Point Of Sale Terminals Market Size, Share, Growth Analysis, By Product Type(Fixed POS terminals and Wireless mobile POS), By Component(Hardware and Software), By Region - Industry Forecast 2024-2031

On the basis of region, global point of sale terminals market is divided into North America, Europe, Asia Pacific, Latin America, and MEA. Asia Pacific dominated the global market. Rising wages and rising living standards have boosted the retail industry in emerging markets such as India and China, driving retail POS demand. Government measures in this sector are designed to promote a cashless economy and increase demand for POS terminals. Low penetration and demand for mobile POS terminals will create significant growth in emerging Asia Pacific countries such as the Philippines, India, Vietnam, Thailand, and Singapore.

North America will be the second largest regional market with a significant growth rate during the forecast period. The number of demanding payment technologies such as contactless payments and NFC have increased product demand in the region. Also, the United States has a large number of large retail brand stores such as Wal-Mart, Costco Wholesale Corporation, and Target. Every day, Kroger Company and Home Depot need POS terminals to manage billing, payments, employee duties, and inventory. Additionally, post-Covid-19, the US government is advising the use of contactless payment methods to prevent the spread of the virus. However, the overall expansion of the sector market was hampered by the pandemic-induced slowdown in the retail and other services sectors.