Increasing Demand for More Secured Payment Options to Drive Point-of-Sale [POS] Terminal Market Growth

The advent and increasing popularity of mobile POS terminals is likely to aid in the expansion of the global POS terminal market. Mobile retail location (mPOS) alludes to particular remote gadgets like tablets and cell phones that are fit for working as an electronic retail location terminal or sales register. The execution of mPOS permits the deals and administration ventures to go through with monetary exchanges at any spot, inferable from versatility, further developed client experience, and room-saving.

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Wireless and Mobile POS Segment to Gain Pace in Coming Years Owing to Rapid Growth of E-commerce Platforms

In terms of product type, the global point-of-sale terminal market is dominated by the wireless and mobile POS segment on account of the increasing popularity and demand for wireless connectors. Other sectors are also gaining notable revenues but the mobile and wireless POS segments are likely to continue dominating the market in the forecast period as well.

According to Transparency Market Research, the global POS terminal market was valued at USD 14.2 billion in the year 2019 and is expected to reach a value of USD 37.0 billion by the year 2027. The forecast period is set between 2019 and 2027 and the market is likely to rise at a CAGR of 12.8%.

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Increasing Rate of Adoption by Banking and E-commerce Sector to Drive Market

The POS terminal market has developed altogether in recent years, attributable to its capacity to offer an expanded profit from speculation and simple entry. POS frameworks that work with exchanges from the focal part of organizations across businesses, similar to retail, cordiality, transportation, and banking, have acquired significance in organizations of little and enormous sizes, over the years.​

Progressed POS innovation rivals more established retail location frameworks, for example, PC cash drawers (PCCD) and sales registers. Retailers are looking for approaches to refresh the heritage checkout frameworks to improve client support and functional effectiveness. Retailers have understood that even a little expense decrease could prompt critical upgrades in the reality of their organizations. The appearance of settlement ahead of time innovations like NFC and Europay, Master Card, and Visa (EMV) and an increment in the reception of installment alternatives, for example, charge and Visas play had an impact in boosting interest for POS terminals. Besides, a significant number of the terminals at present introduced don't have the ability to be updated and will require substitution, which is probably going to support the market.

Region-wise, the market is dominated by North America on account of the presence of major players and the rapid expansion of fast-growing food joints in Canada and the United States. The rising rate of growth of the e-commerce, retail, and transportation sectors will also help this region continue dominating the market in the coming years. On the other side, the market in the Asia Pacific is likely to rise remarkably with Japan holding the leading share on account of the increasing development and rising adoption of POS terminals by the hospitality and healthcare sector as well.

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Manufacturers of the global point of sale terminal market are indulging in product quality development and innovation to indulge in intense competition. Besides this, collaborations and joint ventures will also help intensify the overall market competition on the one side and draw significant revenues on the other.

Some of the key players of the global point of sale terminal market include Yoco Technologies (Pty) Ltd, Toshiba Corporation, Panasonic Corporation, Miura Systems Ltd., iVeri Payment Technologies Ltd., Equinox Payments LLC, Cisco Systems Inc., Vectron Systems SA, Samsung Electronics Co. Ltd., NCR Corporation, Micros Systems Inc., Ingenico S.A., Emerge Mobile Ltd., and others.

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