Semiconductor and Electronics

POS Terminal Market is Expected to Reach USD 184.45 Billion by 2031

May 2024

Semiconductor and Electronics

As per the report published by Kings Research, the global POS Terminal Market was valued at USD 93.17 billion in 2023 and is projected to reach USD 184.45 billion by 2031, growing at a CAGR of 8.9% from 2024 to 2031.

The POS terminal market is a highly dynamic and rapidly evolving sector that plays a critical role in the retail industry. It is witnessing significant growth due to the increasing adoption of digital payment methods and the rising demand for seamless and secure transactions. To meet the changing needs of consumers and businesses, major market players are constantly innovating and introducing new technologies. The growth of e-commerce platforms and the notable shift toward omnichannel retailing have further driven the demand for POS terminals, resulting in increased competition among vendors. Vendors are focusing on enhancing the functionality and usability of their products to maintain their competitive edge in the global marketplace. Integration of advanced features such as mobile payment options, inventory management, and customer relationship management tools has become crucial for POS terminal providers to differentiate themselves in the market. With the continuous evolution of technology, manufacturers are expected to witness the emergence of increasingly sophisticated POS systems tailored to the specific needs of different industries and businesses, thereby fostering growth and innovation in this sector.

Key Insights

  • Based on component type, the hardware segment held the largest market share of 44.81% in 2023
  • Based on type, the mobile/portable point of sales segment generated the highest revenue of USD 51.53 billion in 2023
  • On the basis of region, Asia-Pacific accounted for the largest market share of 31.51% in 2023

Lavu Partnered with Verifone to Provide Restaurants with Unified Payments and Point-of-sale Solutions

May 2022: Lavu partnered with Verifone to provide restaurants with unified payments and point-of-sale solutions. This strategic partnership helped serve the restaurant industry better, allowing Verifone and Lavu to offer customers a high-quality, unified point of sale (POS) and payment experience.

Increasing Adoption of Cashless Transactions to Foster Market Growth

The POS terminal market is experiencing considerable growth, mainly driven by the increasing adoption of cashless transactions, which offer convenience and efficiency to both businesses and consumers. This trend is fueled by the rise of mobile payment options such as Apple Pay and Google Wallet, leading to a higher demand for POS terminals capable of processing these types of payments. Furthermore, the growing shift toward online shopping and e-commerce has created a need for POS terminals capable of securely processing credit card and digital wallet payments. This trend is expected to persist as technology advances and consumers become more comfortable with cashless payment methods. Moreover, businesses are investing heavily in POS systems capable of accommodating a variety of payment options to meet the evolving needs of their customers. These options include traditional credit and debit cards, along with newer technologies such as contactless payment and mobile wallets. By offering seamless and secure payment options, businesses are enhancing the overall shopping experience and improving customer satisfaction. 

Technological Advancements to Present Lucrative Opportunities for POS Terminal Market Growth

Technological advancements have profoundly transformed operational paradigms within businesses, particularly in the retail sector. The introduction of advanced POS terminals with features such as contactless payments, inventory management systems, and real-time analytics has significantly improved transaction efficiency and accuracy. These advancements have become essential tools for businesses aiming to streamline operations and enhance customer service. The integration of cloud-based technology has further enabled seamless connectivity between POS systems, empowering businesses to access real-time data and make informed decisions. As businesses increasingly recognize the benefits of POS terminals, the market is expected to witness further growth and innovation. The ability to track sales data, manage inventory, and analyze customer trends in real-time has revolutionized business operations and strategic decision-making. By leveraging the convenience and efficiency offered by POS terminals, businesses are enhancing overall performance and providing a more personalized and efficient customer experience.

Asia-Pacific to Dominate the Market with a Significant Share of 31.51% in 2023

Based on region, the global POS terminal market is classified into North America, Europe, Asia Pacific, MEA, and Latin America. Asia-Pacific acquired the largest market share in the POS terminal market. Rapid economic growth and increasing urbanization in countries such as China and India have led to a rise in retail businesses and consumer spending, thereby contributing to the region's market dominance. Additionally, the presence of major electronics manufacturers and suppliers in the region drives innovation and competition within the POS terminal market. Government initiatives promoting cashless transactions and digital payments have further fueled the widespread adoption of POS terminals in the Asia-Pacific region. POS terminal providers in the region are constantly innovating to meet the increasing demand for convenient and secure payment solutions, thereby contributing to regional market growth.

Market Leaders Concentrate on Collaborations and Acquisitions to Sustain Growth

The global POS terminal market is fragmented with key players such as Acumera, Inc., Acrelec, AURES Group, HM Electronics, Hewlett Packard Development LP, NCR Corporation, Oracle Corporation, Payabl, POSaBIT Systems Corporation, and Presto Group, among others.  Companies employ a variety of strategic measures such as acquisitions, mergers, partnerships, product introductions, and collaborations to expand their business globally and enhance their competitive position.

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