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Virtual Payment (POS) Terminals Global Market Report 2024 – Market Size, Trends, And Forecast 2024-2033
LONDON, GREATER LONDON, UNITED KINGDOM, November 1, 2024 /EINPresswire.com/ -- The virtual payment (pos) terminals market has experienced robust growth in recent years, expanding from $13.7 billion in 2023 to $18.18 billion in 2024 at a compound annual growth rate (CAGR) of 32.7%. The growth in the historic period can be attributed to market competition and differentiation, mobile wallet adoption, retail industry evolution, consumer demand for convenience, regulatory changes..
What Is The Estimated Market Size Of The Global Virtual Payment (POS) Terminals Market And Its Annual Growth Rate?
The virtual payment (pos) terminals market is projected to continue its strong growth, reaching $57.91 billion in 2028 at a compound annual growth rate (CAGR) of 33.6%. The growth in the forecast period can be attributed to rapid technological adaptation, environmental concerns and sustainability, subscription-based models and service enhancements, globalization and cross-border transactions, security and compliance measures.
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Growth Driver Of The Virtual Payment (POS) Terminals Market
Growing demand for restaurants is expected to propel the growth of the restaurant POS terminal market going forward. A restaurant is a business establishment where meals or refreshments may be purchased and consumed. A virtual payment (POS) terminal plays a crucial role in the restaurant sector by providing a computerized system that simplifies bookkeeping and tracks food inventory, cash flow, and sales. It is a mandatory requirement for restaurants, as a high volume of both cash and credit cards passes through the restaurant every day.
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Who Are the Leading Competitors in the Virtual Payment (POS) Terminals Market Share?
Key players in the market include Castles Technology Co. Ltd., Diebold Nixdorf Incorporated, NCR Corporation, Panasonic Corporation, PAX Technology Limited, Square Inc., Stripe Inc., Adyen N. V., Global Payments Inc., First Data Corporation, Wirecard AG, Verifone Systems Inc., Ingenico Group SA, Fujian Newland Payment Technology Co Ltd., BBPOS Limited, BitPay Inc., Shift4 Payments LLC, PayU Group, Paytm Mobile Solutions Private Limited, Mswipe Technologies Private Limited, Payzone UK Limited, InovioPay LLC, Amazon. com Inc., VeriFone Inc., iZettle AB, SumUp Inc., Shopify Inc., Lightspeed POS Inc., Revel Systems Inc.
Which Key Trends Are Driving Virtual Payment (POS) Terminals Market Growth?
Major companies operating in the virtual payment (POS) terminals market are focused on introducing advanced mobile restaurant POS solutions to gain a competitive edge in the market. A mobile restaurant POS platform is a software system that enables restaurant owners to accept payments on the go using their own tablets or smartphones.
How Is The Global Virtual Payment (POS) Terminals Market Segmented?
1) By Solution: Software Platform, Professional Services
2) By Industry: Retail, Warehouse, Hospitality, Consumer Electronics, Food and Beverages, Healthcare, Entertainment, Other Industries
Geographical Insights: North America Leading The Virtual Payment (POS) Terminals Market
North America was the largest region in the market in 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Virtual Payment (POS) Terminals Market Definition
The virtual payment (POS) terminals refer to a web-based application that enables to manage the electronic payments over the phone, through the mail, fax, email, or in person. Virtual terminals utilize non-physical software programs yet function similarly to a physical card reader. The customers insert or tap their card into a physical card reader and enter their PIN to confirm the transaction with the machine. After then, the transaction is processed automatically.
Virtual Payment (POS) Terminals Global Market Report 2024 from The Business Research Company covers the following information:
• Market size data for the forecast period: Historical and Future
• Macroeconomic factors affecting the market in the short and long run
• Analysis of the macro and micro economic factors that have affected the market in the past five years
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
An overview of the global virtual payment (pos) terminals market report covering trends, opportunities, strategies, and more
The Virtual Payment (POS) Terminals Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on virtual payment (pos) terminals market size, virtual payment (pos) terminals market drivers and trends, virtual payment (pos) terminals market major players and virtual payment (pos) terminals market growth across geographies. This report helps you gain in-depth insights into opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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