Market Size of Mexico POS Terminals Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 1.57 Billion |
| Market Size (2029) | USD 2.49 Billion |
| CAGR (2024 - 2029) | 9.69 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Mexico POS Terminals Market Analysis
The Mexico POS Terminals Market size is estimated at USD 1.57 billion in 2024, and is expected to reach USD 2.49 billion by 2029, growing at a CAGR of 9.69% during the forecast period (2024-2029).
POS terminal systems have changed from transaction-oriented terminals and devices to systems that can interact with the company's CRM and other financial solutions. With the assistance of this innovation, end users can now better manage their revenue streams and inventory due to business information.
- The main benefits of POS systems include lower maintenance costs, precise transactions, and real-time inventories. Due to the practical advantages of modern POS systems, businesses have switched from using old billing software to POS systems, guaranteeing the expansion of POS systems. The study tracks the fixed and mobile POS terminals used in different industries, such as retail, hospitality, healthcare, and others.
- The Mexican POS terminals market is expanding fastest in retail. Several retailers in Mexico are switching to straightforward transactions to prevent long waiting lines and transaction delays. To provide individualized, interactive, and distinctive customer experiences, merchants are now combining the POS system with inventory, merchandising, marketing, and Customer Relationship Management (CRM) data. The POS's consumer mapping application has also seen increased use due to the increasing focus on consumer behavior.
- According to the National Institute of Statistics and Geography (INEGI), consumer spending in Mexico rose by 1.5 percent quarter-over-quarter to MXN 12.76 trillion (USD 655.9 billion) in the second quarter of 2022. The rise in consumer spending directly impacted the demand for POS terminals as a means of an easy payment option. Furthermore, the growth in e-commerce and the entangling of brick-and-mortar and online retail practices are also expected to affect the future growth of POS terminals. With the option of payment on delivery provided by major e-commerce platforms in the region, a sudden surge in the adoption of mobile POS terminals has been recognized.
- Due to using critical information, security concerns have become a challenge to the market's growth. POS terminals are connected to the internet and network, making them vulnerable to attacks to gain access and manipulate it like any other insecure machine. Attackers could access unencrypted card data, including PIN and Track2 information, providing all the information required to steal and clone payment cards.
- The COVID-19 pandemic led to a rise in home delivery and digital payments. This was expected to accelerate the growth of the point-of-sale terminal market. Many businesses in Mexico shifted away from cash management and focusing on flexible omnichannel retail models and long-term fulfillment to drive sales, which was to increase the use of POS terminals even more. A lack of swipe machines to process digital payments at retail establishments was caused by supply chain concerns, which was expected to temporarily restrict growth.
