Point Of Sale Market 2024 Opportunity Assessment, Size, Growth Rate And Forecast To 2033

"The Business Research Company recently released a comprehensive report on the Global Point Of Sale Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, 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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Market Drivers and Trends:

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.

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.

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Major Key Players of the Market:

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.

Point Of Sale Market 2024 Key Insights:

• 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%.
• Rising Contactless Payments Are Driving Growth In The Point Of Sale Market
• Innovative Open Banking Solution Streamlines Point Of Sale Payments
• Asia-Pacific was the largest region in the point of sale market in 2023

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