The number of POS transactions at terminals in Saudi Arabia has demonstrated fluctuating yet generally upward growth from 2013 through 2023. In 2023, the volume stood at 687.98 million units, marking a 4.04% year-on-year increase from 2022. From 2018 through 2023, the compound annual growth rate (CAGR) was 4.62%. Notable variances include significant growth in 2021 at 32.31%, and a substantial decline in 2020 at -12.93%, likely influenced by the COVID-19 pandemic.
Looking ahead, forecasted data suggest a moderate yet steady increase, culminating in 829.33 million units by 2028. The projected 5-year CAGR is 2.88%, with an overall growth rate of 15.26% from 2023 to 2028.
Future trends to watch for:
- Impact of technological advancements such as mobile POS systems and contactless payments.
- Policy changes and governmental initiatives aimed at enhancing digital financial transactions.
- Consumer behavior shifts towards e-commerce and digital payments post-pandemic.
- Increasing market penetration of POS terminals, especially in rural and micro-business segments.
