According to the POS terminal Market analysis by Future Market Insights (FMI), the demand registered in the market will grow at a CAGR of 9.4% from 2022-2032.
The report also forecasts that the market will surpass a valuation of ~US$ 73.7 Bn by the end of 2022. As per FMI, growing demand for the Near-Field Communication (NFC) technologies has positively increased the demand for POS terminals systems. POS terminal systems have become significant in process of payments and making business tasks automated.
The use of wireless POS terminal devices helps streamlining payment processes and gives staff the flexibility to conduct transactions anywhere. However, challenges involved in the cashless payments include digital literacy, affordable gadgets, low trust in mobile wallets, and fraud risk.
Healthcare, retail, and restaurants, are the primary sectors using POS terminal devices to manage payments easily. Due to the digital transformation, the POS terminal is transforming the market gradually. Moreover, instant receipts, convenience to use, going cashless, fewer chances of transaction failures or cancellations are the major advantages of POS terminal from customer’s standpoint.
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Key Takeaways: POS Terminal Market
- By component, POS terminal devices segment is anticipated to account for the leading share of 61.0% in the global demand for POS terminal in 2032.
- By type, fixed POS segment is expected to dominant the market with the share of 84.3% in 2032 in the global POS terminal market.
- By application, the adoption of POS terminal in healthcare sector is anticipated to grow at a CAGR of 12.7% between 2022 & 2032, while retail segment is currently dominating the market share.
- North America is expected to lead the market followed by Europe in 2022. Asia Pacific is anticipated to emerge as the fastest growing region between 2022 & 2032.
- The market in India is expected to progress at a CAGR of 16.0% through 2032.
- In France, sales are expected to grow at a CAGR of 13.2% over the forecast period.
Adoption of Contactless Payments is Spurring the Growth of POS Terminal Market
Customers can make contactless payments by simply waving their cellphones across payment readers. Making a contactless payment is easier and more convenient in comparison to card payments. As, it is both faster and more secure than PIN technology since it instantaneously delivers encrypted data to the point-of-sale gadget.
Contactless payments are made possible by NFC and EMV technology, which uses radio frequency to allow a smartphone and wireless cards to connect with a payment reader when they are in close proximity. Contactless payments offered by Apple, Samsung, and Google are extremely safe since they are protected against fraud by numerous layers of protection.
Amid the COVID-19 pandemic, users are increasingly opting for contactless payments as notes and cards can spread the virus at the time of shopping. This is further boosting the adoption of contactless payments, which in turn is driving the market growth.
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Security Challenges Posed by POS Systems Hindering the POS Terminal Market Growth
Point-of-Sale (PoS) data breaches by cyber criminals majorly attack to steal customers’ personally identifiable information (PII) such as credit card information, birth dates, government ID numbers, home addresses, medical records, phone numbers, financial information, email addresses, logins, passwords, and other personal information.
Prevention of sensitive and confidential information leak of consumers possess a huge challenge for POS systems, restraining the growth of market.
More Valuable Insights on POS Terminal Market
FMI’s report on the POS terminal industry research is segmented into four major sections – by component (POS terminal devices, POS software, (cloud-based, on-premises,) and services (consulting services, integration & implementation, and support & maintenance)), type (fixed POS and portable/mobile POS), application (restaurants, hospitality, healthcare, retail, warehouse/distribution, entertainment, and others), and region (North America, Europe, Asia Pacific, Middle East and Africa, and South America), to help readers understand and evaluate lucrative opportunities in the POS terminal demand outlook.
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About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.