Market Size of South Korea POS Terminals Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 6.23 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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South Korea POS Terminals Market Analysis
The South Korea POS Terminal market is expected to register at a CAGR of 6.23% during the forecast period of 2022-2027. The POS terminal market will grow significantly owing to its ability to offer better purchasing and supplier order management, simple invoicing, quick payments, better customer management, and ease of access.
- Improvement in POS hardware and software solutions and the introduction of smart POS for retailers and merchants' fast-changing mobile usage patterns are expected to propel the demand for POS in South Korea. Additionally, previous POS systems were focused only on payment and sales management. In contrast, the existing POS system considers various in-store conditions such as mobile payment, different FinTech, remote order and payment systems, and Beacon.
- Modernizing POS terminals reduces the cost of setup, maintenance, deployment, and power consumption over time, which reduces the total cost of ownership. Numerous players offer modular POS terminals with low power consumption and touchscreen displays, which helps reduce ownership costs.
- An increase in credit & debit card users expects to impact the studied market's growth. South Korea is one of the few nations which effectively handled the COVID-19 pandemic compared to other developed markets such as the US and UK. According to South Korea Statistic, in 2021, South Korea issued around 118 million credit cards, an increase from 114 million in 2020. The number of credit cards issued exceeded 100 million in 2002. Additionally, people going cashless is another factor expected to propel the demand for the POS market in South Korea.
- The COVID-19 pandemic has significantly affected the way people purchase and make payments. The pandemic and consumers severely impacted the retail business are also increasingly using various sales strategies such as pickup and drop, virtual consultations, contactless payment, social commerce, and social media purchasing, among others. This initiative will boost the demand for POS terminals in the projection period.
- However, security concerns due to unauthorized access to point-of-sale applications, Cyberattacks against the point-of-sale application backend system, and Malware targeting point-of-sale applications are some factors affecting the market growth in the forecast timeframe.
