Point-of-Sale (POS) Terminals Market Share, Size, Trends, Industry Analysis Report, By Component (Hardware, Software, Services); By Type; By Deployment; By Application; By Regions; Segment Forecast, 2024 – 2032
- Published Date:Jan-2024
- Pages: 122
- Format: PDF
- Report ID: PM1021
- Base Year: 2022
- Historical Data: 2019-2022
Report Outlook
The global Point-of-Sale (POS) Terminals market was valued at USD 103.92 billion in 2023 and is expected to grow at a CAGR of 9.20% during the forecast period. POS terminals combine hardware and software components for processing card payments. They capture, store, and report income, sales, and customer data. POS terminals receive customer information from credit or debit cards and check for the availability of sufficient funds. Funds are transferred from customers' accounts to vendors' accounts, followed by a recording of transactions and generation of receipts. POS terminals also offer services such as tracking customer orders, inventory management, sales analysis, and office management. The hardware components of POS terminals commonly include computers, receipt printers, bar code scanners, magnetic strip readers, and cash drawers. Several POS machines can be connected to a single computer or a server. The software components of POS machines are responsible for the authorization of debit and credit card purchases, making changes for cash transactions, and management of stocks in inventories. POS machines can be easily upgraded as opposed to a traditional cash register. POS terminals enhance efficiency and improve the customer experience while saving significant time and resources
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The utilization of POS terminals has risen steadily due to the growing demand for digital payments, the increasing accessibility of the internet, and the decreasing costs of mobile devices. The exponential increase in e-commerce transactions and technological advancements further propels the Point-of-Sale (POS) Terminals market growth. One such technology is cloud-based point-of-sale systems that provide data accessibility via web browsers while remaining compatible with hardware components such as printers and cash registers, thus encouraging businesses to adopt POS terminals. Additionally, POS terminals are equipped with electronic signature capture technology to enable paperless transactions through digital receipts. Integrating POS terminals across various industries like retail, hospitality, healthcare, restaurants, and entertainment to simplify transactions and enhance customer experience also contributes to the market's growth. However, concerns about security and privacy regarding sensitive customer data hinder the market's growth. Nevertheless, integrating personal identification numbers (PINs) and chip-embedded payment solutions are expected to reduce the risk of data theft.
The research study provides a comprehensive analysis of the industry, assessing the market on the basis of various segments and sub-segments. It sheds light on the competitive landscape and introduces Personal Point of Sale (POS) Machines Market key players from the perspective of market share, concentration ratio, etc. The study is a vital resource for understanding the growth drivers, opportunities, and challenges in the industry.
The demand for Point-of-Sale (POS) Terminals is steadily increasing due to the growth of the retail and hospitality industries, the increasing adoption of electronic payments, and the need for faster and more efficient transaction processing. The rise of e-commerce has also driven demand for POS terminals as traditional brick-and-mortar stores look for ways to compete with online retailers. With the COVID-19 pandemic, the demand for contactless payment options has increased, increasing demand for mobile and cloud-based POS terminals. The need for secure payment processing has also contributed to the demand for POS terminals as businesses seek to protect themselves and their customers from fraud and data breaches. The market for POS terminals is expected to continue growing as the use of electronic payments, and the adoption of new payment technologies continue to increase.
Industry Dynamics
Growth Drivers
As consumers shift away from cash and towards electronic payments, there is a growing need for businesses to have POS terminals to accept these payments. With the growth of these industries, there is an increasing need for companies to have efficient and reliable payment processing systems.
With the rise of e-commerce and the need for contactless payment options due to the COVID-19 pandemic, there is a growing demand for mobile and cloud-based POS terminals. As businesses look to improve their operations and reduce costs, they turn to POS terminals to process transactions faster and more efficiently.
With the growth of new payment technologies like digital wallets, there is a need for businesses to have POS terminals that can accept these types of payments. As companies look to protect themselves and their customers from fraud and data breaches, there is a growing demand for POS terminals with advanced security features.
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Report Segmentation
The market is primarily segmented based on component, type, deployment, application, and region.
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By Component |
By Type |
By Deployment |
By Application |
By Region |
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The hardware is expected to witness the largest revenue share during forecast period
During forecast period the hardware segment held the largest revenue share and was expected to maintain its dominance in the coming years. The hardware for registering transaction details includes EFT-POS machines, barcode scanners, network devices, receipt printers, cash drawers, monitors, and tablets.
Additionally, the software segment is projected to experience significant growth during the forecast period. It can be attributed to the software's data support functionality, multifunctional features, and ease of sales analysis. Specialized software is available for different applications, such as retail POS software that provides accounting, transaction alerts, and inventory management functions. The systematic integration of screen terminals and barcode scanners with software provides backup features and data restoration capabilities, which contribute to the growth of this segment.
The cloud-based segment witnessed the highest growth in 2022
The cloud-based segment is anticipated to witness highest growth in 2022, and this growth is related to rising SaaS technology usage and software integration. Customers using SaaS model pay a minimal monthly amount on a subscription basis rather than upfront costs for all the software, hardware, and support services.
 Terminals Market seg.png)
The demand in Asia Pacific is expected to witness significant growth during forecast period
The Asia Pacific region is expected to witness significant growth in the forecast period due to the increasing adoption of digital payments and the rapid growth of e-commerce. The Asia Pacific region is home to several emerging economies, including India, China, and Southeast Asian countries, with large populations and a growing middle class. These factors are driving the demand for retail and e-commerce businesses, which, in turn, is fueling the demand for POS terminals.
In addition, the governments in the Asia Pacific region are taking initiatives to promote cashless transactions and digital payments. For instance, the government has launched several initiatives in India, including the Digital India program and the Unified Payments Interface (UPI), to encourage digital payments. Such initiatives are expected to create a favorable environment for the growth of the POS terminals market in the region.
North America is anticipated to witness substantial growth in the upcoming years. The region has a well-established retail industry, a high adoption rate of new technologies, and a strong economy, which makes it an attractive market for POS terminal vendors. The healthcare industry in North America are also adopting POS terminals for various purposes, such as collecting patient payments, managing appointments, and billing insurance companies. The growing need for efficient and streamlined processes in the healthcare industry is expected to drive the demand for POS terminals in the region. Moreover, the increasing adoption of digital payments and the shift towards cashless transactions in North America is expected to drive the growth of the POS terminals market.
 Terminals Market reg.png)
Competitive Insight
The Market is highly competitive and includes several key players. Some prominent players in the Market include Verifone Systems, Inc., Ingenico Group, PAX Technology, Toshiba Corporation, NCR Corporation, Diebold Nixdorf, Inc., Square, Inc., Panasonic Corporation, Hewlett-Packard Development Company, L.P., NEC Corporation.
Recent Developments
- In August 2022, GK Software announced that it would extend its partnership with the Schwarz Group and collaborate with them over the next few years to migrate its point-of-sale software to the CLOUD4RETAIL open platform.
- On March 16, 2021, Boyne Resorts adopted Agilysys' point-of-sale and cloud solutions to enable contactless food and beverage orders.
- On March 5, 2021, the National Payments Corporation of India (NPCI), in partnership with SBI Payments, introduced 'RuPay SoftPoS' to provide millions of Indian merchants with a new way to accept payments. This innovative solution enables NFC-enabled smartphones to function as POS terminals for retailers.
- In May 2022, NCR Corporation released NCR Aloha Cloud, a cloud-based solution designed for restaurants. This platform offers a consistent User Interface (UI) for restaurant staff, whether they're using handheld devices or fixed terminals. Additionally, Aloha Cloud enables restaurants to oversee and manage third-party delivery marketplaces directly from their Point of Sale (POS) system.
Point-of-Sale (POS) Terminals Market Report Scope
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Report Attributes |
Details |
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Market size value in 2024 |
USD 112.89 billion |
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Revenue forecast in 2032 |
USD 227.76 billion |
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CAGR |
9.20% from 2024 - 2032 |
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Base year |
2023 |
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Historical data |
2019 - 2022 |
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Forecast period |
2024 - 2032 |
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Quantitative units |
Revenue in USD million/billion and CAGR from 2024 to 2032 |
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Segments covered |
By Component, By Type, By Deployment, By Application, By Region |
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Regional scope |
North America, Europe, Asia Pacific, Latin America; Middle East & Africa |
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Key companies |
Verifone Systems, Inc., Ingenico Group, PAX Technology, Toshiba Corporation, NCR Corporation, Diebold Nixdorf, Inc., Square, Inc., Panasonic Corporation, Hewlett-Packard Development Company, L.P., NEC Corporation. |
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FAQ's
The global Point-of-Sale (POS) Terminals market size is expected to reach USD 227.76 billion by 2032
Verifone Systems, Inc., Ingenico Group, PAX Technology, Toshiba Corporation, NCR Corporation, Diebold Nixdorf, Inc., Square, Inc., Panasonic Corporation re the top market players in the market
The Asia Pacific contribute notably towards the global Point-of-Sale (POS) Terminals market
The global Point-of-Sale (POS) Terminals market expected to grow at a CAGR of 9.1% during the forecast period
The Point-of-Sale (POS) Terminals Market report covering key segments are fcomponent, type, deployment, application, and region.
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