Point Of Sale System Requirement Global Market Report 2024

A point of sale (POS) system is a solution designed to facilitate smooth sales transactions by managing inventory, processing payments, and generating sales reports. It also includes tools for improving customer relationships, such as loyalty programs, point-based rewards, marketing tools, promotions, discounts, customer profiling, and detailed analytics.

The primary deployment modes for POS systems are cloud and on-premise. Cloud deployment involves hosting applications, services, or infrastructure on remote servers accessed via the internet, rather than on local servers or personal devices. POS systems cater to organizations of varying sizes, including large enterprises and small to medium-sized enterprises (SMEs), and encompass both fixed point of sale (POS) and mobile point of sale (POS) applications. These systems are utilized across a wide range of industries, including restaurants, hospitality, healthcare, retail, warehouses, entertainment, and others.

The point of sale system requirement market research report is one of a series of new reports that provides point of sale system requirement market statistics, including point of sale system requirement industry global market size, regional shares, competitors with a point of sale system requirement market share, detailed point of sale system requirement market segments, market trends and opportunities, and any further data you may need to thrive in the point of sale system requirement industry. This point of sale system requirement market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The point of sale system requirement market size has grown rapidly in recent years. It will grow from $12.67 billion in 2023 to $14.5 billion in 2024 at a compound annual growth rate (CAGR) of 14.4%. In the historical period, growth can be credited to the widespread adoption of electronic payment methods, the expansion of e-commerce, shifts in tax legislation, the push for data-driven decision-making, and heightened concerns over data security 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 regulatory and compliance requirements, the necessity for seamless system experiences, increasing demand from small and medium enterprises (SMEs), rising interest in cloud-based solutions, and the popularity of mobile point-of-sale (POS) systems. Key trends anticipated in this period include the evolution and commercialization of personal computing, enhanced data analytics capabilities, the incorporation of AI for inventory management, ongoing technological advancements, and deeper integration with the Internet of Things (IoT).

The increasing adoption of digital payment methods is poised to drive the growth of the point-of-sale system requirements market in the future. Digital payments involve electronic transfer of funds between parties using platforms such as online banking or mobile wallets. This trend is fueled by the convenience, speed, and enhanced security they offer, alongside rising smartphone usage and internet accessibility. Integration with secure payment gateways, support for various card and mobile wallet transactions, and adherence to industry standards such as PCI DSS are essential for digital payment methods in point-of-sale systems. For example, by May 2024, digital wallets and mobile apps were adopted by 62% of businesses, up from 47% in 2022, surpassing ACH and debit cards to become the second most used payment method after paper checks. This underscores how digital payment adoption is shaping the requirements of point-of-sale systems.

Key players in the point-of-sale system requirements market are concentrating on developing advanced solutions, such as Payments Platform as a Service (PPaaS), to better cater to customer needs. PPaaS solutions offer businesses an integrated approach to securely manage and process payments, providing flexibility, scalability, and compliance with regulations without extensive internal infrastructure development. For instance, in December 2021, Ingenico launched PPaaS, a cloud-based platform designed to enhance the point-of-sale experience by integrating multiple payment and commerce services on a modern technology framework, compatible with their global network of 35 million POS terminals.

In September 2021, SpotOn Inc., a US-based company specializing in software and payment technology, acquired Appetize Technologies Inc. for $415 million. This acquisition aimed to expand SpotOn's presence in the enterprise market, particularly within sectors such as sports and entertainment. Appetize Technologies Inc., also based in the US, develops point-of-sale and payment systems, aligning with SpotOn's strategic growth objectives.

Major companies operating in the point of sale system requirement market are 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.

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.

The countries covered in the point of sale system requirement market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The point of sale system requirement market consists of revenues earned by entities by providing services such as installation services, training services, cloud services, customization services, and consulting services. The market value includes the value of related goods sold by the service provider or included within the service offering. The point of sale (POS) system requirement market also includes sales of cash registers, touchscreen displays, point of sale requirement (POS) terminals, customer display units, and point of sale requirement (POS) software. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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