Pune, India, Feb. 13, 2023 (GLOBE NEWSWIRE) -- The global point of sale market size was USD 22.08 billion in 2021. The market is projected to grow from USD 25.24 billion in 2022 to USD 70.75 billion by 2029. The projected CAGR is 15.9% during the 2022-2029 period. The rising implementation of cloud and AI integration in PoS systems will drive the market. Fortune Business Insights™ publishes this information in a report titled, "Point of Sale Market Forecast, 2023-2029".
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The number of smartphone users is also rising each year. Consumers are inclining toward using e-wallets and mobile payment as they offer more suitability and flexibility in payment option over carrying huge wallets, credit and debit cards everywhere.
Key Industry Development:
May 2022: Square, Inc. launched a new hardware and software restaurant solution, Square for Restaurants mobile PoS. The updated PoS runs on two handheld devices, the Restaurant Mobile point of sale kit and Square Terminal. Furthermore, this system supports all-in-one order management and tableside service, increasing the efficiency of operations.
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2022 to 2029 |
| Forecast Period 2022 to 2029 CAGR | 15.9% |
| 2029 Value Projection | USD 70.75 Billion |
| Base Year | 2021 |
| Point of Sale Market Size in 2021 | USD 22.08 Billion |
| Historical Data for | 2018 to 2020 |
| No. of Pages | 173 |
| Segments covered | Type, Component, Deployment, End-user and Geography |
Key Takeaways:
- Point of Sale Market Size in Asia Pacific was USD 7.40 Billion in 2021.
- Major driving factors include huge growth in cashless transactions.
- By deployment, cloud-based segment has the largest share in the global market.
- Global demand is driven by cloud and mobile POS applications.
- Retail end-users will drive the market in the forecast period, 2023-2029
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Drivers & Restraints:
Rising Adoption of Cloud-Based Systems to Propel Growth
The growth of the market is anticipated to be substantial in the forecasted period due to the growing demand for intelligent technology across various industries. Additionally, the growing acceptance of cloud-based Point of Sale (PoS) systems among small to medium-sized businesses is expected to drive market growth. The integration of Artificial Intelligence (AI) into PoS systems is also expected to contribute to the market's growth in the upcoming years. The rising trend towards cashless transactions for improved financial management is also projected to support market growth during the forecast period.
However, rising data security concerns may hamper market growth.
Rising Inclination Toward Non-Cash Transactions amid Users to Boost Market Growth
The digital transformation is driven by the increasing digitization, connectivity, and data. This transformation is taking place across various industries to offer new services, improve operational efficiency, and enhance customer satisfaction. The growing acceptance of electronic payment processes has boosted the demand for Point of Sale (PoS) systems due to its features such as security, versatility, accurate financial management, and reducing human errors by minimizing manual intervention in billing.
Segments:
Type, Deployment, End-User, and Region are studied for the Market
Fixed PoS Segment to Lead the Market Due to Rising Adoption from the Retail Industry
By type, the market is bifurcated into fixed PoS and mobile PoS. The fixed PoS segment is expected to dominate the market due to its rising adoption from retail businesses. This PoS enables traditional payments, which the leading companies highly adopt.
Hardware Segment to Dominate Global Market in the Coming Years
Based on component, the market is trifurcated into hardware, software, and services. Due to increasing demand from retail, banking, and other industries, the hardware segment leads the global market.
Cloud-Based PoS Segment Dominates Market due to Rising Demand from Various Industries
On the basis of deployment, the market is divided into on-premise and cloud-based. Cloud-based PoS systems are expected to be highly adopted due to various benefits associated with the technology.
Retail Business to Grow by Adopting PoS Systems
According to end-user, the market is categorized into restaurants, retail, entertainment, and others (gas stations and transportation). Retail businesses are highly adopting the point of sale (PoS) systems to enhance their service qualities by adopting recent technologies.
Geographically, the market is segmented into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
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Regional Insights:
Asia Pacific Holds Dominant Share due to Emerging Digitization
North America is anticipated to lead the market in terms of revenue during the forecast period. The prompt progression and implementation of developing technologies and vital players are projected to navigate the market growth across the region.
Asia Pacific dominates the global point of sale (PoS) market share due to increasing device manufacturers and rising shipments. Also, the growing adoption of digital payment methods by several industries is expected to fuel the regional market. The regional market registered USD 7.40 billion in 2021.
Europe is expected to grow significantly during the forecast period due to increasing adoption of cloud solutions among small and medium-scale businesses. Rising industrialization in the region is expected to drive market growth.
Competitive Landscape
Ground-breaking Product Unveiling Declarations by Vital Players to Boost Market Growth
The fundamental players implement numerous tactics to spur their position in the market as leading companies. An important tactic is procuring companies to elevate the brand value among users. Another operative stratagem is intermittently unveiling innovative products with a methodical study of the market and its target audience.
Leading Companies Launch New Services to Improve Business Performance
The key market players focus on launching new solutions equipped with recent technologies. The companies focus on understanding customer demands and developing solutions accordingly. These strategies allow leading companies to strengthen their market position by enhancing their product portfolio.
List of Key Players Profiled in the Report:
- NCR Corporation (U.S.)
- Toast Inc. (U.S.)
- Oracle Corporation (U.S.)
- HP Development Company, L.P. (U.S.)
- Ingenico Group (Worldline) (France)
- PAX Global Technology Limited (China)
- Lightspeed (U.S.)
- Block, Inc. (U.S.)
- Nomia LLC (Russia)
- Fujitsu Frontech Limited (Japan)
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Major Table of Contents:
- Global Point of Sale Key Players Market Share Insights and Analysis, 2023
- Key Market Insights and Strategic Recommendations
- Companies Profiled
- Overview
- Key Management
- Headquarters etc.
- Offerings/Business Segments
- Key Details
- Employee Size
- Key Financials
- Past and Current Revenue
- Geographical Share
- Business Segment Share
- Recent Developments
- Overview
- Annexure / Appendix
- Global POS Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
- By Type (USD)
- Fixed POS
- Mobile POS
- By Component (USD)
- Hardware
- Software
- Services
- By Deployment (USD)
- On-Premises
- Cloud-based
- By End-Users (USD)
- Restaurants
- Retail
- Entertainment
- Others (Gas Stations, Transportation, etc.)
- By Region (USD)
- North America
- South America
- Europe
- Middle East & Africa
- Asia Pacific
- By Type (USD)
- North America Point of Sale Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
- By Type (USD)
- Fixed POS
- Mobile POS
- By Component (USD)
- Hardware
- Software
- Services
- By Deployment (USD)
- On-Premises
- Cloud-based
- By End-Users (USD)
- Restaurants
- Retail
- Entertainment
- Others (Gas Stations, Transportation, etc.)
- By Country (USD)
- United States
- Canada
- Mexico
- By Type (USD)
- Global POS Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
TOC Continued…!
FAQs
How big is the point of sale market?
Point of sale market size was USD 22.08 billion in 2021.
How fast is the point of sale market growing?
The point of sale market will exhibit a CAGR of 15.9% during the forecast period, 2022-2029
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