PUBLISHER: SkyQuest | PRODUCT CODE: 1321786
PUBLISHER: SkyQuest | PRODUCT CODE: 1321786
Point-Of-Sales Market size was valued at USD 87.18 billion in 2021 and is poised to grow from USD 94.4 billion in 2022 to USD 181.5 billion by 2030, growing at a CAGR of 8.3% in the forecast period (2023-2030).
As customers often opt to purchase high-profit items or services at these strategic destinations, marketers place significant emphasis on points of sale (POSs). Traditionally, retailers position POSs near the exits to enhance the likelihood of impulse purchases upon customers' departure. Nevertheless, alternative POS placements can offer retailers additional opportunities to micro-market specific product categories and influence customers at earlier stages of the sales funnel.
Segments covered in this report:
The Point-Of-Sales (POS) Market is categorized into different segments, including type, component, end-user, and region. In terms of type, the market is segmented into fixed POS and mobile POS. The component segment consists of hardware, software, and services. The end-user segment comprises restaurants, retail, entertainment, and other industries. Geographically, the POS Market is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Driver
The crucial catalysts of digital transformation include data, connectivity, and the growing prominence of digitalization. Industries leverage digitalization to develop innovative products and services that enhance customer satisfaction. These services enable customers to conveniently make digital and contactless payments for a wide range of transactions. The demand for such systems has witnessed a significant surge due to the widespread adoption of electronic payment methods. These systems offer adaptability, security, accurate financial management, and a reduction in billing errors caused by human intervention. Moreover, the global prevalence of mobile devices has led to a substantial rise in cashless transactions on a global scale.
Restraint
Point-of-Sale (PoS) systems are valuable tools for many stores and companies. However, end users must remain vigilant against potential hazards, such as device malfunctions, phishing attempts, and vulnerabilities in software and networks. Networks that lack proper security measures are particularly vulnerable to data breaches. Cybercriminals can exploit these weaknesses to breach the infrastructure and gain unauthorized access to critical information and documents, including customers' credit card details and business account data. Such data breaches can lead to significant financial losses and damage to the company's reputation. It is important to note that even in a securely protected network, devices themselves must also be adequately secured. Failing to address security gaps may impede the expansion of market opportunities due to the risks associated with data breaches.
Market Trend
The adoption of cloud-based and AI-driven Point of Sale (PoS) solutions is on the rise, leading to market growth. Industrialized nations such as the United Kingdom, the United States, France, Italy, and others are witnessing an increasing prevalence of AI-powered systems in the PoS industry. To remain competitive, many leading companies in the field are developing PoS systems and software that leverage cloud computing and AI technologies.