According to the POS terminal Market analysis by Future Market Insights (FMI), the demand registered in the market will grow at a CAGR of 9.4% from 2022-2032.
By the end of 2022, the market is expected to be worth more than US$ 73.7 billion, according to the analysis. According to FMI, the demand for POS terminal systems has surged as a result of growing interest in Near-Field Communication (NFC) technology. Systems for point-of-sale (POS) terminals have grown in importance for automating corporate processes and the payment process.
By using wireless POS terminals, businesses may streamline their payment procedures and provide their workers the freedom to conduct business wherever. But difficulties with cashless payments include lack of digital literacy, accessible technology, poor confidence in mobile wallets, and fraud risk.
The main industries that use POS terminal devices to manage payments easily include healthcare, retail, and restaurants. The POS terminal is gradually changing the market as a result of the digital transformation. Moreover, from the perspective of the customer, the main benefits of POS terminals include fast receipts, ease of use, being cashless, and a reduced risk of transaction failures or cancellations.
Key Takeaways: POS Terminal Market
- By component, POS terminal devices segment is anticipated to account for the leading share of 0%in the global demand for POS terminal in 2032.
- By type, fixed POS segment is expected to dominant the market with the share of 3% in 2032 in the global POS terminal market.
- By application, the adoption of POS terminal in healthcare sector is anticipated to grow at a CAGR of 7%between 2022 & 2032, while retail segment is currently dominating the market share.
- North America is expected to lead the market followed by Europe in 2022. Asia Pacific is anticipated to emerge as the fastest growing region between 2022 & 2032.
- The market in India is expected to progress at a CAGR of 0%through 2032.
- In France, sales are expected to grow at a CAGR of 2%over the forecast period.
Adoption of Contactless Payments is Spurring the Growth of POS Terminal Market
By just waving their smartphones in front of payment readers, customers may make contactless payments. Comparing contactless payments to card payments, contactless payments are simpler and more practical. Since it instantly sends encrypted data to the point-of-sale device, it is both faster and more secure than PIN technology.
NFC and EMV technology, which uses radio frequency to enable a smartphone and wireless cards to connect with a payment scanner when they are close to each other, enable contactless payments. Apple, Samsung, and Google’s contactless payments are very safe since they are shielded from fraud by multiple layers of security.
Users are increasingly choosing contactless payments in light of the COVID-19 outbreak because notes and cards can spread the disease while being used for purchases. This is encouraging more people to use contactless payments, which is fueling the market’s expansion.
Security Challenges Posed by POS Systems Hindering the POS Terminal Market Growth
Customers’ personally identifiable information (PII) such as credit card numbers, birth dates, government ID numbers, home addresses, medical record numbers, phone numbers, financial information, email addresses, logins, passwords, and other personal information are the most common targets of point-of-sale (PoS) data breaches by cybercriminals.
POS systems face a significant issue in preventing the leak of customers’ private and sensitive information, which is limiting the market’s expansion.
More Valuable Insights on POS Terminal Market
FMI’s report on the POS terminal industry research is segmented into four major sections – by component (POS terminal devices, POS software, (cloud-based, on-premises,) and services (consulting services, integration & implementation, and support & maintenance)), type (fixed POS and portable/mobile POS), application (restaurants, hospitality, healthcare, retail, warehouse/distribution, entertainment, and others), and region (North America, Europe, Asia Pacific, Middle East and Africa, and South America), to help readers understand and evaluate lucrative opportunities in the POS terminal demand outlook.
About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.