Posted On: 2020-11-04
Mobile Point-of-Sale terminal (M-POS) acquired the largest revenue share among all POS types in the overall Saudi Arabia point-of-sale terminal market – 6Wresearch
Rising cashless transactions and the advent of new technology for making e-payments are the key factors driving the demand for the point-of-sale terminal markets in Saudi Arabia. Additionally, increasing the number of pilgrims and tourists in the country would also fuel the requirement of POS terminals. Although, rising frauds in online payments and growing usage of e-wallets and UPI systems may act as a hindrance for the growth of the market.
According to 6Wresearch, Saudi Arabia POS Terminal Market revenue size is projected to grow at a CAGR of 7.7% during 2020-2026. The point-of-sale terminal market is in the growth stage of the industry life cycle in Saudi Arabia, however, it is moving towards the maturity stage as POS terminals are already installed in almost all verticals such as retail and hospitality across the country. However, due to COVID-19, a nationwide lockdown was imposed, owing to which, fall in POS terminal transactions were seen in the first quarter of 2020; but, as the economy is opening up, people are focusing on contactless transactions which would lead to a rise in POS transactions further propelling the demand for the product.
According to Eshita Goel, Research Associate, 6Wresearch, “Among all types, M-POS captured the largest market revenue share in 2019 and is expected to maintain its position during the forecast period due to the portability and versatility it offers to businesses along with lower installation cost.”
“Integrated POS terminals are expected to flourish in the near future as they offer information about efficient inventory management and provides real-time access to insightful customer information making business operations easier.”, Eshita further added.
According to Navneet Aggarwal, Research Analyst, 6Wresearch, “On the basis of applications, the retail sector is projected to grow at the highest rate among all the applications owing to an increased usage of credit and debit card for shopping. Moreover, increasing penetration of POS terminals in malls and complexes would augment the growth of the market in the future.”
Some of the major companies in Saudi Arabia point-of-sale terminal market include VeriFone Systems, Inc., Samsung Electronics, HP Inc., Ingenico Group, Panasonic, CISCO Systems Inc. and Toshiba.
“Saudi Arabia Point-of-Sale Terminal Market (2020-2026)” report provides an in-depth analysis with 32 figures and 4 tables, covered in 79 pages. The report estimates and forecast the overall Saudi Arabia point-of-sale terminal market by technology, by types, by applications and by regions. The report provides an unbiased and detailed analysis of the on-going trends, opportunities/high growth areas and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.