The global Point-Of-Sale Terminals Market size is expected to reach USD 130.91 billion by 2028, according to a new report by Grand View Research, Inc., expanding at a CAGR of 6.9% over the forecast period. Many industries, such as manufacturing, automobile, entertainment, restaurant, and hospitality, have lost their business due to strict social distancing rules and complete lockdown imposed in most of the countries to control the spread of the novel coronavirus. The slumped businesses affected the product demand across the industries.
For instance, Europe and the Middle East regions are tourist hotspots that have suffered losses due to international travel restrictions. However, the retail and healthcare sectors are expected to exhibit product demand for point-of-sale (POS) terminals for contactless payment. The market is expected to regain its foothold across industries by 2021; also, Mobile Point-of-Sale (mPOS) and contactless payment terminals are in high demand currently as they contribute to the effort of containing the spread of coronavirus.
The market is anticipated to grow substantially over the forecast period owing to rising product demand in various applications, such as Customer Relationship Management (CRM), reporting, payment processing, among others. The decline in the trend of carrying cash for shopping and the need for understanding customer purchase patterns has further boosted product adoption.
Large businesses using the POS system offer a discount for payment through debit/credit card on purchase. This helps attract more customers and boost sales. Hence, small- and medium-scale businesses are also deploying these systems due to the aforementioned benefits. Industries, such as retail, hospitality, and restaurants, are the highest adopter of POS systems for everyday transactions at their facility.
Related Press Release@ Point-Of-Sale Terminals Market Report
Point-Of-Sale Terminals Market Report Highlights
- The mPOS segment is anticipated to grow at the highest CAGR over the forecast period. The increasing demand for contactless, wireless, and portable POS systems across retail and restaurant sectors is boosting the segment growth
- The healthcare segment will witness the highest growth from 2021 to 2028. The increasing need to streamline the payment process, manage entry of new patients, process COVID-19 patient information, and schedule vaccination across the healthcare sector during the pandemic is estimated to drive the product demand
- The increasing demand for POS terminals with a comprehensive solution, such as business management solution, in addition to payment transaction function, is anticipated to boost the market growth
- The market in Asia Pacific is expected to grow at the highest CAGR from 2021 to 2028. The rising product demand from the retail sectors of countries like China, India, and Japan is augmenting the market growth
- Moreover, fine dining and other forms of restaurants in the foodservice sector is booming in major cities of Asian countries, thereby bolstering the product demand
- The major key players dominate the market with their presence and services across the world
