Asia Pacific Point of Sale (PoS) Market Size, Share & COVID-19 Impact Analysis, By Component (Hardware and PoS Terminal Software), By Type (Fixed PoS, Mobile PoS, and Others), By Deployment (On-premise and Cloud-based), By Operating System (Windows/Linux, Android, and iOS), By End-user (Restaurants, Retail, Entertainment, and Others), and Regional Forecasts, 2023-2030

The Asia Pacific Point of Sale (PoS) market size is projected to grow at a CAGR of 18.1% during the forecast period. The global PoS market is projected to grow from USD 25.28 billion in 2022 to USD 81.15 billion by 2030.

Asia Pacific has a diverse and rapidly growing PoS market. According to our market research analysis, the region is anticipated to hold the highest CAGR among other regions during the forecast period. The market is primarily driven by increasing demand for digitalization, adoption of advanced payment technologies, and the growing popularity of e-commerce and m-commerce. The Asia Pacific Point of Sale market share is highly fragmented with many regional and local players competing against global players. Additionally, it is expected to continue to grow at a rapid pace due to increasing adoption of mobile payment methods, virtual reality, and cloud services.

LATEST TRENDS

Increasing Adoption of Contactless Payments to Drive the Market Growth

The COVID-19 pandemic significantly accelerated the adoption of contactless payments in Asia Pacific. According to the Reserve Bank of India (RBI), there was 28.6% increase in the number of Point of Sale terminals reaching 60.7 million and 39.3% increase in the deployment of Bharat Quick Response (BQR) codes, which reached 49.7 million. Additionally, the number of Automated Teller Machines (ATM) also increased from 2.39 million in 2021 to 2.48 million in 2022.

Various players in the market are integrating cashless and contactless PoS systems, using latest technologies to remain competitive.

DRIVING FACTORS

Government Initiatives and Surging Electronic Payment Systems to Fuel the Market Growth

With the rising popularity of digital transactions, businesses in the region are rapidly adopting electronic payment systems to facilitate secure and convenient transactions. Furthermore, governments and leading bodies are taking steps to promote cashless transactions as part of their broader digitalization efforts, which is driving the adoption of PoS systems in the market.

Thus, the governing bodies are promoting cashless payments and taking digitization initiatives to enable the Point of Sale market growth.

RESTRAINING FACTORS

Higher Implementation Costs and Lack of Infrastructure to Impede Market Growth

In some parts of the region, there is still a lack of infrastructure to support PoS systems such as reliable internet connectivity, or power supply. For instance, in rural areas, businesses may not have access to high-speed internet, which limits the usage of PoS systems. Additionally, higher implementation costs associated with the setting of these systems cause a significant barrier for small businesses with limited budgets.

Such factors hamper the deployment of Point of Sale (PoS) terminals, resulting in reduced market growth.

KEY INDUSTRY PLAYERS

Key Players are Deploying Innovative Products to Strengthen their Market Position with Constant Developments

The Asia Pacific market is consolidated by leading players such as PAX Global Technologies Ltd., Castles Technology Co. Ltd., Mswipe Technologies Pvt. Ltd., and Fujitsu Frontech Ltd. These key players are deploying multiple PoS systems to expand their business operations and adopting strategies such as mergers, acquisitions, product launches, collaborations, and partnerships.

List of Key Companies Profiled:

• Shenzhen Xingdou Technology Co. Ltd. (China)


• Fujian Newland Payment Technology Co. Ltd. (China)


• Ingenico Group (France)


• PineLabs Pvt. Ltd. (India)


• Nomia LLC (Russia)


• PAX Global Technology Limited (China)


• Fujitsu Frontech Ltd. (Japan)


• Castles Technology Co. Ltd. (Taiwan)


• BBPOS International Ltd. (Hong Kong)


• Mswipe Technologies Pvt. Ltd. (India)

KEY INDUSTRY DEVELOPMENTS:

• January 2023: iSeller, an Indonesia-based omnichannel platform, secured USD 12 million in Series B funding. The funding round was led by Openspace ventures and Intudo ventures, among other ventures. The company provides a seamless ecosystem for businesses to digitize operations and sales, instant online stores, digital payments acceptance, inventory management, and food delivery integration including PoS systems.


• December 2022: Adyen launched its unified commerce solution in Japan, with enhanced in-store PoS systems. The platform provides businesses with complete control over transactions across multiple sales channels, allowing for creation of novel customer experiences such as click and collect endless aisle, and cross channel returns.


• October 2022: JCB launched JCBDC to deploy central bank digital currency into the general public through Tokyo merchants. The company deployed Soft Space accepted PoS terminals, while upholding their second project of machine-to-machine off line payments using digital currency.


• June 2022: QueueBuster, a mobile-based PoS startup in India, secured USD 8.16 million as part of their funding, led by Omidyar Network, Flourish Ventures, and Chiratae Ventures. The company aims to utilize their funding by improving their product stack, distribution network and         expand its merchant base.


• January 2022: Mitsui and Co. launched its touchless aerial display technology implemented into cashless PoS systems. The PoS system displays a holographic image of the register and was deployed across six 7-11 convenience stores of Tokyo.

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