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Global Insights on Point-of-Sale (POS) Systems Market Trends 2024
Point-of-Sale Terminals Market Size
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According to The Business Research Company's, The point-of-sale terminals market size has grown strongly in recent years. It will grow from $94.43 billion in 2023 to $102.31 billion in 2024 at a compound annual growth rate (CAGR) of 8.4%. The growth in the historic period can be attributed to digital payment adoption, regulatory compliance, mobile and wireless connectivity, consumer preferences and convenience, small business integration, expansion into various industries..
The point-of-sale terminals market size is expected to see strong growth in the next few years. It will grow to $149.36 billion in 2028 at a compound annual growth rate (CAGR) of 9.9%. The growth in the forecast period can be attributed to rapid digital transformation, contactless payment adoption, mobile pos solutions, e-commerce integration.. Major trends in the forecast period include contactless payment solutions, omnichannel integration, mobile pos (mpos) systems, enhanced security measures, cloud-based pos solutions, technological advancements.
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Market Drivers and Trends:
The increasing demand for contactless and cashless payments is expected to propel the growth of the point-of-sale terminal market going forward. Cashless and contactless payments refer to a payment method that does not involve cash for payment, which is a type of computerized replacement for a cash register. Point of sale terminals accept payments through cards and make cashless purchases possible. For instance, in June 2022, according to India Brand Equity Foundation, an Indian government export promotion agency, contactless transactions accounted for 25% in the year 2020, of all supermarket transactions, which increased to 31% by 2022. Therefore, increasing demand for contactless and cashless payments is driving the point-of-sale terminal market growth.
Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.
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Major Key Players of the Market:
Samsung Electronics Co. Ltd., NEC Corporation, Panasonic Corporation, Toshiba Corporation, Hewlett-Packard Development Company L. P., VeriFone Systems Inc., Qashier PTE Ltd., Newland Payment Technology, GK Software SE, PAX Technology Limited, Casio Computer Co. Ltd., iMetrics Pte Ltd, Acrelec Group SAS, AURES Technologies SA, HM Electronics Inc., NCR Corporation, Oracle Corporation, Presto Group LLC, Qu Inc., Quail Digital Limited, Revel Systems Inc., Toast Inc., TouchBistro Inc., Xenial Inc., Aireus Inc., Dinerware Inc., Posist Technologies Private Limited, Ingenico Group S. A., BBPOS Limited, Honeywell International Inc.
Point-of-Sale Terminals Market 2024 Key Insights:
• The point-of-sale terminals market size is expected to see strong growth in the next few years. It will grow to $149.36 billion in 2028 at a compound annual growth rate (CAGR) of 9.9%.
• Contactless And Cashless Payments Drive Point-Of-Sale Terminal Market Growth
• Innovative Technological Advancements Transform The Point-Of-Sale Terminal Market
• Asia-Pacific was the largest region in the point-of-sale terminals market in 2023
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