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Point of Sale (POS) Terminal Market Trends

Report ID: GMI390
Published Date: Jun 2024
Report Format: PDF

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Point of Sale Terminal Market Trends

The increasing penetration of cloud-based POS systems and government initiatives promoting digital payments are propelling the POS terminal industry forward. Cloud-based systems offer scalability, real-time data access, and cost-effectiveness, attracting businesses of all sizes. Besides, government efforts to encourage cashless transactions boost the adoption of digital payment solutions. Together, these trends enhance the efficiency and appeal of POS terminals, accelerating market growth and transforming payment landscapes. For instance, in June 2023, Payabl revealed its most recent innovation—a specialized point-of-sale (POS) solution crafted to enhance the advancement of European merchants' businesses.

Authors: Preeti Wadhwani, Aishvarya Ambekar

Frequently Asked Questions (FAQ) :

The market size of point of sale (POS) terminal reached USD 110.9 billion in 2023 and is set to witness 7.5% CAGR from 2024 to 2032, owing to the continuous innovations in POS technology and the rise in contactless payments.

The fixed product segment in the point of sale (POS) terminal industry held over 60% share in 2023, as these offer robust features, such as integrated payment processing, inventory management, and customer analytics crucial for business operations.

The hardware component segment in the POS terminal market size dominated around USD 90 billion in revenue in 2023, due to its essential role in transaction processing and data security.

Asia Pacific market accounted for 30% share in 2023, led by the rapid technological adoption and burgeoning retail sectors in the region.