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Point of Sale System Market: Industry Insights and Market Share Overview
Point Of Sale System Requirement Global Market Report 2024
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According to The Business Research Company's, 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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Market Drivers and Trends:
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.
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.
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• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
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• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
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• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Major Key Players of the Market:
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
Point Of Sale System Requirement Market 2024 Key Insights:
• 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%.
• Digital Payment Adoption Fuels Growth In The Point Of Sale System Requirement Market
• Development Of Cloud-Based Payments Platform For Enhanced POS Experience
• North America was the largest region in the point of sale system requirement market in 2023
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