Market Size of China POS Terminals Industry
Study Period | 2019 - 2029 |
Base Year For Estimation | 2023 |
Forecast Data Period | 2024 - 2029 |
Historical Data Period | 2019 - 2022 |
CAGR | 5.23 % |
Market Concentration | Medium |
Major Players*Disclaimer: Major Players sorted in no particular order |
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China POS Terminals Market Analysis
China's POS Terminals Market is expected to grow at a CAGR of 5.23% over the next five years. The POS terminal market witnessed significant growth over the past few years, owing to its ability to offer an increased return on investment (ROI) and ease of access. POS terminal systems facilitating transactions from the central component of businesses across industries, like retail, hospitality, transportation, and banking, have gained importance in small and big-sized companies over the years.
- Evolving consumer preferences, technological advancements, and government payment regulations have been changing dramatically. With individual goods taking the lead in transforming the China payment landscape, China is keeping up with these developments and driving growth in the POS terminals market.
- QR code payment is impacting the terminal-based payment market and is hard to overturn in the short term. The financial payment POS terminal industry still maintains healthy growth.
- However, artificial intelligence (AI), machine learning (ML), cloud technologies integration in POS terminals for fraud detection and prevention, integrated customer loyalty programs, and dematerialization of cards are driving this market. For Instance, Ingenico partnered with Ant Group, allowing acquirers and payment service providers to implement Alipay+ seamlessly across their merchant networks using Ingenico's PPaaS (Payments Platform as a Service) cloud-based solution.
- Data security concerns, high maintenance costs, and checkout-free offline retail models will be significant challenges for the POS terminals market. Biometrics and facial recognization systems will bring new growth opportunities to the market.
- Further, the COVID-19 pandemic significantly transformed how consumers shop, affecting several market verticals. The retail sector witnessed a drastic change due to the COVID-19 pandemic. Consumers have also increased their use of various sales methods, such as curbside pickup, virtual consultations, contactless payment, and even social commerce, i.e., shopping through social media. Such trends will drive the demand for POS terminals across the Country.
China POS Terminals Industry Segmentation
The Point of sale is the time and location where a transaction is completed. A POS system is computer hardware and software that manages the transaction while selling a product or a service. It helps to store, capture, share, and report data related to sales transactions. It eases the shopping experience and helps to expedite the checkout process, resulting in customer satisfaction. Inventory management, stock in hand, availability of a product, and pricing information are primary data acquired from the systems.
China's POS Terminals Market is segmented by type (fixed point-of-sale systems, mobile/portable point-of-sale systems) and end-user industry (retail, hospitality, healthcare, and others).
The market sizes and forecasts are in terms of value (USD million) for all the above segments.
By Type | |
Fixed Point-of-sale Systems | |
Mobile/Portable Point-of-sale Systems |
By End-User Industry | |
Retail | |
Hospitality | |
Healthcare | |
Others |
China POS Terminals Market Size Summary
The China POS terminals market is experiencing robust growth, driven by the increasing adoption of cashless payment solutions and the integration of advanced technologies such as AI, ML, and cloud computing. These innovations are enhancing the functionality of POS systems, making them integral to various sectors including retail, hospitality, transportation, and banking. The market's expansion is further supported by evolving consumer preferences and government regulations that favor digital payment methods. Despite challenges such as data security concerns and high maintenance costs, the market is poised for continued growth, with opportunities emerging from the integration of biometrics and facial recognition systems.
The healthcare industry in China is a significant adopter of POS terminals, propelled by the need to secure patient information and streamline payment processes. The rapid digitization of healthcare, coupled with government initiatives, is driving demand for modern POS systems. The COVID-19 pandemic has accelerated the shift towards cashless payments, particularly in healthcare settings, further boosting market growth. China's swift adoption of technology and the push towards a cashless economy are creating new opportunities for POS terminals. Strategic partnerships and product developments by key players are enhancing market competitiveness, with companies like Newland Group and PAX Global Technology leading advancements in payment solutions.
China POS Terminals Market Size - Table of Contents
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1. MARKET INSIGHTS
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1.1 Market Overview
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1.2 Industry Attractiveness - Porter's Five Forces Analysis
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1.2.1 Bargaining Power of Suppliers
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1.2.2 Bargaining Power of Buyers
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1.2.3 Threat of New Entrants
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1.2.4 Intensity of Competitive Rivalry
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1.2.5 Threat of Substitutes
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1.3 Assesment of COVID-19 on the Market
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2. MARKET SEGMENTATION
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2.1 By Type
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2.1.1 Fixed Point-of-sale Systems
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2.1.2 Mobile/Portable Point-of-sale Systems
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2.2 By End-User Industry
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2.2.1 Retail
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2.2.2 Hospitality
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2.2.3 Healthcare
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2.2.4 Others
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China POS Terminals Market Size FAQs
What is the current China POS Terminals Market size?
The China POS Terminals Market is projected to register a CAGR of 5.23% during the forecast period (2024-2029)
Who are the key players in China POS Terminals Market?
Fujian Newland Payment Technology Co., Ltd. , Verifone, Ingenico, Cybernet and PAX Global Technology are the major companies operating in the China POS Terminals Market.