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POS Machines Market

Market Study on Point-of-Sale (POS) Machines: Incorporation of Advanced Security Standards in Terminals Trending the Global Market

POS Machines Market by POS Terminal Type (Fixed POS Terminals, Mobile POS Terminals, Pocket POS Terminals, POS GPS/GPRS)

Point of Sale (POS) Machines Market Outlook (2023 to 2033)

As of 2022, Demand for the Point of Sale (POS) Machines Market is estimated at US$ 18,221.3 Million and is forecasted to sales of US$ 49,365.2 Million by the end of 2033. The market is estimated to be US$ 19,679.0 Million by 2023, and is anticipated to progress at a CAGR of 9.6% from 2023 to 2033.

A Point of Sale (POS) machine is a computerized device used by businesses to process transactions at the point of sale, where customers make payments for goods and services. POS machines are typically comprised of a combination of hardware and software components, including a computer or tablet, a card reader, a cash register, and a barcode scanner, among other peripherals.

The purpose of a POS machine is to streamline the checkout process and improve the accuracy and efficiency of transactions. They can also facilitate inventory management, as businesses can track their stock levels and monitor sales in real-time. This information can be used to make informed purchasing decisions, optimize pricing strategies, and improve the overall customer experience.

POS machines can be used by a wide range of businesses, including retail stores, restaurants, and other service-based businesses. They are often integrated with other business management tools, such as accounting software and customer relationship management systems, to create a comprehensive business management solution.

In recent years, the rise of mobile and cloud-based POS systems has made these tools more accessible and affordable to smaller businesses. As technology continues to advance, we can expect to see further improvements and advancements in POS systems, making them even more powerful and useful tools for businesses of all sizes.

In 2022, the market was dominated with North America with a market share of 25.6% and it was followed by the market share of Europe of 23.1%.

Point of Sale (POS) Machines Market Size (2022)

US$ 18,221.3 Million

Projected Market Value (2033)

US$ 49,365.2 Million

Global Market Growth Rate (2023 to 2033)

9.6%

Mobile POS Terminals Market Share (2022)

28.4%

United States Market Share (2022)

13.4%

Retail & Consumer Goods Growth Rate (2023 to 2033)

11.2%

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What are the Major Factors Driving the Point of Sale (POS) Machines Market?

“Government Initiatives in Financial Inclusion Programs and Cashless Policies”

Many governments have launched financial inclusion programs such as the Indian government’s “Digital India” with one of the targets aimed at increasing access to financial services and promoting the use of digital payments, including the deployment of POS machines aimed at providing access to banking and financial services to people who have been excluded from the formal banking system. POS machines are an important tool for these programs, as they enable people to make electronic payments and access financial services even in areas where there are no banks or ATMs.

Governments also introduced policies aimed at reducing the use of physical cash in the economy. These policies are designed to promote transparency, reduce the incidence of tax evasion, and improve financial security. POS machines are a key component of these policies, as they enable businesses to accept electronic payments and reduce their reliance on cash.

  • In September 2022, Paris Retail Week 2022 featured a portfolio of SmartPOS and conventional payment devices from Newland Payment Technology, a top supplier of payment terminal solutions. The business therefore shown its dedication to promoting innovation. In order to ensure that these terminals can be validated against all regional payment standards, Newland is bringing its high-performance Android SmartPOS series to the French market.
  • In August 2022, GK Software will continue to collaborate with the Schwarz Group to migrate its point-of-sale application to the Cloud4retaiL open platform. One of Europe's largest point-of-sale (POS) installations for the food retail industry will utilise this new platform.
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Which Factor is boosting the United States Point of Sale (POS) Machines Market?

“Rising Demand for POS Machines for Quick Payment Process”

POS machines have revolutionized the way businesses conduct transactions, and they offer numerous benefits to both merchants and consumers. They provide a faster and more efficient payment process. With these machines, merchants can quickly process payments, which helps to reduce the time customers spend waiting in line. Moreover, these machines allow for a variety of payment options, including credit and debit cards, mobile payments, and even cryptocurrencies, which further enhances convenience for customers.

This process will help merchants track sales and inventory. With these machines, businesses can easily monitor their sales trends and track inventory levels, which can help them make informed decisions about restocking and pricing. This can help businesses save money by reducing waste and avoiding stock outs. Generally, the widespread adoption of POS machines in the US has helped to boost efficiency, convenience, and security in the payment process, making it easier for businesses and consumers alike to conduct transactions.

Due to these reasons, in 2022, the United States point of sale (POS) machines market companies helped the country to account for a dominant share of 13.4% in the global marketplace.

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Why China is Creating Lucrative Growth for Point of Sale (POS) Machines Market?

“Rapid Transition towards Digitalization in POS Machines”

China has been rapidly transitioning towards digitalization in point-of-sale (POS) machines in recent years. The country's government has been promoting digital payments and mobile payments, as well as encouraging businesses to adopt new payment technologies. This has led to an increase in the use of digital POS machines, which enable businesses to accept digital payments from customers.

In addition, the COVID-19 pandemic has accelerated the adoption of digital payments in China, as people have become more reluctant to handle cash due to hygiene concerns. This has further boosted the use of POS machines that support contactless payments, such as QR codes and NFC (near-field communication) technology.

China's large population and growing middle class, along with the government's push towards a cashless society, have also contributed to the widespread adoption of digital POS machines. Also, China continues to invest in digital infrastructure and innovation, and consumers increasingly prefer the convenience and security of digital payments.

The CAGR of China for point of sale (POS) machines’ markets is predicted to be around 8.6%.

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Why is the Opportunity fir Point of Sales (POS) Machines Market Increasing in India?

“Rising Adoption of Advanced Technologies in POS Machines”

The government's push towards a digital economy and the increasing use of debit and credit cards for transactions, POS machines have become an essential tool for businesses of all sizes. One of the most significant advances in POS technology is the adoption of near-field communication (NFC) technology.

NFC allows customers to make payments by simply tapping their card or mobile phone on the POS machine, making the transaction faster and more convenient. India's largest payment provider, the National Payments Corporation of India (NPCI), has introduced its own UPI (Unified Payments Interface) system, which enables contactless payments and has been rapidly adopted by merchants across the country.

The adoption of advanced technologies in POS machines has had a significant impact on India's economy, making transactions faster and more convenient for both merchants and customers. With the increasing use of digital payments in the country, it is likely that POS technology will continue to evolve and improve, providing even more benefits to businesses and consumers.

The recent development involving the Indian and Singapore governments that allowed the integration of the UPI with the online cashless transaction software Pay Now, which is based in Singapore, will encourage cross-nation transactions and further help the POS market grow.

Due to this reason, the point of sale (POS) machines market for the India in 2022 held a market share of 7.2% in the global point of sale (POS) machines market.

Category-wise Insights

Which POS Terminal Type Holds the Largest Market Share in POS Machines Market?

“Mobile POS Terminals Segment Have the Larger Market Share”

These devices are compact, lightweight, and offer a high degree of mobility, making them ideal for businesses that require a flexible and versatile point-of-sale solution. Mobile POS terminals are commonly used in a variety of industries, including retail, hospitality, and transportation. They are often used in restaurants, cafes, and food trucks, where staff can take orders and process payments directly at the customer's table.

It has ability to accept a variety of payment methods, including credit and debit cards, mobile wallets, and contactless payments. They also often come equipped with additional features such as inventory management, customer relationship management, and analytics, which can help businesses optimize their operations and improve their bottom line.

Overall, the increasing demand for mobile POS terminals is being driven by the growing trend of mobile payments and the need for businesses to offer a seamless and convenient checkout experience to their customers.

In 2022 the, mobile POS terminal share was estimated to dominate the global market and account for 28.4% of the total market value share.

Why the Adoption of POS Machines in Retail & Consumer Goods Segment?

“Growing Demand for Digital Payments along with the need for Automation in Retail Operations”

Retail businesses are increasingly adopting POS machines to streamline their operations and reduce manual errors. These machines help to automate processes such as inventory management, sales tracking, and customer data management. This allows retailers to save time and resources, reduce costs, and improve their overall operational efficiency.

As retailers need to offer a variety of payment options to remain competitive. POS machines enable retailers to accept a wide range of payment methods such as credit cards, debit cards, digital wallets, and contactless payments.

With the rising competition in the retail space, businesses are seeking ways to differentiate themselves by providing a seamless and personalized shopping experience. POS machines can help retailers to achieve this by providing insights into customer behaviours, preferences, and purchase history. This enables businesses to offer tailored recommendations, promotions, and loyalty programs, which can help to increase customer loyalty and retention.

The adoption of POS machines in the retail and consumer goods industry is expected to grow at a high CAGR for more than 11.2% over the forecast period.

Competitive Landscape

Companies invest in research and development to create new and improved point of sale (POS) machines technologies. Companies may offer a wide range of point of sale (POS) machines products to cater to different applications and industries.

Companies may focus on building strong brand recognition and promoting their products through various marketing channels. Companies may strive to reduce costs and increase efficiency in order to offer competitively priced products.

  • In March 2022, BharatPe and Ingenico S.A. had announced partnership. The goal of this agreement was to provide Indian retailers with cutting-edge payment and commerce services while also promoting the use of POS devices in India.
  • In April 2022, A Quick-Service Restaurant solution was released by Toast Inc. The Point of Sale (PoS), digital ordering, operations, and team management components of restaurant operations will all be aided by this system. Additionally, this will help restaurants expedite procedures, boost sales, and offer distinctive client experiences.

Recent developments related to key players providing the point of sale (POS) machines market have been tracked by the analysts at Persistence Market Research, which will be accessible in the full report.

Point of Sale (POS) Machines Market Report Scope

Attribute

Details

Forecast Period

2023 to 2033

Historical Data Available for

2018 to 2022

Market Analysis

US$ Million for Value

Key Regions Covered

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia & Pacific
  • Middle East and Africa (MEA)

Key Countries Covered

  • United States
  • Canada
  • Brazil
  • Mexico
  • Germany
  • United Kingdom
  • France
  • Spain
  • Italy
  • China
  • Japan
  • South Korea
  • India
  • Indonesia
  • Malaysia
  • Singapore
  • Australia
  • New Zealand
  • Turkey
  • South Africa
  • GCC Countries

Key Market Segments Covered

  • POS Terminal Type
  • Industry
  • Region

Key Companies Profiled

  • Verifone
  • Ingenico Group
  • PAX Technology Ltd
  • Shenzhen Xin Ltd.
  • SZZT Electronics
  • BBPOS Limited
  • Fujian Centerm Information Ltd
  • Fujian Newlan Co., Ltd
  • New POS Technology Ltd
  • Cybernet Manufacturing Ltd
  • Castles Technology Co Ltd
  • Shenzhen Ejet Technology Co Ltd
  • Aures Group
  • Posiflex Technology Inc

Companies Offering Display Panel in POS Machines

Pricing

Available upon Request

Key Segments of Point of Sale (POS) Machines Market Research

By POS Terminal Type:

  • Fixed POS Terminals
  • Mobile POS Terminals
  • Pocket POS Terminals
  • POS GPS / GPRS

By End User:

  • Retail & Consumer Goods
  • Travel & Hospitality
  • BFSI
  • Media & Entertainment
  • Manufacturing
  • Healthcare
  • Others

By Region:

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia & Pacific
  • Middle East and Africa (MEA)

- Companies Covered in This Report -

  • Verifone
  • Ingenico Group
  • PAX Technologies Ltd
  • Shenzhen Xin Ltd.
  • SZZT Electronics
  • BBPOS Limited
  • Fujian Centerm Information Ltd
  • Fujian Newlan Co., Ltd
  • New POS Technology Ltd
  • Cybernet Manufacturing Ltd
  • Castles Technology Co Ltd
  • Shenzhen Ejet Technology Co Ltd
  • Aures Group
  • Posiflex Technology Inc
  • Mitsubishi electric corporation
  • Phoenix display international inc
  • Boe varitro ltd
  • Toshiba corporation
  • Sharp corporation

- Frequently Asked Questions -

In 2022, demand for the point of sale (POS) machines market amounted to US$ 18,221.3 Mn.

The global point of sale (POS) machines market is estimated to grow at a CAGR of 9.6% over the forecast period.

The market for Point of Sale (POS) Machines Market is forecasted to have a market value of US$ 49,365.2 Mn by 2033.

Demand for the point of sale (POS) machines market in India is projected to rise at 10.2% CAGR over the forecast period.

In 2022, North America point of sale (POS) machines market held a dominant market share of 25.6%.

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