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

Global Point Of Sale Terminals Market size was valued at USD 94.40 billion in 2022 and is poised to grow from USD 101.95 billion in 2023 to USD 188.71 billion by 2031, growing at a CAGR of 8% during the forecast period (2024-2031).

The POS terminal is a digital electronic device operated through the integration of software and hardware that allows retail outlets to receive card payments without any use of their cash registers to directly read the cards. Point-of-sale terminals refer to electronic devices used for processing card payments, managing inventory, printing invoices, and implementing loyalty programs in various end-use verticals such as restaurants, hospitality, healthcare, retail, warehouse/distribution, and entertainment. The cost of implementing POS terminals differs depending on the organization's size and the suppliers' conditions. Small retailers or merchants do not necessarily have to pay rent to operate POS devices and customers do not have to pay additional fees for using the service POS terminal.

The wired POS terminal is very convenient to use. POS terminals accept all types of cards, including debit and credit cards connected to various payment methods such as magnetic stripe cards, chip cards, and contactless cards. The wireless POS terminal is widely used in hotels, hospitality, retail outlets, small vendors, and many more. The wireless POS terminal mainly uses 3G technology to connect to the network for online transactions. The cost of implementing POS terminals varies depending on the organization's size and the vendors' terms. Customers may not have to pay any additional fees to use the POS terminal service, however, smaller stores or merchants may have to pay rent to operate the POS terminals.

The growing trend of contactless payments and the growing penetration of near-field communication devices across various industry verticals will drive the demand for the POS terminal market. Several countries are turning to cashless transactions to implement fast, easy and secure payment methods. The technology will help retail and hospitality customers implement simple, safe, and secure payment methods into their operations. Additionally, increasing R&D investments and developing advanced payment solutions by manufacturers will increase the demand for the POS terminals market. Payment companies develop innovative solutions for specific industrial purposes to increase profitability. The devices will enable retailers to efficiently manage their store's inventory and business operations, resulting in increased market growth. However, rising cyber threats and rising security concerns are expected to hamper the POS terminal market.

US Point Of Sale Terminals Market is poised to grow at a sustainable CAGR for the next forecast year.