Market Size of North America POS Terminal Industry
|Study Period||2018 - 2028|
|Base Year For Estimation||2022|
|Forecast Data Period||2023 - 2028|
|Historical Data Period||2018 - 2021|
*Disclaimer: Major Players sorted in no particular order
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North America POS Terminal Market Analysis
The North America POS Terminal market is expected to register a CAGR of 7.56% from 2022-2027. A point-of-sale (POS) terminal is a hardware system for processing card payments at retail locations. Software to read magnetic strips of credit and debit cards is embedded in the hardware. Some of the primary factors driving the growth of this market in the region are the rise of E-commerce, the prevalence of mobile devices, open banking, and digital currency.
- POS terminals are being used extensively for accepting cashless payments and have become a commodity in recent years due to their ease of use and improved return on investment. With the rapid adoption of a cashless society in North America, the adoption of payment terminals is expected to increase significantly in the future.
- POS terminal systems have evolved from being transaction-oriented terminals/devices to systems that can integrate with the company's CRM and other financial solutions. This evolution has empowered end-users with business intelligence to better manage their revenue streams and inventory. Lower maintenance costs, accurate transactions, and real-time inventory are key advantages of POS systems. With the functional benefits that the advanced POS systems offer, companies have replaced their traditional billing software with POS systems, thus, securing the growth of the POS system market.
- The support from the government in the region for electronic payments is also pushing the growth of POS terminals. In May 2021, Moneris Solutions Corporation announced the launch of new accessibility features in electronic payment terminals developed in partnership with CNIB and the Government of Canada.
- The countries in the region are witnessing significant innovation in the studied market. For instance, in June 2021, Paypal announced PayPal Zettle for small businesses in the U.S., a digital POS solution designed to help small businesses manage sales, inventory, reporting, and payments across all channels and in one place. The new POS offering will also allow merchants to accept QR codes, debit cards, credit cards, and popular digital wallets.
- The COVID-19 pandemic has positively impacted the market demand for contactless POS terminals. Stringent government guidelines and customer awareness to control the spread of the virus through cash handling have driven the market growth in North America.