Payment Terminal Market Growth Analysis (2031) | Global & Regional Insights

 

The payment terminal market size is expected to grow from US$ 97.72 billion in 2023 to US$ 195.47 billion by 2031; it is expected to grow at a CAGR of 9.1% from 2023 to 2031. The payment terminal market includes growth prospects owing to the current payment terminal market trends and their foreseeable impact during the forecast period. The payment terminal market is growing due to factors such as government encouragement for digital payments and the rising popularity of cashless transactions.

Payment Terminal Market Analysis

A payment terminal is a device used by businesses to accept payments from customers. It typically reads credit or debit cards, allowing customers to make purchases securely. Payment terminals are commonly used in retail stores, restaurants, cafes, and other businesses that sell goods or services. They can be stationary units at checkout counters or mobile devices used by delivery services or at events.

Payment Terminal Market Industry Overview

• The payment terminal market is experiencing steady growth due to the increasing adoption of cashless payment methods worldwide.
• Innovations such as contactless payment, mobile wallets, and biometric authentication are shaping the payment terminal market, making transactions faster, more secure, and convenient for both businesses and consumers.
• The payment terminal market is highly competitive, with numerous players offering a range of products and services, including traditional point-of-sale (POS) terminals, mobile payment solutions, and integrated payment systems.

Payment Terminal Market Driver

Rising Popularity Of Cashless Transactions To Drive The Payment Terminal Market

• With an increasing inclination towards digital services, a cashless economy is the future worldwide. Cashless payment modes include mobile banking, net banking, UPI, and others.  Cashless payment offers convenience, security, and efficiency, thereby transforming consumers' financial experiences.
• As more consumers prefer the convenience and security of paying with cards or digital wallets, businesses are adapting by investing in payment terminals to meet customer demand. Businesses across sectors such as retail, transportation, hospitality, and e-commerce are increasingly investing in payment terminals to streamline transactions and enhance the overall customer experience. As cashless transactions continue to gain traction, the payment terminal market is expected to experience sustained growth.

Payment Terminal Market Report Segmentation Analysis

• Based on the type, the payment terminal market is segmented into desktop, handheld, and mobile. The mobile segment is expected to grow with the highest CAGR over the forecast period.

Payment Terminal Market Share Analysis By Geography

The scope of the payment terminal market is primarily divided into five regions - North America, Europe, Asia Pacific, Middle East & Africa, and South America. North America is experiencing rapid growth and is anticipated to hold a significant payment terminal market share owing to the widespread adoption of cashless transactions. Moreover, regulatory initiatives such as EMV (Europay, Mastercard, and Visa) adoption have driven the replacement of outdated terminals with more secure EMV-compliant devices, contributing to market expansion in the region.

Payment Terminal Market Report Scope

The "Payment Terminal Market Analysis" was carried out based on type, end user, and geography. On the basis of type, the market is segmented into desktop, handheld, and mobile.  On the basis of end user, the market is segmented into entertainment, hospitality, healthcare, retail, and others. Based on geography, the market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South America.

Payment Terminal Market News and Recent Developments

Companies adopt inorganic and organic strategies such as mergers and acquisitions in the payment terminal market. A few recent key market developments are listed below:

• In June 2023, Payabl announced the launch of a new point-of-sale (POS) solution specifically designed to bolster the growth of European merchants. The newly launched payable POS terminals deliver a seamless omnichannel platform, integrating card-present and card-not-present transaction processing. These terminals accept transactions made via Visa and Mastercard, as well as mobile payments through Google and Apple Pay, providing merchants with a unified payment solution.

[Source: Payabl, Press Release]

• In January 2022, Adyen announced the launch of mobile Android point of sale (POS) terminals in the EU, UK, and the US. The terminals come with an app management system, allowing merchants to upload and manage the apps they use every day for inventory management, loyalty programs, returns, and more.

[Source: Adyen, Press Release]

Payment Terminal Market Report Coverage & Deliverables

The payment terminal market forecast is estimated based on various secondary and primary research findings, such as key company publications, association data, and databases. The market report "Payment Terminal Market Size and Forecast (2021–2031)" provides a detailed analysis of the market covering below areas-

• Market size & forecast at global, regional, and country levels for all the key market segments covered under the scope.
• Market dynamics such as drivers, restraints, and key opportunities.
• Key future trends.
• Detailed PEST & SWOT analysis
• Global and regional market analysis covering key market trends, key players, regulations, and recent market developments.
• Industry landscape and competition analysis covering market concentration, heat map analysis, key players, and recent developments.
• Detailed company profiles.

Payment Terminal Report Scope