Saudi Arabia POS terminal market report thoroughly covers the market by type and end-user. The chocolate market outlook report provides an unbiased and detailed analysis of the ongoing chocolate market 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.
Growth of the market
Saudi Arabia’s POS terminal market is expected to register tremendous growth during the upcoming years owing to the growing technological advancement and increasing penetration of digital transactions. Rising tourism and pilgrim places are driving the market towards a cashless country. POS terminal market basically means the usage of digital cash such as online wallets and debit & credit cards. Moreover, changing lifestyles and consumers’ penetration towards the usage of digital cash for safety is driving the growth of the market. Nowadays people are keener to use digital transactions and most retailers have also shifted towards POS-secured systems of payment.
A growing number of frauds in financial transactions is driving the need for a secured system of transactions further contributing towards the growth of the market. Some of the key factors driving the market are the rising number of online platforms, E-commerce websites, and e-wallets. Moreover, the increasing penetration of online shopping has further contributed to the growth of the POS terminal market. Gidea is one of the leading payment provider systems that has partnered with Linga. The partnership is likely to strengthen the payment terminal platform in the country and boost the customer base. Moreover, government initiatives such as Saudi Financial Sector Development Program which goals at encouraging cashless transactions would also shoot the demand for the POS terminal market during the forecast period.
The wireless POS terminal market on the basis of type is segmented into portable countertops and PIN pads, Maps, and smart POS. The portable countertop and PIN pad segment held the largest share of the market in 2016. Portable countertop POS solutions are compacted, easy to install, and simple for both merchants and customers. These are used in small businesses with in-store purchases, in both stationary and semi-mobile forms. These solutions are mainly arrayed in several industries, such as hospitality, sports and entertainment, and retail. In addition to accepting payments, these devices can also support rich multimedia to drive customer engagement and build loyalty.
The wireless POS terminal market based on industry has been bifurcated into retail, hospitality, healthcare, transportation, sports, and entertainment. The demand for wireless POS terminals for retail applications is rising as the disposition of these systems averts transaction fraud and implements secure online payments. Additionally, advanced features such as efficient invoice systems, discount offers, inventory management systems, data back-up, and customer record maintenance make POS terminals more attractive for retailers eager to modernize their businesses.
The adoption of POS terminals has supported the government’s vision of carrying a cashless economy, especially across developed countries, owing to the convenient payment option, reduced waiting time in queues, and online payment without carrying cash. The idea of cashless payment encouraged product application in the retail and hospitality industries. Furthermore, with the changing technologies in debit and credit cards, contactless payment is gaining the utmost popularity in making a quick purchase without entering a PIN. Radio-Frequency Identification or Near Field Communication technology is used in this payment to provide secure transactions within seconds. This technology not just reduces the time of the transaction but also assists in improving the convenience of purchasing small goods, hence supporting the product demand. Additionally, affordable cloud-based POS systems that facilitate automatic updating of the software without the physical presence of professionals, further help in saving upgrading costs of the software. Furthermore, the need for barcode reading, image scanners, stock management, invoice management, and payment facility is driving the demand for the product across healthcare, retail, and other sectors.
Impact of COVID-19 on the Saudi Arabia terminal market
The growth of this market was negatively impacted due to the COVID-19 global pandemic owing to the social distancing norms, various sectors suffered losses, consequently hampering the demand for new POS terminals. However, the demand for mobile POS was increased as it does not require any common terminal. The pandemic had a negative impact on the tourism sector across the globe. Additionally, the service and tourism sector suffered a setback owing to the nationwide lockdown hampering the POS terminal market.