ALBANY, N.Y, Nov. 24, 2020 /PRNewswire/ -- The rapidly evolving digital environment has led to a tremendous demand for cashless payments across the globe. Hence, the rising trend of online or cashless payments may serve as a prominent growth generator for the POS terminal market through the forecast period of 2020-2030.
The advancements across POS terminals have brought expansive growth prospects. Along with physical stores, POS terminals also enable safe and secure e-commerce payments. The escalating adoption of contactless payments due to the heightening threat of the novel coronavirus transmission has led the small business players to take this step. Hence, the POS terminal market may observe handsome gains on this aspect.
The researchers at Transparency Market Research (TMR), after the overall scrutiny of the POS terminal market, expect the global POS terminal market to expand at a CAGR of ~11 percent during the assessment period of 2020-2030. The global POS terminal market is extrapolated to reach US$ 184.2 bn by 2030.
The fast-paced lifestyle across the globe and the ease of payment that POS terminals provide prove to be significant factors of growth. Furthermore, the adoption of cloud technology will invite massive growth prospects for innovation in the POS terminal market, thus increasing the demand from business owners. POS terminals also leverage on the data of the customers and help to create a great customer -business bond.
The analysts highlight the various aspects leading to an exponential growth of the global POS terminal market. One of the prominent aspects is the effort to improve the virtual shopping experience of customers by offering them giant touchscreen devices for the selection of items.
The analysts further advise the players in the POS terminal market to spread awareness about ENERGY STAR* ratings for POS equipment as specified by the EPA and the U.S. Department of Energy.
Explore 205 pages of superlative research, current market scenario, and extensive geographical projections. Gain insights into the Point-of-Sale (POS) Terminal Market (Component: POS Terminal Devices, POS Software, and Services; Device Type: Fixed POS and Portable/Mobile POS; and Application: Restaurants, Hospitality, Healthcare, Retail, Warehouse/Distribution, Entertainment, and Others) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020-2030 at https://www.transparencymarketresearch.com/point-of-sale-terminals-market-2018-2026.html
POS Terminal Market: Key Revelations
On the basis of component, the POS terminal devices segment is expected to account for a notable share across the assessment period of 2020-2030
The fixed POS segment is extrapolated to dominate the POS terminal market in terms of device type
Portable/mobile POS is prognosticated to be the fastest-growing segment in the context of device type
North America accounted for 34.6 percent market share in 2019
The POS terminal market in North America is expected to account for a CAGR of 11.5 percent through the assessment period of 2020-2030
Analyze global Point-Of-Sale (POS) Terminal market growth in 30+ countries including US, Canada, Germany, United Kingdom, France, Italy, Russia, Poland, Benelux, Nordic, China, Japan, India, and South Korea. Request a sample of the study
POS Terminal Market: Growth Accelerators
The integration of technologies like artificial intelligence (AI) and others may serve as robust growth pillars for the POS terminal market.
The overwhelming demand for mobile POS (mPOS) terminals may bring great growth opportunities for the POS terminal market
POS terminals offer higher durability and reliability as compared to traditional POS systems, thus bringing tremendous growth prospects
POS Terminal Market: Vital Challenges
POS terminals handle sensitive data and are always in danger of security breaches. Small businesses often connect the POS terminals with cellular data connections while larger businesses connect their systems through internal networks. This aspect may result in the loss of vital customer information, thus hindering the growth of the POS terminal market.
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