Point-of-Sale Terminals Market Forecast 2031 | Industry Insights

 

The Point-of-Sale Terminals market size is anticipated to expand at a CAGR of 8.5% from 2023 to 2031. The usage of POS devices has transformed how firms manage transactions. The days of manually handling cash and using paper receipts are over. Businesses can use a POS terminal to collect payments via a variety of channels, including debit and credit cards, mobile wallets, and even contactless payment methods. This not only improves transaction speed and accuracy but also gives clients a variety of payment options, hence increasing customer happiness.

Point-of-Sale Terminals Market Analysis

The point-of-sale terminals market forecast is estimated on the basis of various secondary and primary research findings such as key company publications, association data, and databases. A point-of-sale (POS) terminal is a hardware system used to handle credit card payments in retail stores. The device includes software that can read credit and debit card magnetic strips. The next generation of POS systems includes portable devices (rather than terminals fixed to a counter), both proprietary and third-party, as well as contactless capabilities for future types of mobile payments.

Point-of-Sale Terminals Industry Overview

• Rising e-commerce sales across the world are the major factor contributing to the point-of-sale terminals market growth. By 2027, e-commerce is expected to account for roughly a quarter of total retail sales globally. Establishing an online presence is certainly a priority for retailers, as 96% want to increase their e-commerce spending in 2022.
• Point-of-sale technology enables small firms to accommodate complex purchasing behaviors, allowing them to compete with larger enterprises that have higher expenditures. Square POS and Shopify POS, for example, allow customers to create a basket online and then finalize their order in-store—and vice versa.
• In May 2022, Square introduced Square for Restaurants mobile POS, which puts the power of Square for Restaurants, an all-in-one restaurant POS, in servers' apron pockets, allowing them to swiftly and effortlessly process orders and payments tableside or in line. Restaurants that used the Square for Restaurants mobile POS test program were able to turn more tables and increase their sales despite having a small staff.

Point-of-Sale Terminals Market Driver

Digital Transformation in the Retail Sector to Drive the Point-of-Sale Terminals Market

• Digital transformation in the retail industry entails using new technology to improve consumer experiences, optimize business processes, empower retail employees, and develop more agile, growth-oriented business models.
• Retail digital transformation refers to the use of technology in the retail industry to increase operational efficiency customer experience, and generate growth. Retail digital transformation includes POS systems, tailored shopping experiences, self-checkout systems, cost optimization, virtual reality showrooms, branded mobile apps, geofencing, and AI-powered product suggestions.
• Today, enterprise retail point-of-sale (POS) systems such as NCR, Lightspeed Retail, iQmetrix, Square, and others have experienced substantial transformations, playing critical roles in changing enterprise retail operations. Modern point-of-sale systems are more than just transactional hubs; they have evolved into entire retail management solutions. These systems integrate advanced technologies such as cloud computing, artificial intelligence, and data analytics to provide real-time inventory management, sales tracking, and customer data analysis.

Point-of-Sale Terminals Market Report Segmentation Analysis

• Based on the type, the point-of-sale terminals market report is segmented into fixed point-of-sale terminals and mobile/portable point-of-sale terminals. The mobile/portable point-of-sale terminals segment is expected to hold a significant point-of-sale terminals market share in 2023.
• Small company owners no longer have to rely on a countertop POS in a physical location or an online store, thanks to mobile point-of-sale (POS) systems. One can process sales using a POS app on any mobile device, including a smartphone or tablet.

Point-of-Sale Terminals Market Analysis by Geography

The scope of the Point-of-Sale Terminals market report 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 point-of-sale terminals market share. The region's significant technological development and booming retail industry have contributed to this growth. North America is home to many developing countries like the US and Canada, driving the point-of-sale terminals market growth.

Point-of-Sale Terminals Market Report Scope

The "Point-of-Sale Terminals Market Analysis" was carried out based on core investment strategies and geography. In terms of component, the market is segmented into hardware, software, and service. Based on geography, the market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South America.

Point-of-Sale Terminals Market News and Recent Developments

Companies adopt inorganic and organic strategies such as mergers and acquisitions in the Point-of-Sale Terminals market. A few recent key market developments are listed below:

• In October 2023, Shopify, an e-commerce website builder, developed a new point-of-sale (POS) terminal for its users. The terminal is primarily designed for mobile and countertop sales, allowing Shopify users to expand their online retail enterprises into the world of in-person buying.

[Source: Shopify, Company Website]

Point-of-Sale Terminals Market Report Coverage & Deliverables

The market report "Point-of-Sale Terminals 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.

REGIONAL FRAMEWORK

Point-of-Sale Terminals Market Report Analysis

MARKET PLAYERS

Point-of-Sale Terminals Market Report Scope

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