Point of Sale Market

Product Overview:

Point of Sale market size was USD 7.85 billion in 2021 and projected to grow from USD 9.6 billion in 2023 to USD 24.1 billion by 2032, exhibiting a CAGR of 10.7% during the forecast period.

Point of Sale refers to a technology used during the procedure of Point of Sale to deal with customer transactions. It involves both hardware (like barcode scanners, Pos terminals, receipt printers) and software systems that deal with data, transactions, and business processes. These systems are used to provide real-time data, organize transactions to aid businesses and to use properly in dealing with payments, business staff, invoices, customers etc.

Market Highlights

Point of Sale Market is expected to project a CAGR 10.7% during the forecast period, 2022-2032

Point of Sale market size was USD 7.85 billion in 2021 and projected to grow from USD 9.6 billion in 2023 to USD 24.1 billion by 2032, exhibiting a CAGR of 10.7% during the forecast period.Point of sale market is driven by the requirement to support tracking of inventory and sales data, continue cashless transactions, and enhance sales strategy using analytics in restaurants, retail chains, hotels, drug stores etc. Increasing demand for cloud-based solutions and rising necessity for modern features like customer data management, employee management analytics, sales monitoring, inventory tracking, reporting are anticipated to drive the demand for acquiring of Point of Sale Market and boosting the market growth.

Point of Sale Market Segmentation:

Fixed PoS segment is expected to grow with high CAGR during the forecast period

Point of Sale Market is classified based on the Type into Fixed PoS, Mobile PoS, Others. Fixed PoS segment dominated the market in 2021 and is expected to dominate the market in the forecast period owing to growing preference of retail stores and restaurants for fixed POS solution as they provide increased performance and features. The tendency of people to use fixed POS system owing to the advantages like inventory management, rigid management solutions with business functionality, loyalty programs, a cash drawer, and gift card management.

On-premise segment expected to grow with high CAGR during the forecast period

Point of Sale Market is classified based on the Deployment into On-premise and Cloud-based. On-premise segment dominated the market in 2021 and is expected to dominate the market in the forecast period owing to the high adoption of Point of Sale for on-premise POS systems by large enterprises, which use local server over remote facility. Large enterprises have bulk sensitive information; therefore, the on-premises deployment of software provide control to the owner of the POS system.

Market Dynamics:

Growth Drivers

Growing Preference of Digital Transactions is Expected to Boost the Growth of the Market

Cashless transactions are secure, and the storage of liquid cash reduces, increasing the storage of money in accounts, thereby increasing flexibility and money management. This increases the transaction made digitally, through mobile phones and bank cards to reduce the use of cash. The card details can be stored in mobile wallets, digital payment apps and the availability of QuickBooks is expected to boost the growth of the point of sale market, allowing the users to follow customers, sales, and inventory easily and effectively.

Increasing Usage of Point of Sale is Expected to Boost the Growth of the Market

Small businesses are utilizing point of sale systems due to the advantages offered by this system. Effective POS systems aids the business owners to spend less duration on business management by providing necessary reports to help speed up decision-making. This enhances the store profitability by effective inventory management. Solutions offer Selected and tailored marketing solutions are provided using client data collected during the sales transactions. Small businesses utilizing web-based point of sale software for increased availability and popularity are expected to boost the growth of market.

Restraint

Security Concerns May Restrain the Growth of the Market

POS software is prone to skimming, device faults, phishing, and software & network issues and the data breach of crucial documents may restrain the growth of the market.

Recent Developments:

• In January 2023, Mark POS introduced cloud-based PoS software, which features combined capabilities to cater to small & medium sized specialty and grocery markets.
• In March 2021, Lightspeed acquired monger restricted in New Island which was pointed focused on energising the consumer base.

Point of Sale Market

Key Players Covered:

• H&L POS
• Oracle Micros
• IdealPOS
• Clover Network, Inc.
• TouchBistro Toast Inc.
• Lightspeed
• NCR Corp.
• Square Inc.
• Revel Systems
• SwiftPOS
• Other Prominent Players

(Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis)

Regional Analysis

Point of Sale Market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific and the Middle East and Africa. North America dominated the market in 2021 and is expected to continue its dominance over the forecast period owing to the increasing acceptance of Point of Sale in the countries of this region and wide acceptance of electronic payment which is expected to boost the growth of Point of Sale market. The constant increase in demand for POS solutions is expected to drive market growth over the forecast period.

Impact of Covid-19 on Point of Sale Market

The COVID-19 outbreak had resulted in the downfall of economies globally. Several countries had imposed lockdowns and applied travel restrictions to control the spread of the virus. The rise in awareness about probability of being infected on direct transaction of cash through hand exchange had resulted in the increased demand for the market. The demand for online transactions and increasing acceptance of cloud-and AI-based PoS systems had positive impact on market growth. COVID-19 had a positive impact on the growth of Point of Sale Market.

Point of Sale Market is further segmented by region into:

• North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United States and Canada
• Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Mexico, Argentina, Brazil and Rest of Latin America
• Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey and Rest of Europe
• Asia Pacific Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia and Rest of APAC
• Middle East and Africa Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa and Rest of MENA.

Point of Sale Market Scope and Segments:

Frequently Asked Questions (FAQ):