Point of Sale (POS) System Market Size, Share, Growth, And Industry Analysis, By Type (Fixed POS and Mobile POS), By Application (Retail & Consumer Goods, Media & Entertainment, BFSI, Manufacturing, Healthcare), Regional Insights, and Forecast From 2024 To 2031

Point Of Sale (Pos) System Market Report Overview

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The global point of sale (POS) system market size was USD 21450.0 million in 2021 and is expected to reach USD 75441.01 million in 2031, at a CAGR of 13.4% during the forecast period.

A rise in the implementation of POS system by many end-user sectors can be attributed to factors such as the increase in customer preference for card-based transactions, the high adoption of network-connected smart devices, and the increasing need for mobile point-of-sale terminals. Additionally, it is anticipated that product penetration will increase over the next several years due to the growing demand for tailored offers and suggestions for food, drink, and goods, particularly in the entertainment industry.

COVID-19 Impact: Cashless Payment to Foster Market Growth

The global COVID-19 pandemic has been unprecedented and staggering, with Point of Sale (POS) system experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The rise in CAGR is attributable to the point of sale (POS) system market growth and demand returning to pre-pandemic levels once the pandemic is over.

The COVID-19 pandemic had a detrimental impact on a number of industry sectors, including retail, dining, travel, and entertainment, which in turn had an impact on the revenue of point of sale (POS) software providers. The closure and avoidance of retail outlets occurred in various economies as a result of the severe lockdown rules that were imposed due to the rising number of infections during the initial waves of the virus pandemic. These limitations, together with the growing demand to pay and accept payments securely with the least amount of work, prompted retail establishments to move toward e-commerce or web stores, which resulted in a significant increase in cashless payments.

Latest Trends

"Technological Advancements to Intensify Market Magnification"

The capabilities of the point of sale (POS) system help to raise productivity, which benefits sales volume as well. During the systems installation process, many features will only require a very small bit of support from any specialist. Furthermore, these devices' majority of pre-installed software components are plug-and-play compatible. Additionally, the system assists in removing issues that frequently crop up when making the system available to users, making it easy for small and medium-sized businesses to adopt these systems without difficulty.

Point Of Sale (Pos) System Market Segmentation

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• By Type Analysis

According to type, the market can be segmented into Fixed POS and Mobile POS.

• By Application Analysis

According to application, the market can be segmented into Retail & Consumer Goods, Media & Entertainment, BFSI, Manufacturing, Healthcare.

Driving Factors

"Rising Usage from Various Sector to Boost Market Share"

The point of sale (POS) system market is being driven by a rise in the usage of POS terminals in the retail, restaurant, healthcare, and hospitality sectors. Due to the growth of the SMEs industry, mobile card swipe devices and contactless payments are gaining popularity in developing economies. During the forecast period, the market is likely to grow as consumers' preferences for hassle-free shopping experiences increase and more completely automated supermarkets with no cash registers are introduced.

"Smartphones Penetration to Expand Market Forwarding"

During the projected period, the market is anticipated to be further driven by rising smartphone use and internet penetration. The e-commerce industry has benefited immensely from the internet's quick expansion of infrastructure. It has completely changed how business and financial transactions are carried out. The inclination for online payments is increasing, which is encouraging the use of virtual POS terminals to provide a quick and safe online purchasing experience. Retailers may watch and view inventory in real-time using POS terminal equipment, which can simplify inventory management for both online and offline channels and help them avoid overstocking.

Restraining Factors

"Software Installation to Deplete Market Advancement"

The growing demand for contactless payment methods provided a reprieve, favoring market participants. Despite the fact that the pandemic had a negative influence on many industries, some, like retail and restaurants, were able to survive because to online shopping and meal delivery services. The increase in online meal deliveries and grocery shopping that resulted from the move to online sales boosted the need for contactless payment methods.

The primary market problem is to create POS software that can accommodate the multi-channel demand. For instance, to expand their global reach, businesses in sectors like retail, packaged food service, and others have steadily turned into online sales (e-commerce) channels. As a result, there is an increased need for POS software that can be installed effectively to handle multi-channel needs for managing massive amounts of inventory, simplifying payments, and improving other company activities.

Point Of Sale (Pos) System Market Regional Insights

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"Increasing Use of Cashless Payment to Foster Expansion in North America"

North America is anticipated to have the largest point of sale (POS) system market share. There is a strong market for sophisticated integrated point of sale (POS) system in the region as well as the existence of well-known POS software manufacturers. Due to the need to upgrade hospital facilities connected to payment, insurance, and patient management, the healthcare sector in the U.S. is anticipated to experience the quickest growth rate. Additionally, it is projected that increased cashless payment use and the swift expansion of North America's retail, restaurant, hotel, healthcare, and other industries will fuel product demand over the projection period.

Asia Pacific is expected to have a sizable market share. The substantial expansion of the electronic payment sector is to blame for the increase in POS terminal use in the area. The market is expanding because to the demand for cashless transactions in the retail, restaurant, entertainment, warehousing, and other sectors in developing nations like China, India, Indonesia, and Vietnam.

Key Industry Players

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

LIST OF TOP POINT OF SALE (POS) SYSTEM COMPANIES

• Lightspeed Retail (Canada)
• Quetzal (France)
• Hewlett Packard Enterprise (U.S.)
• TouchBistro (Canada)
• Seiko Epson Corporation (Japan)
• Oliver POS (Canada)
• Ingenico SA (France)
• Infor Inc. (U.S.)
• Clover Network, Inc. (U.S.)
• Epos Now (U.K.)
• Toast Inc. (U.S.)

Report Coverage

This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, etc. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.