Market overview
The point of sale terminal market is expected to rise and reach a final market valuation worth USD 125.31 billion by the end of the forecast period by 2030. During this period, the market CAGR for growth and expansion stands at a reliable and growing rate of 8.1%.
Point of Sale terminals has become more popular in recent years. The reason is that many people have been requesting contactless and voice-operated payment services and mechanisms in light of the pandemic. Different modes of payment that can be supported by these mechanisms have also skyrocketed in popularity in recent years. A good example of this is EuroPay.
Many people resorted to online shopping during the height of the pandemic. They wanted to reduce their exposure to the virus as much as possible, and understandably so. This phenomenon, which has accelerated in the past two years, has made Point of Sale terminals much more popular in the past as they provide a secure payment mode.
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Segment overview
By Component
This segment can be further grouped into the following sub-segments:
- Hardware
- Point of Sale software
- Services
The hardware sub-segment currently has the largest Point Of Sale (Pos) Market share. This is expected to continue for the time period that this report covers. The reason for this is that many retail outlets, restaurants, and gas stations use Point of Service terminals to accept payments.
By type
This segment can be further grouped into the following sub-segments:
- mPOS
- Smart POS
- Portable countertop
- Pin pad
- Others
By Industry
This segment can be further grouped into the following sub-segments:
- Home delivery services
- Service delivery
- Retail
- Medical
- Hospitality
- Transportation
- Sports
- Entertainment
- Media
Regional analysis
The global Point of Sale Terminals market can be grouped into the following geographic regions:
- North America
- The European Union
- Asia-Pacific
- The Rest of the World
The North American market currently accounts for the largest market share. It also has the highest regional CAGR. This is expected to continue for the time period that this report covers. In fact, it’s growth in the North American region that’s driving most of the growth in the Point of Sale terminal market for the time period that this report covers.
Many businesses in the North American region are using Point of Sale terminals for B2B and B2C transactions. These industries include hospitality, healthcare, and medical.
The Asia-Pacific market is currently registering a high CAGR in the Point of Sale terminal market. This is expected to continue for the time period that this report covers. The major nations in this region are urbanizing and modernizing rapidly. Hence, there is a greater need for automated Point of Sale terminals.
Many nations in the Asia-Pacific region are also developing smart cities. These cities will need to use automated payment mechanisms since they’re digitally operated. Point of Service terminals will provide this type of payment mechanism.
The European Union currently holds a significant share of the Point of Service terminals market. This is expected to continue for the time period that this report covers. The reason for this is that more establishments across the continent are using Point of Service terminals to accept payments.
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Industry News
- The American company Oracle recently expanded its operations and presence in the United Kingdom.
- PAX Technologies recently partnered with AxiaMeds. The second company is a company that provides automated payment solutions for technology companies around the world. The new company plans to develop and market new Point of Service terminal solutions for Android devices.
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