Gauteng region acquired the largest market revenue share in the South Africa POS Terminal Market – 6Wresearch
South Africa POS Terminal Market witnessed a decent growth from 2018 to 2020 on account of the evolving country's economy moving from cash to cashless and rising card transactions in the retail, hospitality, and tourism sectors. However, the Covid-19 pandemic drastically affected the market revenues during 2020 as most of the new offline retail and hospitality projects were suspended owing to the nationwide lockdown imposed throughout the pandemic.
According to 6Wresearch, South Africa POS Terminal Market size is projected to grow at CAGR of 9.9% during 2022-2028. South Africa's POS terminal market is expected to register spurring growth in future owing to increasing card payments coupled with the booming cashless economy. According to the Global Data Banking and Payments Intelligence Center, card payments value in South Africa is expected to grow at a CAGR of 7.1% between 2021-25. Additionally, the growing preference for the mobile point-of-sale terminal as a payment option in E-commerce deliveries would enrich the market's growth in the forthcoming period.
According to Suryakant, Research Associate, 6Wresearch, "By technology, Fixed POS technology dominated South Africa's point of sale terminal market revenues in 2021 owing to their broad applicability in the retail, entertainment and hospitality sectors. In addition, Mobile POS under portable terminals is projected to grow remarkably over the forthcoming years as they offer superior flexibility and are considered an enriched version of the traditional POS terminals.
According to Vatan Saini, Research Analyst, 6Wresearch, "Gauteng region would dominate South Africa's POS terminal market in the forthcoming period on the back of high population density in the region. Also, it is the major hub of all economic activities in the country in various sectors such as entertainment, retail, healthcare, and hospitality. Further, Gauteng contains the significant urban populations of Johannesburg, Pretoria, Vereenigin, Evaton and Soshanguve. The future governmental plans for the region indicate the gradual urbanization and consolidation toward creating a megalopolis that connects these metros, thereby aiding the growth of the South Africa POS terminal market in the forthcoming period", Vatan further added.
“South Africa POS Terminal Market (2022-2028)” report provides an in-depth analysis with 23 figures and 7 tables, covered in 74 pages. The report estimates and forecast the overall South Africa POS terminal market by technology, types, applications, and 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.