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The global point-of-sale (POS) terminals market is anticipated to expand by USD 181.4 billion by 2030, exhibiting a CAGR of 8.5%. The major factor driving the market growth pertains to the onset of the COVID-19 pandemic in 2020 which catered to the loss of end-use revenue and supply chain disruptions. As a result, several industries have shifted towards contactless and cashless payment modes owing to the severe spread of the virus. Based on this, the mobile POS (mPOS) system has received a wider acceptance in the customers for contactless payment service.
The demand for POS terminals owing to wireless technologies for communication that facilitates payments for services and products and streamline processes starting from rental cars to restaurants. Additionally, sectors like retail and hospitality have implemented POS terminals for operational activities like tracking sales, accounting, and inventory management. For instance, restaurant owners, food services, and bars significantly rely on POS terminals to track and maintain sales, operations, inventory, and products.
One of the prominent factors influencing the growth of the market is the rapid adoption of POS terminals by organizations to connect modern drive-thru to constitute a suitable order placement and delivery process. For instance, brands like Starbucks, Panera, and Chipotle have made drive-thru addition in various locations with the benefit of improved customer experience and increased convenience. Therefore, all these factors are likely to boost the industry’s growth during the forecast period.
In terms of segment, the industry has witnessed the demand for mPOS owing to the benefit of payments from any part of stores by consumers. Restaurants have increasingly implemented this service because it is easier in making payments during business peak hours, resulting in the absence of loss of sales and improved customer satisfaction. For instance, in China, restaurants have already initiated the use of mPOS systems like tablets, and digital kiosks for the purpose to display menus and successfully place orders. This assists restaurants to increase customer experience and improve operational efficiency which is likely to boost the industry’s growth.
Region-wise, the Asia Pacific is expected to have the highest demand for POS terminals during the forecast period. The inclusion of the government caters to strategy for the development of a cashless economy. For instance, India, China, and Japan have observed a rise in digital payment technologies that have created various opportunities for regional growth. Additionally, other Asia countries have revived their businesses with the use of POS terminals, which thereby contributes to the growth of the POS terminals industry.
Market players are continuously on the verge to research and develop the latest technologies to manufacture products with the aim to compete in the market. In 2021, Presto launched a new platform, Presto Flex with an aim to develop flexible platform with customized tablet design especially, for the hospitality industry with facilities such as staff handling, pay-at-table, and payment process through QR code.
Research Support Specialist, USA