According to Fact.MR, during the assessment period, the demand for Point of Sale (POS) Terminals is expected to increase at a CAGR of 7.8% in terms of value. Additionally, the survey predicts that by the end of 2032, sales of point of sale (POS) terminals will likely exceed US$ 180 Bn.
The need for point-of-sale (POS) terminals in restaurants, retail, and healthcare is expected to increase as cashless payment infrastructures expand in developing nations. Convenient features like inventory management, invoicing management, and image scanners are becoming in demand across a range of application categories.
These characteristics are provided by point-of-sale terminal systems as extra advantages to stimulate market demand. The rise of point-of-sale terminals in undeveloped markets is positively impacted by innovation and the development of high-speed networks.
Important conclusions from the market study
- By 2022’s end, the global POS terminal market is anticipated to reach US$ 85 billion.
- Fixed POS terminals currently account for more than 75% of revenue, and until 2032, the market for POS terminal software is expected to triple.
- Through 2032, cloud POS will grow at an astounding 10% CAGR.
- From 2022 to 2032, the retail sector will use 34% of all POS terminals in the United States, with a 7% CAGR during the evaluation period.
- East Asia will rule the world market, bringing in 49% of the revenue.
- China is expected to grow at a 9% CAGR and be an opportune market.
To take advantage of lucrative opportunities in developing nations, front-runners are focusing on capacity improvements and global footprint development. The following are some noteworthy developments:
- Samsung Electronics unveiled Samsung Kiosk in June 2021, an integrated system with contactless ordering and payment features. The Kiosk is currently offered in 12 nations around the world, including the United States, Canada, the United Kingdom, Ireland, France, Sweden, the Netherlands, Belgium, Spain, Austria, Australia, and Singapore. It offers consumers simple installation options and a protective covering.
- Oracle finalized the purchase of GloriaFood in July 2021. Adding a global online ordering system and marketing tools to the Oracle MICROS Simphony Cloud POS platform allows restaurants of all sizes to go digital and serve consumers directly through the web, mobile devices, and apps.
More Beneficial Information
In its most recent study, Fact.MR provides an objective analysis of the market and historical data for the years 2017 through 2021 as well as forecast statistics for the years 2022 through 2032.
The study provides key market insights based on the application (restaurants, hospitality, healthcare, retail, warehouse, entertainment, and others across six regions), deployment (on-premise and cloud), component (hardware, software, mining, and metal fabrication), and product (fixed POS terminal and mobile POS terminal) (North America, Latin America, Europe, East Asia, South Asia & Oceania, and the Middle East & Africa).