The POS Terminals Market is expected to grow at a CAGR of 5.8% during the forecasting period (2024-2031). Point of Sale POS terminals is a collection of systems used to process quick and easy payment options for customers at retail and hospitality locations among others. A customer’s debit or credit card is scanned with the help of the terminal, with the equipment transferring financial funds from the customer’s account to the seller’s after verification.
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Market Dynamics
POS Terminals Market, The growth of e-commerce and retail sales in emerging countries and the resulting POS transactions would positively influence the market scenario.The rise in the adoption of POS terminals and an increase in cashless transactions will also positively boost the market. The growing trend of purchasing consumer goods through card payments would also propel the market growth during the forecast period, owing to the high product adoption in all significant retail and commercial outlets.The companies are thus focused on providing payment services in such outlets. For instance, in February 2019, Wirecard AG has integrated Alipay as a payment method in the department stores operated by Stockmann, which offers fashion, beauty, home, and food products as part of its product portfolio in its eight department stores and online sites in Finland and the Baltics.
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Segment Analysis
Based on product type, the global pos terminals market is broadly segmented as Fixed POS Terminals and Mobile POS Terminals.The fixed POS terminal segment is leading by overall market share owing to the higher adoption rate and growing demand in emerging economies.However, the mobile POS terminals are gaining market traction owing to the convenience of payments and connected services through POS terminals and payment banks. The companies recognize the trend and are focused on the launch of associated services.POS Terminals Market, For instance, in February 2019, Wirecard AG implemented a unique and innovative mobile application, Well.com app in Romania, which allows biometric authentication payment by fingerprint.
Competitive Landscape
The significant companies involved in the market include Oracle Corporation, Hewlett Packard Enterprise Company, Dell Inc., Samsung Electronics Inc., and Toshiba Corporation.
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