With 15.9% CAGR, Point of Sale (POS) Market Worth USD 70.75 Billion by 2029
According to Fortune Business Insights, the global point of sale (POS) market size is projected to reach USD 70.75 billion in 2029, at a CAGR of 15.9% during the forecast period
Pune, India, July 11, 2022 (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 at a CAGR of 15.9% during the 2022-2029 period. Fortune Business Insights™ publishes this information in a report titled, “Point of Sale (PoS) Market Forecast, 2022-2029”. As per the report, the market is anticipated to grow during the projected period due to the rising implementation of cloud and AI integration in PoS systems.
According to our researchers, 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.
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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 |
| Point of Sale Market Growth Drivers | Fixed PoS Segment to Lead the Market Due to Rising Adoption from the Retail Industry |
| Rising Adoption of Cloud-Based Systems to Propel Growth | |
| Asia Pacific Holds Dominant Share due to Emerging Digitization |
Changing Consumer Spending Behavior Hampered Market Growth
The COVID-19 pandemic affected various industries globally in the initial lockdown phase. Governments imposed several restrictions to control the virus’s spread. Also, lack of adoption of these solutions has hampered the point of sale (PoS) market growth during the pandemic. The limitations on workforce management hindered the performance of leading companies in the industry.
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Drivers & Restraints:
Rising Adoption of Cloud-Based Systems to Propel Growth
The market is expected to grow significantly during the projected period due to increasing demand for smart technologies in several industries. Also, the rising adoption of cloud-based PoS in small-scale and medium-scale businesses is expected to drive the market. Furthermore, the integration of AI in POS systems is anticipated to bolster market growth in the coming years. The increasing adoption of cashless transactions for better money management is projected to augment growth in the projected period.
However, rising data security concerns may hamper market growth.
Segments:
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.
Report Coverage:
The report sheds light on recent trends and developments in the market. Also, the impact of COVID-19 pandemic on global market expansion is discussed further in this report. Drivers and restraints affecting the market growth in the coming years are given further in this report. Furthermore, a regional analysis of segmented market areas is provided further along with a list of key market players present in the industry.
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Regional Insights:
Asia Pacific Holds Dominant Share due to Emerging Digitization
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:
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:
- Introduction
- Definition, By Segment
- Research Methodology/Approach
- Data Sources
- Executive Summary
- Market Dynamics
- Drivers, Restraints, Opportunities and Trends
- Impact of COVID-19
- Short-term Impact
- Long-term Impact
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- Global Point of Sale (PoS) Key Players Market Share Insights and Analysis, 2021
- Global Point of Sale (PoS) Market Size Estimates and Forecasts, By Segments, 2018-2029
- Key Findings
- By Type (USD)
- Fixed PoS
- Mobile PoS
- By Component (USD)
- Hardware
- Software
- Services
- By Deployment (USD)
- On-Premise
- Cloud-based
- By End-user (USD)
- Restaurants
- Retail
- Entertainment
- Others (Gas Stations, Transportation, etc.)
- By Region (USD)
- North America
- South America
- Europe
- Middle East & Africa
- Asia Pacific
- North America Point of Sale (PoS) Market Size Estimates and Forecasts, By Segments, 2018-2029
- Key Findings
- By Type (USD)
- Fixed PoS
- Mobile PoS
- By Component (USD)
- Hardware
- Software
- Services
- By Deployment (USD)
- On-Premise
- Cloud-based
- By End-user (USD)
- Restaurants
- Retail
- Entertainment
- Others (Gas Stations, Transportation, etc.)
- By Country (USD)
- United States
- Canada
- Mexico
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