Point of Sale (PoS) Market (Updated Version Available)
Point of Sale (PoS) Market Size, Share & Trends Analysis, By Type (Fixed PoS and Mobile PoS), Component (Hardware, Software, and Services), Deployment (On-Premises and Cloud-Based), End-Use (Retail, Restaurants, Media & Entertainment, Healthcare, and Others), By Region, Forecast Period 2023 - 2030
Report ID : RI_673781 | Date : February 2023 |
Format : 
Key Market Overview:
Point of Sale (PoS) Market is estimated to reach over USD 73.91 Billion by 2030 from a value of USD 23.54 Billion in 2022, growing at a CAGR of 15.3% from 2023 to 2030.
A point of sale (PoS) is a location where a transaction takes place between a customer and a business. Point of Sale refers to a physical location consisting of a cash register, a computer with PoS software, a barcode scanner, a device for scanning products, and a card reader for processing payments. The system is used to calculate the total cost of a customers purchase, to process payment, and to print a receipt. Therefore, Point of Sale refers to the software and hardware used to process transactions at these locations.
Rising interest of consumers towards cashless payments is driving the growth of the Point of Sale market. Cashless payments offer a high degree of convenience to consumers making payments using their smartphones or other digital devices. Moreover, PoS systems are designed to process transactions quickly, that help reduce waiting time for customers. For instance, in September 2022, CommentSold launched point of sale (PoS) solution built on Stripe Terminal payment processing solution. The system offers a range of features, including real-time inventory management, fraud protection, and low fees. CommentSolds PoS solution is useful particularly for businesses that sell products through multiple channels, including social media and e-commerce platforms. Therefore, PoS systems provide a convenient way for customers to make payments and for businesses to process transactions quickly and accurately.
Point of Sale (PoS) Market Coverage
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Market Dynamics:
Driver:
As the retail industry continues to grow and evolve, there is an increasing demand for more efficient and flexible payment processing solutions. The growing demand for sophisticated and integrated PoS systems in industries such as retail stores is propelling the growth of the market. PoS systems typically support a wide range of payment options, including credit and debit cards, mobile payments, and contactless payments giving customers flexibility to pay using their preferred method. PoS solutions improves the overall experience of the customers, driving the growth of point of sale (PoS) market. For instance, in January 2023, VMware modernizes point of sale (PoS) systems for global retailers. VMwares PoS solution helps retailers to integrate their PoS systems with other business-critical applications, such as inventory management and customer relationship management systems to provide better experience to their customers.
Restraint:
Integration of new PoS systems with existing business processes and systems is quite complex and time-consuming. Therefore, integration of these systems leads to delays and disruptions and limits the adoption of new PoS technologies. Moreover, security is a major concern restraining the growth of the market as PoS systems process sensitive customer payment information. Any breach of security norms leads to serious consequences for both the business and its customers, including financial loss and damage to reputation.
Opportunities
The growth of mobile devices and wireless technology is expected to provide potential opportunities for the growth of the global market. Wireless technology is anticipated to give rise to mobile PoS solutions allowing businesses to process payments and manage transactions on the go. Moreover, the adoption of artificial intelligence (AI) and machine learning (ML) technologies in PoS systems are expected to provide businesses with insights into customer behavior, sales trends, and other key metrics. For instance, in September 2022, Shopify launched a new point-of-sale (PoS) hardware called Shopify PoS Go with an in-built barcode scanner, card reader, and inventory tracker. Moreover, the company specify the product as a self-contained portable device that does not require connection to a mobile phone or computer.
Point of Sale (PoS) Market Segmentation:
By Type
Based on the type, the market is bifurcated into fixed-PoS and mobile-PoS. Fixed-PoS accounted for the largest revenue share in 2022. Fixed PoS systems offer a wide range of advanced features and capabilities, such as inventory management, employee management, and reporting and analytics. Fixed PoS systems are used in large retail establishments with a high volume of transactions demanding more sophisticated systems to manage the businesses. For instance, in June 2022, Wix launched its own point of sale (POS) system to provide omnichannel solutions for its merchants. The Wix PoS system is designed to be used with a simple interface and supports a variety of payment methods, including credit cards, Apple Pay, and Google Pay.
The mobile-PoS segment is anticipated to witness fastest growth during the forecast period. Mobile PoS systems allow merchants to take payments from anywhere particularly useful for smaller businesses or startups that lacks permanent physical storefront. For instance, in October 2022, German fintech Unzer launched a new mobile point of sale (mPoS) system designed for small and medium-sized enterprises (SMEs). The system allows merchants to accept a range of payment methods, including credit cards, debit cards, and mobile payments, using a smartphone or tablet.
By Component
Based on components, the market is trifurcated into hardware, software, and services. The hardware segment dominates the global market due to the growing installation of PoS systems hardware in the retail, restaurant, and banking sectors. The popularity of PoS systems such as barcode scanners, and credit card readers have contributed to the growth of the hardware segment. Moreover, the COVID-19 pandemic has accelerated the adoption of contactless payments leading to an increase in demand for hardware that supports these payment methods. Merchants need to upgrade their hardware to accept contactless payments, such as Google Pay or PhonePay.
The services segment is expected to show prominent growth during the forecast period due to the increasing complexity of PoS systems. As PoS systems become more advanced and feature-rich, they are becoming more complex to operate and maintain. Merchants require training and support to get the most out of their PoS system and need ongoing technical support to ensure that the system is running smoothly. Services segment include installation, software updates, hardware repairs, and training to ongoing support. Moreover, many PoS systems also offer additional services, such as marketing and loyalty programs, thus helping merchants to build customer loyalty and increase sales.
By Deployment
Based on deployment, the market is bifurcated into On-premise and cloud-based. The on-Premise segment dominates the global market accounting for the largest market share in 2022. On-premise PoS systems have higher reliability as businesses have direct control over hardware and software. Moreover, On-premise systems allow businesses to keep sensitive data such as customer payment information on-site, where they maintain control over security measures and access to the data.
The cloud-based PoS systems are anticipated to register the highest CAGR during the forecast period due to their lower upfront costs and ease of use. Cloud-based PoS systems typically have lower upfront costs as businesses dont need to purchase hardware or software licenses. Instead, businesses pay a subscription fee to access the software and data storage on the cloud. For instance, in January 2023, Markt PoS launched the first all-in-one cloud-based PoS solution to meet the needs of small to medium grocery and specialty markets. The solution is designed to help these businesses manage their inventory, sales, and customer relationships in one easy-to-use system.
By End-Use
Based on the end-user, the market is segregated into retail, restaurants, media & entertainment, healthcare, and others. The retail segment accounted for the largest revenue share in 2022. As retailers move towards digital operations and e-commerce, there is an increased need for advanced PoS systems that handle online sales and integrate with other digital platforms. Many retailers are adopting an omni-channel approach to sales, which involves integrating online and offline sales channels to provide a seamless customer experience. Therefore, PoS systems are used in the retail industry for inventory management, sales tracking, and customer relationship management. For instance, in November 2022, SumUp launched a new PoS solution called PoS Lite to provide businesses with an affordable, easy-to-use PoS system that is quick and easy to set up.
The restaurant segment is anticipated to register significant growth during the forecast period. POS systems are integrated with online ordering platforms, making it easier for restaurants to manage orders multiple sources. PoS systems allow restaurants to easily manage orders, payments, and customer data, which helps to enhance the overall customer experience. For instance, in June 2022, Openbravo launched a new quick-service PoS system to respond to the demands of QSR and Fast Casual Restaurant chains. The new solution, called Openbravo for QSR, is designed to be fast, easy to use, and flexible, with features such as table management, kitchen display systems, and menu management.
By Region
North America dominates the global market and generates the largest revenue share due to the increasing adoption of mobile and cloud-based PoS systems. North America has been at the forefront of payment technology advancements, including the adoption of contactless payments, mobile payments, and other payment methods driving the growth of the regional market. Moreover, the region has several leading PoS vendors such as NCR Corporation, Oracle Corporation which is further accelerating the growth of point-of-sale market.
Asia-Pacific is anticipated to register highest CAGR during the forecast period owing to the growth of E-commerce in this region. With the proliferation of businesses operating online, the demand for point-of-sale (POS) systems that seamlessly integrate both online and offline sales channels have increased. Moreover, business strategies followed by mergers and collaborations being implemented by key players in the region is facilitating the adoption of digital payments across countries including India, China and Japan. For instance, in August 2022, Axis Bank, one of the largest private sector banks in India partnered with BharatPe to expand its merchant acquiring business. The partnership aims to enable BharatPes merchants to access Axis Banks wide range of banking products and services, including loans, insurance, and other financial services.
Point of Sale (PoS) Market Competitive Landscape:
The market for point of sale (PoS) is highly competitive. The key market players are adopting strategies for mergers and acquisitions, and product innovations to stay competitive in the market. Following are the major market players that comprise the latest market concentration–
• NCR Corporation
• Toast, Inc.
• Oracle Corporation
• HP Development Company, L.P.
• Ingenico Group (Worldline)
• PAX Global Technology Limited
• Lightspeed
• Block, Inc.
• Nomia LLC
• Fujitsu Frontech Limited
Recent Developments
• In February 2022, Fujitsu launched a new point-of-sale (POS) printer, called the FP-2000CL capable of generating both receipts and linerless labels. The new printer is designed to meet the needs of a wide range of businesses, including retailers, hospitality companies, and logistics providers.
• In January 2022, NCR Corporation partnered with Google Cloud to accelerate the transformation of the retail industry through cloud-based solutions. The partnership will leverage the strengths of both companies to help retailers improve their operational efficiency and enhance the customer experience.
Point of Sale (PoS) Market is estimated to reach over USD 73.91 Billion by 2030 from a value of USD 23.54 Billion in 2022, growing at a CAGR of 15.3% from 2023 to 2030.
A point of sale (PoS) is a location where a transaction takes place between a customer and a business. Point of Sale refers to a physical location consisting of a cash register, a computer with PoS software, a barcode scanner, a device for scanning products, and a card reader for processing payments. The system is used to calculate the total cost of a customers purchase, to process payment, and to print a receipt. Therefore, Point of Sale refers to the software and hardware used to process transactions at these locations.
Rising interest of consumers towards cashless payments is driving the growth of the Point of Sale market. Cashless payments offer a high degree of convenience to consumers making payments using their smartphones or other digital devices. Moreover, PoS systems are designed to process transactions quickly, that help reduce waiting time for customers. For instance, in September 2022, CommentSold launched point of sale (PoS) solution built on Stripe Terminal payment processing solution. The system offers a range of features, including real-time inventory management, fraud protection, and low fees. CommentSolds PoS solution is useful particularly for businesses that sell products through multiple channels, including social media and e-commerce platforms. Therefore, PoS systems provide a convenient way for customers to make payments and for businesses to process transactions quickly and accurately.
Point of Sale (PoS) Market Coverage
| Report Attributes | Report Details |
| Study Timeline | 2017-2030 |
| Market Size in 2030 (USD Billion) | USD 73.91 Billion |
| CAGR (2023-2030) | 15.3 % |
| Base Year | 2022 |
| By Type | Fixed PoS and Mobile PoS |
| By Component | Hardware, Software, and Services |
| By Deployment | On-Premises and Cloud-Based |
| By End Use | Retail, Restaurants, Media & Entertainment, Healthcare, and Others |
| By Geography | |
| Key Players | NCR Corporation, Toast, Inc., Oracle Corporation, HP Development Company, L.P., Ingenico Group (Worldline), PAX Global Technology Limited, Lightspeed, Block, Inc., Nomia LLC, Fujitsu Frontech Limited |
Market Dynamics:
Driver:
As the retail industry continues to grow and evolve, there is an increasing demand for more efficient and flexible payment processing solutions. The growing demand for sophisticated and integrated PoS systems in industries such as retail stores is propelling the growth of the market. PoS systems typically support a wide range of payment options, including credit and debit cards, mobile payments, and contactless payments giving customers flexibility to pay using their preferred method. PoS solutions improves the overall experience of the customers, driving the growth of point of sale (PoS) market. For instance, in January 2023, VMware modernizes point of sale (PoS) systems for global retailers. VMwares PoS solution helps retailers to integrate their PoS systems with other business-critical applications, such as inventory management and customer relationship management systems to provide better experience to their customers.
Restraint:
Integration of new PoS systems with existing business processes and systems is quite complex and time-consuming. Therefore, integration of these systems leads to delays and disruptions and limits the adoption of new PoS technologies. Moreover, security is a major concern restraining the growth of the market as PoS systems process sensitive customer payment information. Any breach of security norms leads to serious consequences for both the business and its customers, including financial loss and damage to reputation.
Opportunities
The growth of mobile devices and wireless technology is expected to provide potential opportunities for the growth of the global market. Wireless technology is anticipated to give rise to mobile PoS solutions allowing businesses to process payments and manage transactions on the go. Moreover, the adoption of artificial intelligence (AI) and machine learning (ML) technologies in PoS systems are expected to provide businesses with insights into customer behavior, sales trends, and other key metrics. For instance, in September 2022, Shopify launched a new point-of-sale (PoS) hardware called Shopify PoS Go with an in-built barcode scanner, card reader, and inventory tracker. Moreover, the company specify the product as a self-contained portable device that does not require connection to a mobile phone or computer.
Point of Sale (PoS) Market Segmentation:
By Type
Based on the type, the market is bifurcated into fixed-PoS and mobile-PoS. Fixed-PoS accounted for the largest revenue share in 2022. Fixed PoS systems offer a wide range of advanced features and capabilities, such as inventory management, employee management, and reporting and analytics. Fixed PoS systems are used in large retail establishments with a high volume of transactions demanding more sophisticated systems to manage the businesses. For instance, in June 2022, Wix launched its own point of sale (POS) system to provide omnichannel solutions for its merchants. The Wix PoS system is designed to be used with a simple interface and supports a variety of payment methods, including credit cards, Apple Pay, and Google Pay.
The mobile-PoS segment is anticipated to witness fastest growth during the forecast period. Mobile PoS systems allow merchants to take payments from anywhere particularly useful for smaller businesses or startups that lacks permanent physical storefront. For instance, in October 2022, German fintech Unzer launched a new mobile point of sale (mPoS) system designed for small and medium-sized enterprises (SMEs). The system allows merchants to accept a range of payment methods, including credit cards, debit cards, and mobile payments, using a smartphone or tablet.
By Component
Based on components, the market is trifurcated into hardware, software, and services. The hardware segment dominates the global market due to the growing installation of PoS systems hardware in the retail, restaurant, and banking sectors. The popularity of PoS systems such as barcode scanners, and credit card readers have contributed to the growth of the hardware segment. Moreover, the COVID-19 pandemic has accelerated the adoption of contactless payments leading to an increase in demand for hardware that supports these payment methods. Merchants need to upgrade their hardware to accept contactless payments, such as Google Pay or PhonePay.
The services segment is expected to show prominent growth during the forecast period due to the increasing complexity of PoS systems. As PoS systems become more advanced and feature-rich, they are becoming more complex to operate and maintain. Merchants require training and support to get the most out of their PoS system and need ongoing technical support to ensure that the system is running smoothly. Services segment include installation, software updates, hardware repairs, and training to ongoing support. Moreover, many PoS systems also offer additional services, such as marketing and loyalty programs, thus helping merchants to build customer loyalty and increase sales.
By Deployment
Based on deployment, the market is bifurcated into On-premise and cloud-based. The on-Premise segment dominates the global market accounting for the largest market share in 2022. On-premise PoS systems have higher reliability as businesses have direct control over hardware and software. Moreover, On-premise systems allow businesses to keep sensitive data such as customer payment information on-site, where they maintain control over security measures and access to the data.
The cloud-based PoS systems are anticipated to register the highest CAGR during the forecast period due to their lower upfront costs and ease of use. Cloud-based PoS systems typically have lower upfront costs as businesses dont need to purchase hardware or software licenses. Instead, businesses pay a subscription fee to access the software and data storage on the cloud. For instance, in January 2023, Markt PoS launched the first all-in-one cloud-based PoS solution to meet the needs of small to medium grocery and specialty markets. The solution is designed to help these businesses manage their inventory, sales, and customer relationships in one easy-to-use system.
By End-Use
Based on the end-user, the market is segregated into retail, restaurants, media & entertainment, healthcare, and others. The retail segment accounted for the largest revenue share in 2022. As retailers move towards digital operations and e-commerce, there is an increased need for advanced PoS systems that handle online sales and integrate with other digital platforms. Many retailers are adopting an omni-channel approach to sales, which involves integrating online and offline sales channels to provide a seamless customer experience. Therefore, PoS systems are used in the retail industry for inventory management, sales tracking, and customer relationship management. For instance, in November 2022, SumUp launched a new PoS solution called PoS Lite to provide businesses with an affordable, easy-to-use PoS system that is quick and easy to set up.
The restaurant segment is anticipated to register significant growth during the forecast period. POS systems are integrated with online ordering platforms, making it easier for restaurants to manage orders multiple sources. PoS systems allow restaurants to easily manage orders, payments, and customer data, which helps to enhance the overall customer experience. For instance, in June 2022, Openbravo launched a new quick-service PoS system to respond to the demands of QSR and Fast Casual Restaurant chains. The new solution, called Openbravo for QSR, is designed to be fast, easy to use, and flexible, with features such as table management, kitchen display systems, and menu management.
By Region
North America dominates the global market and generates the largest revenue share due to the increasing adoption of mobile and cloud-based PoS systems. North America has been at the forefront of payment technology advancements, including the adoption of contactless payments, mobile payments, and other payment methods driving the growth of the regional market. Moreover, the region has several leading PoS vendors such as NCR Corporation, Oracle Corporation which is further accelerating the growth of point-of-sale market.
Asia-Pacific is anticipated to register highest CAGR during the forecast period owing to the growth of E-commerce in this region. With the proliferation of businesses operating online, the demand for point-of-sale (POS) systems that seamlessly integrate both online and offline sales channels have increased. Moreover, business strategies followed by mergers and collaborations being implemented by key players in the region is facilitating the adoption of digital payments across countries including India, China and Japan. For instance, in August 2022, Axis Bank, one of the largest private sector banks in India partnered with BharatPe to expand its merchant acquiring business. The partnership aims to enable BharatPes merchants to access Axis Banks wide range of banking products and services, including loans, insurance, and other financial services.
Point of Sale (PoS) Market Competitive Landscape:
The market for point of sale (PoS) is highly competitive. The key market players are adopting strategies for mergers and acquisitions, and product innovations to stay competitive in the market. Following are the major market players that comprise the latest market concentration–
• NCR Corporation
• Toast, Inc.
• Oracle Corporation
• HP Development Company, L.P.
• Ingenico Group (Worldline)
• PAX Global Technology Limited
• Lightspeed
• Block, Inc.
• Nomia LLC
• Fujitsu Frontech Limited
Recent Developments
• In February 2022, Fujitsu launched a new point-of-sale (POS) printer, called the FP-2000CL capable of generating both receipts and linerless labels. The new printer is designed to meet the needs of a wide range of businesses, including retailers, hospitality companies, and logistics providers.
• In January 2022, NCR Corporation partnered with Google Cloud to accelerate the transformation of the retail industry through cloud-based solutions. The partnership will leverage the strengths of both companies to help retailers improve their operational efficiency and enhance the customer experience.
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