Rapid digitization of end use industries such as hospitality, retail, and healthcare is increasing the demand for point of sale terminals. Projecting the market growth at a promising CAGR of more than 7%, a new Fact.MR study provides a comprehensive analysis of the point of sale terminals market. Key factors attributing to this rising demand include the advancements in internet connectivity and the widespread prevalence of digital payments.
"Market players will gain substantially by entering strategic partnerships with stakeholders in end user industries. Innovations to manage inventory, and employee productivity will aid demand," opines Fact.MR in its new research study.
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Point of Sale Terminals Market - Key Takeaways
- Fixed point of sale terminals will account for major market share, accounting for three fourths of the overall value.
- Mobile variants of point of sale terminals will remain a leading regional market segment growing 3.6x in forecast period.
- The on premise deployment channel would have a value share surpassing 77%.
- Cloud based point of sale terminals will display a massive 10% CAGR.
- The Asia Pacific will continue to account for most sales through 2029, growing 2.4x.
Point of Sale Terminals Market - Key Driving Factors
- Digital transformation of end use industries such as healthcare, retail, and hospitality on a global scale a primary factor favoring market growth.
- Awareness about benefits such as tractability, traceability, and security are significantly contributing towards the growth of market.
- Advancements in internet connectivity arising from 5G remains a major market growth driver.
- Widespread prevalence of digital payment formats is a key growth force globally.
Point of Sale Terminals Market - Key Constraint
- The concerns over the security and safety of payment transactions remain a key challenge for the industry.
- Requirements of numerous government certifications, strict regulations, and data security fears are an obstacle to market growth.
Digital Payments Bear the Brunt of COVID-19
Lower discretionary expenditure by customers, cancelled airline tickets and shut shops has adversely affected the digital payments landscape. Even though it's too early to derive any conclusions on the offline transactions, digital payments still remain prominent mode of transaction. However, with many businesses (except essential goods), movie theatres and dine-in restaurants shut, there has been almost 30% decline in digital payments as well.
Point of sale terminals market is thus witnessing a sharp decline in overall growth in the wake of COVID-19 pandemic. Pine Labs, a distinguished name in the point of sale terminals market, has reported that digital transactions have taken a nosedive with consumers restricting their physical footprint. Similar trends have been reported by CCAvenue, BharatPe and Razorpay, popular payment gateway platforms in India.
Explore 178 tables, 302 figures of the study. Request TOC of the report at- https://www.factmr.com/connectus/sample?flag=RM&rep_id=4576
The key players in the point of sale terminals market are VeriFone Systems Inc., Cisco Systems Inc., Toshiba Corporation, Centerm Information Co., Samsung Electronics Co. Ltd., Diebold Nixdorf Incorporated, Posiflex Technology Inc., Hewlett-Packard Inc., Pax Technology Corp, Hisense, Panasonic Corporation, Ingenico Group, Oracle Corporation, NCR Corporation, Newland Payment Technology, and NEC Corporation, among others. The leading players are trying to invest in relevant network infrastructure, to meet the needs of varied cashless transaction applications. Further, the players are entering into strategic partnerships to cater to consumer experience factors.
About the Report
This 170-page study offers readers a comprehensive market forecast of the point of sale terminals market. Global, regional and country-level analysis of the latest industry trends impacting the point of sale terminals market is covered in this Fact.MR study. The report offers compelling insights on point of sale terminals market on the basis of product type (fixed POS terminal and mobile POS terminal), component (hardware, software, services, mining, and metal fabrication), deployment (on-premise and cloud), application (restaurants, hospitality, healthcare, retail, warehouse, entertainment and others), across six regions (North America, Latin America, Europe, East Asia, South Asia & Oceania, and MEA).