by The global point-of-sale (POS) terminals market is experiencing unprecedented growth, fueled by the surging prevalence of cashless payments across various industry verticals. According to recent research, global cashless payment volumes are projected to surge by more than 80% from 2020 to 2025, reaching nearly 1.9 trillion transactions, with a tripling expected by 2030. Leading this surge is the Asia Pacific region, where cashless transactions are set to increase by 109% until 2025 and a further 76% from 2025 to 2030. Africa and Europe are not far behind, with growth rates of 78% and 64%, respectively. Latin America follows closely at 52%, while the United States and Canada lag behind at 43% and 35%.
The POS terminals market is poised for robust growth during this period, driven by the advantages of digitalization, including traceability, security, and tractability. Advancements in internet connectivity, particularly the adoption of 5G, are expected to accelerate the expansion of POS terminals, with mobile POS terminals predicted to witness rapid growth in the coming years. Manufacturers are gaining a competitive edge by integrating POS systems with inventory management, merchandising, marketing, and customer relationship management, all propelled by the widespread adoption of digital payments.
Fixed POS Terminals Lead the Way
The fixed POS terminals segment is anticipated to be the fastest-growing within the POS terminals market during the forecast period. Large-scale sellers favor fixed POS terminals due to lower installation costs and higher procurement expenses. Moreover, end-users concerned about cloud data storage opt for fixed POS terminals to keep data on-premises. This segments growth is further propelled by the demand for enhanced customer experiences in the retail sector, particularly through the deployment of fixed POS terminals as self-checkout systems. Fixed POS terminals currently account for more than three-quarters of the overall market value.
Asia Pacific Spearheads Technological Adoption
Asia Pacific is the epicenter of POS terminal usage and is set to experience the fastest growth throughout the forecast period. The regions voracious appetite for technological innovation is driving POS terminal market expansion. Notably, digital and mobile wallets are projected to constitute over 40% of point-of-sale payments in the Asia Pacific region by 2020, as reported by Worldpay. Card payments (debit and credit) come in second, accounting for 33.6% of all payments, while cash takes the third spot at 19.2%. The widespread acceptance of cashless payments across various countries in the region is creating new business opportunities. Additionally, the use of debit and credit cards in point-of-sale transactions is on the rise. Singapore, in particular, boasts the highest adoption rate of cashless payments at 98%, followed by Malaysia (96%), Indonesia (93%), Vietnam (89%), the Philippines (89%), and Thailand (89%).
Innovative partnerships and investments by vendors are propelling the POS terminal industry forward in the region. Initiatives like SMS Pay technology by Worldline and Yes Bank, as well as software-based contactless payments solutions by MYPINPAD and SPECTRA Technologies, are enhancing the customer experience for small and micro-merchants. Furthermore, the expanding e-commerce sector in Asia Pacific is creating new avenues for the POS terminals industry, with online shoppers outpacing their offline counterparts.
Competitive Landscape
Key players in the POS terminals market include Adyen, AURES Group, Bematech SA, Castles Technology Co. Ltd, Samsung Electronics, Diebold Nixdorf, Fujian Newland Payment Technology Co., Ltd., NEC Corporation, New POS Technology Limited, Panasonic Corporation, NCR Corporation, PAX Technology, Posiflex Technology, PAR Technology Corporation, Toshiba Corporation, and Touch Dynamic Inc.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) https://www.fairfieldmarketresearch.com/report/pos-terminals-market
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COMTEX_441975070/2840/2023-10-16T11:52:19
Julian Lopez is professor emeritus of finance, served as the founding academic affairs dean and founding chair of the finance department.
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