Rising Contactless Payments: A Key Driver Transforming the Point Of Sale Market 2024
Point Of Sale Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033
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How Much Growth Does The Point Of Sale Market Holds In Its Future?
The point of sale market size has grown rapidly in recent years. It is projected to rise from $37.44 billion in 2023 to $44.84 billion in 2024, reflecting a compound annual growth rate CAGR of 19.8%. This growth during the historical period can be attributed to factors such as 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.
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How Will The Point Of Sale Market Evolve In The Next Few Years?
The point of sale market 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%. This expansion during the forecast period can be attributed to factors such as 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.
Which Factors Will Drive The Growth Of The Point Of Sale Market Going Forward?
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 convenience, speed, enhanced security features, the widespread use of smartphones and wearable devices, and a shift towards hygiene-conscious payment methods, particularly due to the pandemic. Point of sale POS systems drive the adoption of contactless payments by enabling merchants to process quick, secure, and effortless transactions via NFC-enabled devices, thereby improving customer satisfaction and encouraging wider use.
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What are the Leading Companies in the Point Of Sale Market?
Major players operating in the point of sale market include 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, and Bindo Labs Inc.
What are the Emerging Innovations and Trends in Point Of Sale Market?
Companies operating in the market are focusing on developing innovative open banking payment solutions, with a view to provide merchants with a cost-effective, efficient payment method that enhances customer convenience. For example, in February 2024, Acquired Limited, a UK-based company, partnered with MultiPay Global Solutions to launch Pay by Bank for Point of Sale POS. This platform enables direct bank payments via QR code, eliminating interchange and scheme fees for merchants, and providing instant access to funds.
How Is The Market Segmented?
The point of sale market covered in this report is segmented by:
1 Type: Fixed Point Of Sale, Mobile Point Of Sale, Other Types
2 Component: Hardware, Software, Services
3 Operating System: Windows Or Linux, Android, iOS
4 Deployment: On-Premise, Cloud-Based
5 End-User: Restaurants, Retail, Entertainment, Other End Users
What Are The Regional Highlights Of The Point Of Sale Market?
Asia-Pacific was the largest region in the point of sale market in 2023. North America is expected to be the fastest-growing region during the forecast period. The regions covered in this market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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