Market Overview:
Smart Terminals Market Size Was Valued at USD 50.86 Billion in 2022, and is Projected to Reach USD 110.55 Billion by 2030, Growing at a CAGR of 7.25% From 2023-2030.
A smart terminal can be interpreted in several different ways in the field of computer science. In the early days of personal computers, auxiliary components that were compatible with a mainframe system were referred to as "smart terminals." Since then, smart terminals have been able to perform a wide range of functions, one of which is making thin client functionality compatible with a configuration of an external server. For instance, a terminal could be considered a smart terminal if it was designed to fit over a programmable logic controller or another control plane hardware component and that component helped with communications, configuration, calibration, or any other function. Hardware configurations for retail payment processing are aided by additional intelligent terminals.
Top Key Players Covered In The Smart Terminals Market:
- Ingenico (France)
- VeriFone Inc. (US)
- PAX Global Technology Limited (China)
- Fujian Newland Payment Technology Co. Ltd. (China)
- Clover Network Inc. (US)
- Block Inc. (US)
- Shopify Inc. (Canada)
- Oracle Corporation (US)
- Intuit Inc. (US)
- NCR Corporation (US), and Other Major Players.
Market Dynamics and Factors:
There is intense competition in the consumer market as a result of numerous payment service providers investing in their operations. New strategies are being implemented by businesses that offer payment apps, such as Google Pay, Alipay, Amazon Pay, and others. Google Pay, for example, offers scratch-off cards conveying a predefined sum that can be gotten through minor exchanges.
Expanded utilization of m-trade installments for internet shopping and banking installments because of decreased exchange time and expanded comfort is a key market driver. The Smart Terminals Market is also expanding due to increased smartphone penetration and internet speed, increased customer demand for m-commerce payments, and widespread retailer adoption of this payment method.
A few critical advantages of executing credit-only installments that draw in additional shoppers incorporate security, development in saved monies in accounts, further developed cash the board, and adaptability. Users can choose to use cashless payment methods because banking cards can be used to make a variety of digital payments. To record cashless payments, users can store their card information in digital payment apps or mobile wallets. Wholesalers and consumers are relying on contactless payment methods to avoid contracting the COVID-19 virus because of growing concerns about the security of handling cash transactions. As a result, significant growth opportunities have emerged for the Smart terminals industry as larger businesses around the world have begun investing in terminal terminals to enhance the customer experience.
Smart Terminals Market Report Highlight:
- By Type, the Mobile Terminals segment is anticipated to lead the growth of the Smart Terminals market in the forecasted timeframe. Even though cloud-based solutions are getting more and more popular, businesses still prefer to use on-premise mobile terminals because they are more secure and reliable. Businesses have switched to these methods because they can completely safeguard customers' financial information.
- By Application, the retail industry segment is expected to have the highest share of the Smart Terminals market over the projected period. The use of Europay, Mastercard, and Visa (EMV) cards, growing market penetration in the e-commerce and retail sectors, growing acceptance of Smart terminals, and improvements in payment technology are all factors in the industry's expansion.
- The Asia Pacific region is expected to have the highest share of the Smart Terminals market over the projected period. During the projection period, rapid expansion is anticipated in Asia-Pacific. The presence of significant industry leaders in the point-of-sale terminal sector is primarily responsible for this region's rapid growth.
Key Industry Development:
- In February 2023, Verifone: Introduced its "VX 680" POS terminal, equipped with fingerprint and facial recognition capabilities for secure payments and improved user identification. This caters to the growing demand for frictionless and secure transactions.
- In March 2023, NCR: Launched its "NCR SelfServ 80" kiosk, boasting integrated AI-powered product recommendations and seamless cloud connectivity. This enhances shopper engagement and streamlines kiosk deployment.
Smart Terminals Market Segmentation:
By Type
- Fixed Terminals
- Wireless Terminals
- Mobile, etc.
By Application
- Financial Industry
- Automotive Industry
- Logistics Industry
- Retail Industry
- Manufacturing Industry
For this report, Introspective Market Research has segmented the Smart Terminals Market based on region:
Regional Outlook (Revenue in USD Million; Volume in Units, 2023-2030)
- North America
- The U.S.
- Canada
- Mexico
- Eastern Europe
- Russia
- Bulgaria
- The Czech Republic
- Hungary
- Poland
- Romania
- Rest of Eastern Europe
- Western Europe
- Germany
- UK
- France
- Netherlands
- Italy
- Spain
- Rest of Western Europe
- Asia Pacific
- China
- India
- Japan
- Singapore
- Australia
- New-Zealand
- Rest of APAC
- Middle East & Africa
- Turkey
- Saudi Arabia
- Qatar
- UAE
- Israel
- South Africa
- South America
- Brazil
- Argentina
- Rest of SA
