The COVID-19 epidemic caused a decline in overall market growth due to disruptions in the supply chain and a loss of end-user income, but it also highlighted the need for mobile point-of-sale (POS) terminals that accept contactless payment. The rising desire for cashless and contactless payments has aided in product uptake. In addition, the need for inventory tracking, online and in-store sale integration, and employee and customer management has increased the demand for digitization. The digital revolution in the retail, healthcare, hospitality, and other industries has led to the use of the product to record business actions and enable cashless payment. In the years to come, the worldwide POS terminal market's growth is projected to be supported by digitalization in a number of industries. The market's growth has been accelerated by the rise in popularity of smartphones, which has increased demand for portable POS systems.
The point of sale (POS) terminals market has garnered a market value of US$ 85 Bn in 2022, expected to register a positive CAGR of 7.8% during the forecast period 2022-2032 and grasp a value of US$ 180.13 Bn.
Post Impact of COVID-19
The ongoing COVID-19 (coronavirus) pandemic has made touchless payments indispensable. Companies in the point-of-sale (POS) terminal market are tapping into incremental opportunities by boosting the availability of POS devices as the trend of digital payments is on the rise in India. More people are becoming aware of the importance of routinely disinfecting point-of-sale terminals to stop the coronavirus from spreading. To take payments of lower amounts with the least amount of physical contact, retail shop owners are implementing POS systems with NFC (Near Field Communication) capabilities.
The total number of point-of-sale terminals installed by merchant acquiring banks has surpassed by several million devices. Manufacturers of point-of-sale (POS) terminals are taking advantage of this development to integrate cutting-edge payment methods into their products.
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