PUBLISHER: The Business Research Company | PRODUCT CODE: 1619828
PUBLISHER: The Business Research Company | PRODUCT CODE: 1619828
A point of sale (POS) system is a setup where sales transactions occur, typically involving both hardware and software to handle payment processing, inventory management, and customer data in retail and service environments. POS systems are designed to streamline checkout processes, oversee inventory, analyze sales data, and improve customer service through efficient transaction handling and integrated business operations.
The primary types of POS systems include fixed point of sale, mobile point of sale, and others. A fixed point of sale system is a stationary checkout setup commonly found in retail or hospitality settings, where transactions are conducted at a specific counter or location within the establishment. Key components of POS systems consist of hardware, software, and related services. These systems operate on various platforms such as Windows, Linux, Android, and iOS, and can be deployed either on-premise or via cloud-based solutions. End-users of POS systems include restaurants, retail stores, entertainment venues, and other sectors.
The point of sale market research report is one of a series of new reports from The Business Research Company that provides point of sale market statistics, including point of sale industry global market size, regional shares, competitors with a point of sale market share, detailed point of sale market segments, market trends and opportunities, and any further data you may need to thrive in the point of sale industry. This point of sale market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The point of sale market size has grown rapidly in recent years. It will grow from $37.44 billion in 2023 to $44.84 billion in 2024 at a compound annual growth rate (CAGR) of 19.8%. The growth observed during the historic period can be attributed to factors such as the demand for improved customer experiences, the expansion of online shopping, the rising adoption of digital payments, the growth of small and medium-sized enterprises, and the increased use of mobile and cloud-based solutions.
The point of sale market size is expected to see rapid growth in the next few years. It will grow to $92.62 billion in 2028 at a compound annual growth rate (CAGR) of 19.9%. The projected growth in the forecast period is driven by several factors, including the expansion of e-commerce and omnichannel retailing, evolving regulatory changes and compliance requirements, growth in the retail and hospitality sectors, a heightened emphasis on security and fraud prevention, and a rise in contactless payment methods. Key trends anticipated during this period include greater adoption of near-field communication (NFC) and quick response (QR) code payments, an increase in tablet and smartphone-based POS solutions, the implementation of advanced encryption and fraud detection technologies, the use of fingerprint and facial recognition, and the exploration of blockchain technology for secure, transparent, and efficient transaction processing.
The growing adoption of contactless payments is expected to drive the expansion of the point of sale (POS) market. Contactless payments are a secure transaction method where consumers pay by simply tapping or waving a payment-enabled card, smartphone, or wearable device near a compatible payment terminal, eliminating the need for physical contact. The increased use of contactless payments is fueled by factors such as convenience, speed, improved security features, widespread smartphone and wearable device usage, and a heightened focus on hygiene, especially in the post-pandemic era. POS systems support the adoption of contactless payments by enabling merchants to process quick, secure transactions through NFC-enabled devices, thereby enhancing customer satisfaction and encouraging wider use. For example, in January 2024, the European Central Bank reported that contactless card payments rose by 24.3% in the first half of 2023, reaching 20.9 billion transactions, with the total value increasing by 25.9% to €0.5 trillion ($545.27 billion). This surge in contactless payments is propelling the growth of the POS market.
Leading companies in the POS market are focusing on developing innovative open banking payment solutions to offer merchants a cost-effective and efficient payment method that enhances customer convenience. Open banking payment solutions allow third-party providers to securely access a user's bank account information to initiate payments or offer financial services, using open APIs for improved transparency and efficiency. For instance, in February 2024, Acquired Limited, a UK-based provider of payment infrastructure and solutions, collaborated with MultiPay Global Solutions, a UK-based payments technology firm, to introduce Pay by Bank for POS. This platform facilitates direct bank payments via QR codes, eliminating interchange and scheme fees for merchants and providing immediate access to funds. Customers benefit from a seamless payment experience without needing additional app downloads, ensuring quick and hassle-free transactions.
In September 2023, Buckaroo, a Netherlands-based payment service provider, merged with SEPAY for an undisclosed amount. The merger aims to enhance omnichannel payment solutions, providing customers with a wide range of payment terminals and services for both online and in-store transactions, thus offering greater convenience and flexibility. SEPAY is a Netherlands-based provider of electronic payment services, including POS payment services.
Major companies operating in the point of sale market are HP Inc., Panasonic Corporation, Oracle Corporation, Fujitsu Group, Salesforce Inc., PayPal Inc., Block Inc., Intuit Inc., Shopify Inc., NCR Voyix Corporation, Toast Inc., Casio Computer Co. Ltd., Ingenico Group, PAX Global Technology Limited, Lightspeed Commerce, Elo Touch Solutions, TouchBistro, Miva Inc., GOFRUGAL, Squirrel Systems, Erply, Poster POS, Nomia LLC, Bindo Labs Inc.
Asia-Pacific was the largest region in the point of sale market in 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the point of sale market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the point of sale market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The point of sale market consists of revenues earned by entities by providing services such as employee management, sales reporting and analytics, inventory management, and payment processing. The market value includes the value of related goods sold by the service provider or included within the service offering. The point of sale market also includes sales of cash registers, payment terminals, and cash drawers. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Point Of Sale Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on point of sale market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for point of sale ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The point of sale market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.