Point Of Sale Terminals Market Size, Share, Industry Trends and Forecast to 2030

Point Of Sale Terminals Market Size & CAGR in 2021

The global point of sale terminals market is expected to witness a steady growth rate with a Compound Annual Growth Rate (CAGR) of 4.5% in the year 2021. The market is projected to reach a value of USD 108.26 billion by the end of the year. The increasing adoption of digital payment methods, the rise in e-commerce transactions, and the demand for efficient and secure payment solutions are some of the key factors driving the growth of the point of sale terminals market.

COVID-19 Impact on Point Of Sale Terminals Market

The COVID-19 pandemic has had a significant impact on the point of sale terminals market. As countries around the world implemented lockdowns and social distancing measures to curb the spread of the virus, businesses were forced to adapt to new ways of conducting transactions. This led to an increased demand for contactless payment solutions and mobile point of sale terminals. The pandemic also accelerated the shift towards online shopping, further driving the growth of the e-commerce sector and the demand for point of sale terminals.

Point Of Sale Terminals Dynamics

The point of sale terminals market is experiencing dynamic growth due to advancements in technology, changing consumer behavior, and the increasing adoption of digital payment solutions. The market is witnessing a shift towards cloud-based point of sale systems, which offer greater flexibility, scalability, and security. Additionally, the integration of advanced features such as inventory management, customer relationship management, and analytics in point of sale terminals is further driving market growth.

Segments and Related Analysis

The point of sale terminals market can be segmented based on the type of terminals, applications, end-users, and regions. Terminal types include mobile point of sale terminals, traditional point of sale terminals, and self-service kiosks. Applications of point of sale terminals include retail, hospitality, healthcare, and others. End-users of point of sale terminals include small and medium-sized enterprises, large enterprises, and government organizations.

By Region Analysis

The point of sale terminals market is segmented into regions such as North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. North America is expected to dominate the market due to the presence of key players, technological advancements, and the widespread adoption of digital payment solutions. Asia Pacific is projected to witness significant growth owing to the increasing penetration of e-commerce and the rising adoption of point of sale terminals in retail and hospitality sectors.

Key Market Players and Competitive Landscape

Some of the key players in the point of sale terminals market include Verifone Systems Inc., Ingenico Group, PAX Technology Inc., NCR Corporation, and Square Inc. These companies are focusing on product innovation, strategic partnerships, and mergers and acquisitions to gain a competitive edge in the market. The competitive landscape of the point of sale terminals market is characterized by intense competition, technological advancements, and shifting consumer preferences.

Recent Happenings in the Point Of Sale Terminals Market

In recent years, the point of sale terminals market has witnessed several developments and trends that are shaping the industry. These include the increasing use of contactless payment solutions, the rise of e-commerce platforms, the adoption of mobile point of sale terminals, and the integration of advanced features in point of sale systems. Additionally, the market is witnessing a growing demand for omnichannel retail solutions, which provide seamless shopping experiences across online and offline channels.