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North America POS Terminal Market Size (2024 - 2029)

The North America POS terminal market is experiencing significant growth, driven by factors such as the rise of e-commerce, the prevalence of mobile devices, open banking, and digital currency. The increasing adoption of cashless payments and the evolution of POS systems into integrated solutions for managing revenue and inventory are contributing to the market's expansion. Government support for electronic payments and innovations in digital POS solutions are further propelling the market. Additionally, the COVID-19 pandemic has accelerated the demand for contactless POS terminals, enhancing the market's growth trajectory.

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Market Size of North America POS Terminal Industry

North America POS Terminal Market Summary
Study Period 2019 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2019 - 2022
CAGR 7.56 %
Market Concentration Medium

Major Players

North America POS Terminal Market Major Players

*Disclaimer: Major Players sorted in no particular order

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.

North America POS Terminal Industry Segmentation

Fixed/EPOS Terminals are PC-based workstations, namely LAN-available terminals and PC-class Processors, that are fully programmable and have the capability to transmit data to other devices in an unrestricted manner. Mobile Terminals include electronic funds terminals such as a countertop, multilane, tablet, handheld terminals, PCI-DSS approved chip & PIN devices, approved chip & signature devices, and mPOS devices. All other systems, such as PC-based systems, PIN pads, etc., are excluded from the scope.

The North America POS Terminal Market is Segmented By Type (Fixed Point-of-sale Systems, Mobile/Portable Point-of-sale Systems), End-user Industries (Retail, Hospitality, Healthcare), and Country.

By Type
Fixed Point-of-sale Systems
Mobile/Portable Point-of-sale Systems
By End-User Industry
Retail
Hospitality
Healthcare
Others
By Country
United States
Canada
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North America POS Terminal Market Size Summary

The North American POS terminal market is experiencing significant growth, driven by the increasing adoption of cashless payment systems and the rise of e-commerce. POS terminals, which are essential for processing card payments at retail locations, have become integral to the retail industry due to their ease of use and ability to enhance return on investment. The shift towards a cashless society, supported by advancements in mobile devices, open banking, and digital currencies, is propelling the demand for these systems. Additionally, the integration of POS terminals with CRM and financial solutions has provided businesses with valuable insights, improving revenue management and inventory control. Government support for electronic payments further bolsters market expansion, with innovations such as PayPal Zettle and Lightspeed B2B platforms enhancing the capabilities of POS systems.

The retail sector is a major contributor to the POS terminal market, with the reopening of brick-and-mortar stores and the increasing need for centralized systems driving adoption. The competitive landscape necessitates retailers to invest in advanced technologies to enhance customer retention and streamline operations. The United States, as a key segment, is witnessing a robust adoption of credit and debit card payments, creating a favorable environment for POS terminal growth. The introduction of AI-powered POS solutions is set to revolutionize the market, offering advanced features like speech recognition and machine learning. Major players in the region are expanding their reach through strategic mergers and acquisitions, aiming to capture a larger share of the market. The moderately fragmented market is characterized by continuous innovation, with companies like Apple and Visa introducing new capabilities to enhance payment processing and customer engagement.

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North America POS Terminal Market Size - Table of Contents

  1. 1. MARKET INSIGHTS

    1. 1.1 Market Overview

    2. 1.2 Market Sizing and Estimates of North America POS Terminals Market

    3. 1.3 Industry Value Chain Analysis

    4. 1.4 Industry Attractiveness - Porter's Five Forces Analysis

      1. 1.4.1 Bargaining Power of Suppliers

      2. 1.4.2 Bargaining Power of Buyers

      3. 1.4.3 Threat of New Entrants

      4. 1.4.4 Threat of Substitute Products

      5. 1.4.5 Intensity of Competitive Rivalry

    5. 1.5 Assessment of COVID-19 Impact on the Market

  2. 2. MARKET SEGMENTATION

    1. 2.1 By Type

      1. 2.1.1 Fixed Point-of-sale Systems

      2. 2.1.2 Mobile/Portable Point-of-sale Systems

    2. 2.2 By End-User Industry

      1. 2.2.1 Retail

      2. 2.2.2 Hospitality

      3. 2.2.3 Healthcare

      4. 2.2.4 Others

    3. 2.3 By Country

      1. 2.3.1 United States

      2. 2.3.2 Canada

North America POS Terminal Market Size FAQs

The North America POS Terminal Market is projected to register a CAGR of 7.56% during the forecast period (2024-2029)

VeriFone System Inc. (Francisco Partners), Ingenico (Worldline), First Data Merchant Services LLC (Fiserv, Inc), BBPOS Limited (Stripe, Inc) and Castles technology (RISC OS Developments Ltd) are the major companies operating in the North America POS Terminal Market.

North America POS Terminal Report Snapshots

North America POS Terminal Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)