The point of sale global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Point Of Sale Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
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 in the historic period can be attributed to the demand for enhanced customer experience, the expansion of online shopping, the increasing adoption of digital payments, the growth of small and medium enterprises, and the rise in 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 growth in the forecast period can be attributed to growing e-commerce and omnichannel retailing, regulatory changes and compliance requirements, growth in the retail and hospitality sectors, a rising focus on security and fraud prevention, and a surge in contactless payment methods. Major trends in the forecast period include increased adoption of near-field communication (NFC) and quick response (QR) code payments, growth in tablet and smartphone-based POS solutions, implementation of advanced encryption and fraud detection technologies, adoption of fingerprint and facial recognition, and exploration of blockchain for secure, transparent, and efficient transaction processing.
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Scope Of Point Of Sale Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Point Of Sale Market Overview
Market Drivers –
The rising adoption of contactless payments is expected to propel the growth of the point of sale market going forward. Contactless payments are a secure method of transaction where consumers can pay for goods or services by simply tapping or waving a payment-enabled card, smartphone, or wearable device near a compatible payment terminal, without the need for physical contact. The rising adoption of contactless payments is driven by factors such as convenience, speed, enhanced security features, the widespread use of smartphones and wearable devices, and a shift towards hygiene-conscious payment methods, especially post-pandemic. Point of sale (POS) systems drive the adoption of contactless payments by allowing merchants to process quick, secure, and effortless transactions via NFC-enabled devices, improving customer satisfaction and promoting broader use. For instance, in January 2024, according to the European Central Bank, a Germany-based central bank of the European Union countries, the number of contactless card payments in the first half of 2023 increased by 24.3% from 20.9 billion in the first half of 2022, with the corresponding total value rising by 25.9% to €0.5 trillion ($545.27 billion). Therefore, the rising adoption of contactless payments is driving the growth of the point of sale market.
Market Trends –
Major companies operating in the point of sale market are focusing on developing innovative open banking payment solutions, to provide merchants with a cost-effective, efficient payment method that enhances customer convenience. An open banking payment solution allows third-party providers to access a user’s bank account information securely to initiate payments or provide financial services, leveraging open APIs for greater transparency and efficiency. For instance, in February 2024, Acquired Limited, a UK-based company that provides payment infrastructure and solutions for businesses, partnered with MultiPay Global Solutions, a UK-based payments technology company, to launch Pay by Bank for Point of Sale (POS). This platform enables direct bank payments via a quick response (QR) code, eliminating interchange and scheme fees for merchants and providing instant access to funds. For customers, it offers a smooth payment experience without the need for additional app downloads, ensuring quick and hassle-free transactions.
The point of sale market covered in this report is segmented –
1) By Type: Fixed Point Of Sale, Mobile Point Of Sale, Other Types
2) By Component: Hardware, Software, Services
3) By Operating System: Windows Or Linux, Android, iPhone Operating System (iOS)
4) By Deployment: On-Premise, Cloud-Based
5) By End-User: Restaurants, Retail, Entertainment, Other End Users
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Regional Insights –
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.
Key Companies –
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.
Table of Contents
1. Executive Summary
2. Point Of Sale Market Report Structure
3. Point Of Sale Market Trends And Strategies
4. Point Of Sale Market – Macro Economic Scenario
5. Point Of Sale Market Size And Growth
…..
27. Point Of Sale Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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