The point of sale system requirement 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 System Requirement 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 system requirement market size has grown rapidly in recent years. It will grow from $12.67 billion in 2023 to $14.50 billion in 2024 at a compound annual growth rate (CAGR) of 14.4%. The growth in the historic period can be attributed to the widespread adoption of electronic payment methods, the rise of e-commerce, changes in tax laws, the demand for data-driven decision-making, and the increasing threat of data breaches.
The point of sale system requirement market size is expected to see rapid growth in the next few years. It will grow to $24.94 billion in 2028 at a compound annual growth rate (CAGR) of 14.5%. The growth in the forecast period can be attributed to regulatory and compliance requirements, the need for systems that provide a seamless experience, increasing demand from SMEs, rising demand for cloud-based solutions, and growing demand for mobile POS systems. Major trends in the forecast period include the development and commercialization of personal computers, improved data analytics, the integration of AI for inventory management, technological advancements, and integration with the IoT.
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Scope Of Point Of Sale System Requirement 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 System Requirement Market Overview
Market Drivers –
The growing adoption of digital payment methods is expected to propel the growth of the point-of-sale system requirement market going forward. A digital payment is a transaction where money is transferred electronically between two parties using digital systems, such as online banking or mobile wallets. The growing adoption of digital payment methods is driven by their convenience, speed, and enhanced security, along with increasing smartphone usage and internet accessibility. Digital payment methods in point-of-sale systems require integration with secure payment gateways, support for various card and mobile wallet transactions, and compliance with industry standards such as the payment card industry data security standard (PCI DSS) to ensure data security and seamless transaction processing. For instance, in May 2024, according to FedPayments Improvement, a US-based product of Federal Reserve Banks, in 2023, digital wallets and mobile apps were adopted by 62% of businesses, a notable increase from 47% in 2022. This growth surpassed that of ACH and debit cards, solidifying digital wallets as the second-most utilized payment method, closely trailing paper checks. Therefore, the growing adoption of digital payment methods is driving the growth of the point-of-sale system requirements market.
Market Trends –
Major companies operating in the point-of-sale system requirement market are focusing on developing technologically advanced solutions, such as payment platforms as a service solution, to better serve customers. A payments platform as a service (PaaS) solution offers businesses an integrated system to manage and process payments securely, providing flexibility, scalability, and regulatory compliance without the need for extensive internal infrastructure development. For instance, in December 2021, Ingenico, a France-based merchant services technology company, launched PPaaS (Payments Platform as a Service), a cloud-based platform aimed at transforming the point-of-sale (POS) experience. It integrates multiple payment and commerce services and operates on a new technology framework. PPaaS is designed with developers in mind and is compatible with all types of payment terminals, including Ingenico’s global network of 35 million POS terminals.
The point of sale system requirement market covered in this report is segmented –
1) By Deployment Mode: Cloud, On-Premise
2) By Organization Size: Large Enterprise, Small And Medium Enterprise (SME)
3) By Application: Fixed Point Of Sale (POS), Mobile Point Of Sale (POS)
4) By End User: Restaurants, Hospitality, Healthcare, Retail, Warehouse, Entertainment, Other End Users
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Regional Insights –
North America was the largest region in the point of sale system requirement market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the point of sale system requirement 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 system requirement market are <b>Samsung Electronics Co. Ltd, The Hewlett-Packard Company, Panasonic Corporation, Oracle Corporation, Casio Computer Co. Ltd , Fujitsu Ltd, PayPal Holdings Inc., NEC Corporation, Block Inc, NCR Corporation, Shopify Inc., Toast Inc., Ingenico SA, PAX Technology, Lightspeed POS Inc, Toshiba Global Commerce Solutions, Verifone Inc., Clover Network Inc., GK Software SE, NEXGO (Shenzhen Xinguodu Technology Co. Ltd.), Helcim Inc., Newland Payment Technology, Bindo Labs Inc., Qashier PTE Ltd</b>
Table of Contents
1. Executive Summary
2. Point Of Sale System Requirement Market characterstics
3. Point Of Sale System Requirement Market Trends And Strategies
4. Point Of Sale System Requirement Market – Macro Economic Scenario
5. Global Point Of Sale System Requirement Market Size And Growth
…..
32. Global Point Of Sale System Requirement Market Competitive Benchmarking
33. Global Point Of Sale System Requirement Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Point Of Sale System Requirement Market
35. Point Of Sale System Requirement Market Future Outlook and Potential Analysis
36. Appendix
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