Market Forecast By POS Terminal Types (Portable, Countertop, Mobile POS, PIN Pad & Multimedia), By End Users (Hospitality, Healthcare, Retail, Government & Transportation and Others) and Competitive Landscape.
|Product Code: ETC002442||Publication Date: Mar 2023||Product Type: Report|
|Publisher: 6Wresearch||No. of Pages: 70||No. of Figures: 35||No. of Tables: 5|
Saudi Arabia POS Terminal Market is expected to grow further primarily due to the growth in the retail industry which is leading to an increase in demand for POS terminals. This growth is driven by an increasing population, rising disposable incomes, and government initiatives to encourage entrepreneurship and investment in the retail sector. In addition, the government is promoting digital transformation across all sectors and encourages businesses to adopt new technologies. The adoption of mobile POS which allows retailers to accept payments using smartphones or tablets is becoming increasingly popular in Saudi Arabia and it is being driven by the flexibility offered by mobile POS.
Moreover, QR code payments are gaining popularity with many retailers accepting payments through QR codes using their POS terminals. Overall, the POS terminal industry in Saudi Arabia is expected to grow in the coming years of the increasing adoption of electronic payments and government initiatives for digital transformation. There are several growth factors that are likely to drive the growth of the POS (Point of Sale) terminal market in Saudi Arabia in the years to come. For instance, the increasing adoption of cashless payments, the growing e-commerce market, the increasing number of SMEs, and the emergence of mobile POS terminals due to their convenience and ease of use.
Saudi Arabia POS Terminal market is anticipated to register impressive growth in the coming time zone as a result of an increase in the investment by companies for the growth of their assets and increased software applicability underpinned by the increased adoption of a cloud-based platform for the work assessment and this is expected to be a catalyst for the growth of the POS terminals in the developing industrial landscapes in the developed and developing economies across the region. Although, the Terminal Types is at low interoperability at present underpinned by the high automation cost of the equipment and issues related to the accurate protocol and interface use. But, with the increase in the deployment of the Terminal Types as a result of an increase in the unveiling of the true potential and the benefits which can be reaped by the Terminal Types deployment, the Terminal Types market is anticipated to win the bid with great market growth potential in the forthcoming years.
Saudi Arabia POS terminal market is expected to register considerable growth principally due to the increasing adoption of mobile wallets and technological advancement in the country. Based on the data provided Saudi Arabian Monetary Authority (SAMA), the number of POS transactions and POS sales have shown significant growth over the past few years. Additionally, several players are perusing partnerships and acquisitions to gain market share and enhance their customer base in Saudi Arabia. For instance, Geidea, one of the providers of payment systems has partnered with Linga in January 2020. The partnership will strengthen the payment terminal platform in Saudi Arabia and enhance the customer base. These initiatives will spur the demand for the Saudi Arabia POS terminal market over the coming years.
According to 6Wresearch, Saudi Arabia POS Terminal Market is projected to witness growth during 2020-2026. Growing digitalization and rising adoption of e-payment platforms, rising usage of mobile wallets, growing usage of EuroPay, MasterCard, and Visa cards for transactions, increasing partnerships and acquisitions as well as technological advancement are some of the key growth drivers of the POS terminal market in Saudi Arabia. Further, the increase in the number of pilgrims and tourists remains one of the key growth drivers of the POS terminal market in Saudi Arabia. However, the Saudi Arabia POS terminal market is expected to witness a slowdown at the beginning of 2020 due to the outbreak of the Covid-19 pandemic and the market is expected to recover gradually over the next few years.
In terms of type, portable and mobile POS terminals are registering significant growth in Saudi Arabia. Additionally, the hospitality and healthcare applications are dominating the overall Saudi Arabia POS terminal market due to increased spending on healthcare and travelling services by tourists in the country. Further, healthcare application is witnessing considerable demand for POS terminals due to the outbreak of the Covid-19 pandemic in Saudi Arabia.
Some of the key players operating in the Saudi Arabia POS terminal market are AreIngenico International SAUDI ARABIA Pvt. Ltd., Verifone SAUDI ARABIA Sales Pvt. Ltd., Mswipe Technologies Private Limited, Ezetap Mobile Solutions Pvt. Ltd., MobiSwipe Technologies Private Limited, Paynear One, PayU Money, ePaisa, Pine Labs and PAX Technologies Pvt. Ltd.
The Saudi Arabia POS terminal report thoroughly covers the market by type, end-users, and region. Saudi Arabia POS terminal market outlook report provides an unbiased and detailed analysis of the ongoing Saudi Arabia POS terminal market trends, opportunities/high growth areas, and market drivers which would help the stakeholders to devise and align their market strategies accordingly to the current and future market dynamics.
Saudi Arabia POS terminal market is projected to gain momentum during the forecast period 2020-26F backed by the rising growth of the commercial and healthcare sector in the country. Further, the country's population top spending on food and shopping due to increasing the growth of the young working population which is estimated to strengthen the growth of the hospitality sector, and this is estimated to bolster the POS terminal deployment. the increased number of smart card users in the era of digitalization is expected to act as a catalyst for the optimistic growth of the Saudi Arabia POS terminal market in the upcoming six years.
The Saudi Arabia POS terminal market report provides a detailed analysis of the following market segments:
1. What are the major driving factors for the POS terminal market in Saudi Arabia?
The growing adoption of electronic payment systems, the growing e-commerce sector, and government initiatives to promote cashless payments are the major factors driving the market expansion.
2. What are the major challenges hinders the growth of POS terminal market?
The high cost of implementation and the limited acceptance of credit and debit cards are a few challenges hinders the market growth.
3. How is the POS terminal market in Saudi Arabia segmented based on application?
By application, the market is segmented into hospitality, retail, entertainment, and healthcare.
4. What is the market outlook in Saudi Arabia?
The outlook for the market in Saudi Arabia is positive owing to the increasing adoption of electronic payment systems and government initiatives to promote digital payments.
|1. Executive Summary|
|2.1. Report Description|
|2.2. Key Highlights of The Report|
|2.3. Market Scope & Segmentation|
|2.4. Research Methodology|
|3. Saudi Arabia POS Terminal Market Overview|
|3.1. Saudi Arabia POS Terminal Market Revenues, 2016-2026F|
|3.2. Saudi Arabia POS Terminal Market Revenue Share, By Types, 2019 & 2026F|
|3.3. Saudi Arabia POS Terminal Market Revenue Share, By End Users, 2019 & 2026F|
|3.4. Saudi Arabia POS Terminal Market Revenue Share, By Regions, 2019 & 2026F|
|3.5. Saudi Arabia POS Terminal Market Industry Life Cycle|
|3.6. Saudi Arabia POS Terminal Market- Porter’s Five Forces|
|4. Saudi Arabia POS Terminal Market Dynamics|
|4.1. Impact Analysis|
|4.2. Market Drivers|
|4.3. Market Restraints|
|5. Saudi Arabia POS Terminal Market Trends|
|6. Saudi Arabia POS Terminal Market Overview, By Types|
|6.1. Saudi Arabia POS Terminal Market Revenues, By Portable, 2016-2026F|
|6.2. Saudi Arabia POS Terminal Market Revenues, By Countertop, 2016-2026F|
|6.3. Saudi Arabia POS Terminal Market Revenues, By Mobile POS, 2016-2026F|
|6.4. Saudi Arabia POS Terminal Market Revenues, By PIN PAD, 2016-2026F|
|6.5. Saudi Arabia POS Terminal Market Revenues, By Multimedia, 2016-2026F|
|7. Saudi Arabia POS Terminal Market Overview, By End Users|
|7.1. Saudi Arabia POS Terminal Market Revenues, By Hospitality, 2016-2026F|
|7.2. Saudi Arabia POS Terminal Market Revenues, By Retail, 2016-2026F|
|7.3. Saudi Arabia POS Terminal Market Revenues, By Government and Transportation, 2016-2026F|
|7.4. Saudi Arabia POS Terminal Market Revenues, By Healthcare, 2016-2026F|
|7.5. Saudi Arabia POS Terminal Market Revenues, By Others, 2016-2026F|
|8. Saudi Arabia POS Terminal Market Overview, By Regions|
|9. Saudi Arabia POS Terminal Market Key Performance Indicators|
|10. Saudi Arabia POS Terminal Market Opportunity Assessment|
|10.1. Saudi Arabia POS Terminal Market, Opportunity Assessment, By Type, 2026F|
|10.2. Saudi Arabia POS Terminal Market, Opportunity Assessment, End Users, 2026F|
|10.3. Saudi Arabia POS Terminal Market, Opportunity Assessment, Regions, 2026F|
|11 Saudi Arabia POS Terminal Market Competitive Landscape|
|11.1. Saudi Arabia POS Terminal Market Competitive Benchmarking, By Companies, 2019|
|11.2. Saudi Arabia POS Terminal Market Revenue Share, By Operating Parameters, 2019|
|12. Company Profiles|
|13. Key Strategic Recommendations|