South Korea Point-Of-Sale (POS) Terminals Market Insights Forecasts to 2032

• The South Korea Point-Of-Sale (POS) Terminals Market Size was valued at USD XX Billion in 2022.
• The Market Size is Growing at a CAGR of 6.5% from 2022 to 2032.
• The South Korea Point-Of-Sale (POS) Terminals Market Size is expected to reach XX Billion by 2032.

The South Korea Point-of-Sale (POS) Terminals Market Size is expected to reach USD XX Billion by 2032, at a CAGR of 6.5% during the forecast period 2022 to 2032.

Market Overview

Point of sale (POS) terminals refer to electronic devices used to facilitate transactions at retail and other commercial establishments. They come in a variety of forms, including countertop, portable, and mobile POS systems. A computer, monitor, cash drawer, receipt printer, barcode scanner, and card reader are all included in POS terminals. They provide a variety of services, including payment processing, inventory management, sales tracking, and customer data storage. Retail stores, restaurants, hotels, gas stations, and healthcare facilities all use POS terminals. They are also used in entertainment establishments, educational institutions, and salons. POS terminals provide faster checkout times, more accurate inventory tracking, smooth payment processing, and a better customer experience. They are also known for their operational efficiency, cost-effectiveness, real-time data analysis, ease of scalability, improved security, and integration with other software systems.

Report Coverage

This research report categorizes the market for South Korea point-of-sale (POS) Terminals market based on various segments and regions forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the South Korea point-of-sale (POS) Terminals market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the South Korea point-of-sale (POS) terminals market.

Driving Factors

The rising demand for POS terminals, owing to the rapid digital transformation in retail and service sectors across South Korea, represents one of the key factors driving the South Korea point-of-sale (POS) market growth during the forecast period. Furthermore, the widespread adoption of contactless payments and digital wallets among the general public is driving market growth. Aside from that, the implementation of favorable government regulations encouraging cashless transactions is boosting market growth. Furthermore, the rapid growth of e-commerce, which necessitates integrated in-store and online payment solutions, is fueling market growth over the forecast period. Furthermore, recent technological advancements such as biometric authentication and cloud-based systems that are modernizing the point-of-sale (POS) terminal landscape are positively influencing market growth during the forecast period.

Restraining Factors

Implementing point-of-sale (POS) terminal systems can be expensive, especially for small and medium-sized businesses. The initial investment required for hardware, software, and training can limit POS terminal adoption, particularly among small merchants. Because POS terminals handle sensitive customer data, security is a top priority. The risk of data breaches and cyberattacks makes widespread adoption of POS terminals difficult.

Market Segment

• In 2022, the fixed segment accounted for a major share over the forecast period.

Based on the product, the South Korean point-of-sale (POS) terminals market is segmented into fixed and mobile. Among these, the fixed segment accounted for a major share over the forecast period. The large-scale vendors choose fixed POS terminals due to high installation and procurement costs, which currently support the growth of the segment. End users who are aware of cloud data storage also install fixed POS terminals for data storage with the on-premises server. These systems have applications such as bill printing, customer relationship management (CRM), inventory management, and payment device support.

• In 2022, the hardware segment accounted for fastest growth over the forecast period.

Based on components, the South Korean point-of-sale (POS) terminals market is segmented into hardware, software, and services. Among these, the hardware segment accounted for fastest growth over the forecast period. Interfaces or devices to register transaction details, such as electronic fund transfer (EFT)-POS machines, network devices, barcode scanners, cash drawers, receipt printers, tablets, and monitors, are examples of hardware components. The fixed POS terminal contains the majority of the system's hardware components and simplifies the experience of managing daily activity with the system.

In 2022, the retail segment accounted for substantial growth over the forecast period.

Based on the end-user industry, the South Korean point-of-sale (POS) terminals market is segmented into retail, hospitality, healthcare, and others. Among these, the retail segment accounted for substantial growth over the forecast period. The adoption of contactless payment among retailers is anticipated to boost the growth of the smart mobile point-of-sale (POS) market during the projected period. Contactless payment methods safeguard both retail employees and customers. As a result, payment providers have expanded their services to meet the growing market demand for contactless payment. Most retailers have also begun to accept contactless payment due to the ease of payment and quick transactions.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the South Korea point-of-sale (POS) Terminals market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• Toshiba Global Commerce Solutions
• Fujitsu Korea Limited
• HANASIS Co., LTD.
• EES Corp Co. Ltd
• Hwasung System
• Others

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting and Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Recent Development

• In November 2021, Google announced that it would provide an alternative payment system at its app store in South Korea to follow the country's new law that bans app market operators from forcing the use of their payment systems.

• In June 2022, Apple, a tech giant company announced that developers in South Korea can now use a third-party payment system, with certain riders to comply with the new South Korean law, and developers can use the 'StoreKit External Purchase Entitlement.’

Market Segment

This study forecasts revenue at regional, and country levels from 2021 to 2032. Spherical Insights has segmented the South Korea point-of-sale (POS) Terminals market based on the below-mentioned segments:

South Korea Point-Of-Sale (POS) Terminals Market, By Product

• Fixed
• Mobile

South Korea Point-Of-Sale (POS) Terminals Market, By Component

• Hardware
• Software
• Services

South Korea Point-Of-Sale (POS) Terminals Market, By End User Industry

• Retail
• Hospitality
• Healthcare
• Others