Wilmington, Delaware, Feb. 15, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, “POS Payment Market by Component (Hardware, Software, and Service), Type (Fixed and Mobile), and End User (Retail, Hospitality, Healthcare, Entertainment, Transportation, and Others): Global Opportunity Analysis and Industry Forecast, 2023–2032”. According to the report, the global POS payment industry generated $96.6 trillion in 2022, and is anticipated to generate $277.9 trillion by 2032, witnessing a CAGR of 11.4% from 2023 to 2032.
Prime determinants of growth
Point of sale payment systems help in streamlining retail operations by automating transaction processes and tracking relevant sales data. Electronic cash register and software helps in coordinating data collection from daily purchase. In addition, retailers can increase their functionality with data capture devices such as card readers and barcode scanners. Furthermore, POS payment software also helps retailers to track pricing, accuracy, inventory changes, gross revenue and sales patterns, catch price discrepancies, avoid customer service issues such as out of stock sales and tailor purchasing and marketing to consumer behavior.
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Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2023–2032 |
| Base Year | 2022 |
| Market Size in 2022 | $96,556.71 billion |
| Market Size in 2032 | $277,917.41 billion |
| CAGR | 11.4% |
| No. of Pages in Report | 230 |
| Segments covered | Component, Type, End User, and Region. |
| Drivers | Digitalization in Payment Industry Rise in e-commerce Expansion of retail chains |
| Opportunities | Technological advancements Blockchain technology |
| Restraints | Security concerns Cost of implementation |
COVID-19 Scenario
- The pandemic pushed digital payment adoption as users are increasingly searching for various contactless and touchless options to avoid the chances of virus transmission. This trend evolved the POS payment market as users and businesses started increasingly using digital wallets, mobile payments and other contactless payment techniques.
- Moreover, the COVID-19 pandemic prompted people to stay indoors and refrain from outside activities, which impacted the growth of the POS terminal industry. Additionally, many stores were able to maintain their operations owing to the e-commerce operations which increased the demand for POS terminal industry.
The hardware segment to maintain its leadership status throughout the forecast period
By component, the hardware segment held the highest market share in 2022, accounting for nearly three-fifths of the global POS payment market revenue and is estimated to maintain its leadership status throughout the forecast period, owing to rise in adoption of contactless payment technology and mobile POS devices, including tablets and smartphones. However, the software segment is projected to manifest the highest CAGR of 13.5% from 2023 to 2032, as cloud-based POS solutions were gaining popularity due to their scalability, ease of management, and accessibility from anywhere.
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The fixed POS segment to maintain its leadership status throughout the forecast period
By type, the fixed POS segment held the highest market share in 2022, accounting for more than three-fifths of the global POS payment market revenue, and is estimated to maintain its leadership status throughout the forecast period, owing to the fact that fixed POS systems were incorporating advanced features such as touchscreens, biometric authentication, and customer-facing displays to enhance the overall user experience and streamline transaction. However, the mobile POS segment is projected to manifest the highest CAGR of 12.9% from 2023 to 2032, owing to the fact that these devices provided businesses with flexibility, allowing staff to process transactions on the go and engage with customers directly on the sales floor.
The retail segment to maintain its lead position during the forecast period
By end user, the retail segment accounted for the largest share in 2022, contributing more than two-fifths of the global POS payment market revenue, as retailers were increasingly adopting omnichannel strategies, integrating their POS systems with e-commerce platforms to create a seamless shopping experience across online and physical stores. However, the transportation segment is expected to portray the largest CAGR of 16.4% from 2023 to 2032 and is projected to maintain its lead position during the forecast period. In the transportation sector, mobile ticketing and contactless payments were becoming prevalent. Passengers could use mobile apps to purchase tickets, access boarding passes, and make contactless payments for fares, promoting convenience and efficiency.
North America to maintain its dominance by 2032
By region, North America held the highest market share in terms of revenue in 2022, accounting for more than one-third of the global POS payment market revenue, owing to the fact that contactless payments, including tap-to-pay and mobile payments, continued to gain traction in North America. The adoption was driven by the rollout of contactless cards, mobile wallet usage, and a push for more secure and convenient payment methods. However, the Asia-Pacific region is expected to witness the fastest CAGR of 14.6% from 2023 to 2032 and is likely to dominate the market during the forecast period. This is attributed to the fact that countries like China, experienced a rapid adoption of mobile payment solutions. Mobile wallets and QR code payments became prevalent, driven by the widespread use of smartphones and the convenience they offer.
Leading Market Players: -
- Acrelec
- Aures Group
- Hewlett Packard Development LLP
- NCR Corporation
- Oracle
- Revel Systems
- Diebold Nixdorf, Incorporated
- Moneris
- Pax Technology Limited
- Posiflex Technology
The report provides a detailed analysis of these key players of the global POS payment market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
Key Benefits for Stakeholder:
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the POS payment market analysis from 2022 to 2032 to identify the prevailing POS payment market opportunity.
- Market research is offered along with information related to key drivers, restraints, and opportunities.
- The Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the POS payment market segmentation assists to determine the prevailing POS payment market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as POS payment market trends, key players, market segments, application areas, and market growth strategies.
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POS Payment Market Report Highlights
By Component
- Hardware
- Software
- Service
By Type
- Fixed POS
- Mobile POS
By End User
- Retail
- Hospitality
- Healthcare
- Entertainment
- Transportation
- Others
By Region
- North America (U.S., Canada)
- Europe (UK, Germany, France, Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Australia, South Korea, Rest of Asia-Pacific)
- Latin America (Brazil, Argentina, Rest of Latin America)
- Middle East and Africa (Gcc Countries, South Africa, Rest of Middle East And Africa)
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