS terminal market is primarily driven by the increased number of e-commerce transactions. The rising adoption of mobile devices such as smartphones, increasingly being used for the e-commerce transactions has pushed the market to the global level.
Moreover, the introduction of cloud computing has fueled the growth of the POS terminal market, and therefore, POS systems can become the Software as a Service (SaaS) and are directly accessible through internet with the help of the browser. Further, the increased adoption in hospitability, retail e-commerce and the healthcare industries have also contributed towards the growth of the market.
Moreover, the technological advances in payment modes such as mobile wallets have also led to the growth of the market. The need for reducing the fraud has enabled the retailers to adopt the highly secured technology such as EMV (Europay, Mastercard and Visa), thus propelling the growth of the global point of sale market.
Technological advances coupled with hardware such as smartphones and tablets, has resulted in the industry transitioning from payment-only terminals to solutions that allow merchants to operate their business such as order management software for restaurants and practice management software for medical providers.
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