Market Size of China POS Terminals Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 5.23 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
China POS Terminals Market Analysis
China's POS Terminals Market is expected to grow at a CAGR of 5.23% over the next five years. The POS terminal market witnessed significant growth over the past few years, owing to its ability to offer an increased return on investment (ROI) and ease of access. POS terminal systems facilitating transactions from the central component of businesses across industries, like retail, hospitality, transportation, and banking, have gained importance in small and big-sized companies over the years.
- Evolving consumer preferences, technological advancements, and government payment regulations have been changing dramatically. With individual goods taking the lead in transforming the China payment landscape, China is keeping up with these developments and driving growth in the POS terminals market.
- QR code payment is impacting the terminal-based payment market and is hard to overturn in the short term. The financial payment POS terminal industry still maintains healthy growth.
- However, artificial intelligence (AI), machine learning (ML), cloud technologies integration in POS terminals for fraud detection and prevention, integrated customer loyalty programs, and dematerialization of cards are driving this market. For Instance, Ingenico partnered with Ant Group, allowing acquirers and payment service providers to implement Alipay+ seamlessly across their merchant networks using Ingenico's PPaaS (Payments Platform as a Service) cloud-based solution.
- Data security concerns, high maintenance costs, and checkout-free offline retail models will be significant challenges for the POS terminals market. Biometrics and facial recognization systems will bring new growth opportunities to the market.
- Further, the COVID-19 pandemic significantly transformed how consumers shop, affecting several market verticals. The retail sector witnessed a drastic change due to the COVID-19 pandemic. Consumers have also increased their use of various sales methods, such as curbside pickup, virtual consultations, contactless payment, and even social commerce, i.e., shopping through social media. Such trends will drive the demand for POS terminals across the Country.
