Global POS Machines Market Size, Share & Growth Analysis - Report Forecast Trends and Outlook (2024-2032)

POS Machines Market Growth

Over the forecast period, the rapid technological advancements are expected to have a positive effect on the expansion of the market. However, the adoption of mobile devices for POS transactions is expected to be a major trend in the coming years, accelerating the POS machines demand growth.

The POS machines market is largely driven by the heightened usage of digital payment methods by customers and companies. As the moving from cash to electronic forms of transactions happens, there is a growing need for advanced POS systems.  Such systems incorporate functionalities such as live analytics, and inventory management, and are connected to multiple payment providers; this drives the market growth.

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Key Trends and Recent Developments

Contactless payments, cloud-based solutions and integration with mobile devices are a few factors shaping the POS machines market dynamics and trends.

April 2024

The company BharatPe, a pioneer in the Fintech industry, have just launched a new smart device which they have given a name of "BharatPe One" that could be used through point-of-sale (PoS) devices, a QR code scanner, and speaker. The device gives a choice of static and dynamic QR codes, tap and pay and credit card swiping options with debit and credit cards, the startup informed in a statement.

Contactless Payments

A significant trend that is opening up POS machines market opportunities is that contactless payments are now gaining traction, which is supported by the preferences of consumers who choose this payment method for speed and hygiene. POS systems now include NFC and QR code capabilities for fast and easy tap-and-go transactions, which reduce the number of physical interactions and speed up the transaction process.

Cloud-Based Solutions

One reason why cloud-based POS systems attract businesses is their ability to scale, provide remote access, and deliver real-time data analytics. The companies apply cloud-based systems, with which they can operate on any point, and because of this, they have an opportunity to update one time only, and that can be done along with other cloud services. Consequently, the market growth is stimulated.

Integration with Mobile Devices

The application of POS systems into more and more devices, e.g. smartphones, tablets, is becoming a key trend of the POS machines market. Mobile POS (mPOS) solutions provide businesses the flexibility and portability to make sales transactions or even manage their equipment on the run, hence operational efficiency and customer service are greatly enhanced.

POS Machines Market Trends

Growing Penetration of IoT and the Advancements in the Payments Industry to Boost the Demand for POS Machines

The growth of the payments industry and the increasing IoT penetration are the major factors driving the growth of the POS machines industry globally. The POS machines industry growth is being supported by the increasing adoption of POS machines across various industries, particularly the retail and consumer goods segment. In developing nations, favourable government initiatives and the growing focus on digitisation are providing enhanced growth opportunities to the market.

Industry Outlook

The Use of Credit Cards Is Increasing the Demand for POS Machines

Point of Sale (POS) machines assist the contact between merchants and individuals, as they allow the merchant to make transactions for accepting payments while recording the particular. Credit card transactions are one of the evolving and preferred payment criteria for leading economies in this world due to their convenience and cashback benefits. Here, the credit card penetration rates as of the year 2023 showed very wide variations between the different countries and territories, reflecting very different consumer behaviours, very different financial infrastructures, and levels of economic development. The world leader for a credit card penetration rate, however, was Canada with an exceptionally high rate of 82.7%, indicating an exceptionally widespread penetration of credit cards as a preferred means of payment in the hands of Canadian consumers. The next high-ranking country was Israel, with a credit card penetration rate of 79.1%, carving out new trends in the POS machines market.

This statistic demonstrates the effectiveness of the integration of credit-debit cards in daily lives in Israel, substantiated by a well-developed financial system and tech-savvy people who are ready to accept increasing digital and cashless transactions. In Switzerland, the penetration of credit cards was high at 69.2%, proving that its financial system is highly developed, and that people there widely use credit cards for their daily operations. South Korea's reported penetration value for the use of credit cards is 68.4%, which reflects that there is a digital superpower with a strong technology-driven economy—great help in the placement of systems that are also cashless. Strong credit card adoption was reflected in both Norway and the United States with the numbers 66.7% and 66.7% for bank card penetration, respectively. For example, in Taiwan, credit card penetration reached 63.8% as a result of fast growth in the market. It is thus likely that the Taiwan market is highly supported by the banking sector in making it possible to adopt credit card practices in the ever more digital-minded population. In the case of the United Kingdom: 62.1% of its population pays on cards, with 93 cards to every 100 people. This figure appears healthy but slightly below the average of advanced economies. Ongoing POS technology innovations enable these transactions to occur both faster and more securely, making them appealing to businesses.

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POS Machines Industry Segmentation

“Global POS Machines Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:

Based on terminal type, the market is divided into:

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

By industry, the POS machines market can be segmented into:

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

On the basis of region, the market can be segmented into:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

POS Machines Market Share

Growing Demand for Mobile POS Machine Terminals to Bolster the Growth of the POS Machines Industry

Based on terminal type, the mobile POS machine terminals segment is expected to lead the global market for POS machines in the forecast period owing to the rising demand for convenient services and real-time analytics features. As per POS machines market analysis, mobile POS machine terminals provide enhanced portability over fixed POS machine terminals, and, thus, are witnessing increased adoption. Meanwhile, the GPS/GPRS POS machine terminals segment is expected to witness a robust growth rate over the forecast period owing to the growing acceptance of technology and the rapid digitalisation across the globe.

Adoption rates within several industries, including retail, hospitality, and healthcare, are high, driving consistent POS machines market development.

• Alternatively, the POS machines used today accept all forms of payment, whether it is through credit cards, mobile wallets, or contactless payment.
• POS systems enable businesses to add value and gather valuable data analytics for inventory management and customer insights.
• POS machines require a high level of investment; thus, POS systems are difficult for small-scale enterprises to implement.

POS machines may have some technical glitches, bringing the systems down, and hence business operations are also hampered in that process.

• POS machines are left vulnerable to cyber-attacks and data breaches despite technological constraints according to POS machines industry analysis. 
• Proper integration of the current systems with the POS machine is custom; hence it can be time-consuming and a bit challenging; thus, the technical personnel must be involved.
• There are very high compliance rates being pressured by international regulation bodies on all POS manufacturers.
• The rapid technological growth may render the older POS obsolete and hence the entrants may have to be much more innovative again to stay within the POS machines market. 
• The general economic change can also hurt investment in unveiling newer POS machines of a different business, hence slowing market growth.

Growth of e-commerce and retail Increases POS Machines Applications.

• Niche promising retail markets can have their business markets affected by the POS machine system's great change.
• The mobility and tablet-based introduction in POS systems would make the entire process easier and convenient to be adopted by the system, more especially by small and medium businesses.
• With the upsurge in e-commerce transactions, POS solutions integrated systems are a necessity to provide solutions for both online and offline transactions, boosting the POS machines industry growth.
• The introduction of specifically designed POS solutions to cater to the industry needs would be the onset of opportunities for the industry.

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POS Machines Market Regional Analysis

The Asia Pacific to Provide Significant Growth Opportunities for the Expansion of the POS Machines Industry

Region-wise, the POS machines industry in Asia Pacific is expected to witness the highest growth rate over the forecast period owing to the growing digitisation in emerging nations like India and China. This is leading to increased internet penetration in the region and a rise in demand for smartphones, which is favouring the growth of the digital payments industry. The availability of affordable smartphones and the presence of a large population in the region are significantly aiding regional industry growth. 

Competitive Landscape

Key players in the global POS machines market are aimed at the continuous development of new features and functionalities regarding cloud integration, AI capabilities, or advanced data analytics will support the position in the market further.

Ingenico Group, founded in 1980 and headquartered in Paris, France, offers different POS solutions for example countertop, mobile, and smart terminals. They are working on increasing secure payment processing and omnichannel capabilities which the machines can be applied to, e.g. the retail and the financial services sectors.

Set up in 2000, and headquartered in Shenzhen, China, PAX Technology Limited provides various POS solutions including traditional countertop terminals, mobile devices, and self-service kiosks enhances their offerings with powerful features such as security, and flexibility to meet the requirements of consumers throughout the world.

Founded in 1989 and headquartered in Paris, France, Aures Group focuses on POS hardware such as touchscreen terminals, kiosks, and mobile solutions. Their leading product curve is for retail, hospitality, and many other areas thus they emphasise innovation and adaptability in point-of-sale technology.

Other key players profiled in the POS machines market report includes Castles Technology Co., Ltd, and Cybernet Manufacturing, Inc., among others.

Competitive Forces- Global POS Machines Industry:

• Continuous development of new features and functionalities regarding cloud integration, AI capabilities, or advanced data analytics will support the position in the market further. 
• High-level security measures should be adopted to ensure the security of sensitive transaction data through encryption and tokenization and to meet PCI DSS standards. 
• Flexible pricing models under a subscription-based service or under a pay-per-use basis resonate with acquiring a more significant number of businesses, especially small- and medium-level enterprises.
• POS systems make life easier for the user, and if the system has interfaces that are user-friendly and intuitive, the learning curve for the employee is shorter, and it will work better, bolstering the POS machines market revenue. 
• The best customer support systems, even with 24/7 technology support, training, and maintenance, would ensure that its customers are retained more strongly.
• It should have the ability to integrate with other business software such as inventory management, CRM, and e-commerce applications.
• This comes as a valuable competitive edge provision by the adoption and development of POS solutions capable of being customised and scaled to meet the needs of any industry and business size. 
• There is increased demand for mobile POS systems and cloud-based solutions to meet needs in point-of-sale applications. 
• Another key area is that the companies engage in compliance with international standards and local regulations and thus aiding the POS machines industry revenue.