Point of Sale (POS) Terminals Market Size By Product (Mobile, Fixed), By Component (Hardware, Software, Service), By Technology (Biometric, Traditional), By Operating System (Windows, Linux, MAC), By Application (Restaurants, Hospitality, Healthcare, Retail, Warehouse/Distribution, Entertainment), COVID19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2021 - 2027
The POS terminals market is expected to witness substantial growth by 2027 due to the surging prominence of digital transactions across numerous industry verticals.
After the COVID-19 outbreak, in-person transactions posed a major threat of exposure to the virus, which pushed businesses to extend their digital offerings and consumers to increasingly opt for online payments.
As a result, surging digital activity has augmented the volume of digital payments. This is expected to accelerate the demand for POS terminals considerably through the assessment period, thereby fostering industry outlook by 2027.
The POS terminals market has been segmented based on product, component, OS, technology, application, and region.
In terms of product, the POS terminals market has been categorized into fixed and mobile.
The mobile sub-segment is estimated to see considerable growth by 2027, expanding at a sizable CAGR through the coming years. The emergence of mobile wallet technology is expected to drive the adoption of mobile POS terminals among several business verticals in the future.
Based on component, the market has been divided into hardware, software, and service. The service component sub-segment is projected to witness steady growth in the coming years.
The need for efficient operations of POS terminals is anticipated to drive the demand for maintenance & support services, thereby boosting segmental growth by 2027.
From the OS perspective, the POS terminals market has been bifurcated into Windows, Linux, and MAC. The MAC OS sub-segment is speculated to observe significant growth at a notable CAGR through the forecast timeframe.
MAC OS is more secure and stable than Windows, which is expected to fuel its adoption in POS terminals. This is expected to propel industry expansion immensely between 2021 and 2027.
In terms of technology, the market has been divided into traditional and biometric. The POS terminals market valuation in the biometric technology sub-segment is anticipated to grow substantially over the study timeframe.
Enhanced security need when performing payment transactions is expected to drive the demand for biometric technology in POS terminals, thereby fostering business expansion through 2027.
Based on application, the market has further been segmented into restaurants, hospitality, healthcare, retail, warehouse/distribution, and entertainment.
The hospitality sub-segment is expected to observe extensive growth by the end of the forecast period.
Increasing focus on improving customer service and making payment transactions more convenient is estimated to drive the adoption of POS terminals in the hospitality sector, thus, impelling segmental growth over the assessment period.
In the regional landscape, the MEA market is expected to witness sizable growth in the coming years owing to the increasing prevalence of digital transactions across the region.
Rising need to embrace digital payments and reduce the frequency of cash transactions are likely to positively influence the POS terminals market expansion in the MEA region.
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