Portable POS segment acquired the largest market revenue share in the UAE Point-of-Sale Terminal Market – 6Wresearch.
UAE Point-of-Sale Terminal Market is anticipated to register significant growth over the forecast period on account of the rising acceptance of cloud-based POS technologies and other technological advancements such as integration of AI, advanced analytics, etc. Government’s initiatives such as UAE National Innovation Strategy, UAE Strategy for Future, UAE Vision 2071 among others would play a pivotal role in increasing the financial inclusion rates of the country, thereby fueling the adoption of cashless transactions for availing various services. Further, the growing inclination towards the adoption of cashless modes of payments among the end users on the account of hassle-free transactions would propel the market for POS terminals in the country.
Owing to the outbreak of COVID-19 in the year 2020 and its subsequent lockdowns, the demand for new POS terminals registered a significant decline owing to halt of new projects, downfall in the offline retail and tourism sectors. However, as the economy is reviving gradually, the market is expected to gain momentum on account of rapid shift towards cashless modes of transactions as consumers have gained confidence in electronic modes of payments due to the pandemic and would continue to do so in the future.
According to 6Wresearch, UAE Point-of-Sale Terminal Market size is projected to grow at a CAGR of 6.5% during 2022-28. Based on technology, portable POS terminals dominate the overall POS terminal market of UAE and is expected to retain the same over the forthcoming years on account of its flexibility and familiarity of usage among the customers. Moreover, it is widely accepted way of processing card transactions and as it provides more advanced technological solutions along with more functionality and features.
According to Mohit Poddar, Research Analyst, 6Wresearch, “By type, Mobile POS terminals are expected to grow at a substantial rate over the forecast period on account of its flexibility and upcoming technological advancements. The wide availability of affordable Chinese mPOS terminals in the market have increased the acceptance of mobile POS terminals across sectors such as retail, entertainment, E-commerce etc. UAE is the 8th most cashless society in the world with a majority of population owning payment cards. Increasing consumer spending coupled with migration from cash to card payments would bolster the demand for POS terminals in UAE.
Some of the major companies in UAE Point-of-Sale Terminal Market include Verifone, PAX, Ingenico, Sunmi, among others.
“UAE Point-of-Sale Terminal Market (2022-2028)” report provides an in-depth analysis with 24 figures and 04 tables, covered in 73 pages. UAE Point-of-Sale Terminal Market report comprehensively covers the market by technology, type, application, and regions. The report provides an unbiased and detailed analysis of the on-going trends, opportunities/ high growth areas, market drivers, which would help stakeholders to device and align their market strategies according to the current and future market dynamics.