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IN THE NEWSJanuary 2021- NCR Corporation announced the acquisition of Cardtronics, which is aimed at accelerating and expanding the NCR-as-a-service strategy.
November 2019- Ingenico partnered with FinTech Pundi X to enable crypto transactions across the globe. Pundi X declared that it completed the integration of its XPOS software with the Point-Of-Sale (POS) APOS A8 devices of Ingenico.
The global point of sale (POS) market is estimated to garner a sizeable revenue and grow at a CAGR of ~9% over the forecast period, i.e., 2022 – 2030. The growth of the market can be attributed to the increasing number of identity thefts and financial frauds across the globe, and rising government initiatives to secure payment transactions since the last few years. According to the Insurance Information Institute, 1.4 million complaints were filed for identity theft in the United States alone, up from 651,000 in 2019. Identity thefts accounted for 29 percent of all the complaints received by the Federal Trade Commission.
Along with these, growing requirement for contactless payment options, and escalating demand tailor-made POS or check out systems across a variety of applications, are also expected to boost market growth in the forthcoming years. Furthermore, rapid growth of e-commerce industry, and surge in deployment if web-based services, especially in small and medium-sized businesses are projected to offer profitable opportunities for market growth in the near future.
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The market is segmented by end-user industry into entertainment, hospitality, healthcare, retail, and others, out of which, the retail segment is anticipated to hold the largest share in the global point of sale (POS) market. This can be largely accounted to the fact that retail industry has gradually shifted from the brick-and-mortar stores to social media and e-commerce retailing. In addition, shift in business channels is also assessed to augmented to drive the demand for POS software, which in turn is predicted to boost the market segment growth in the future. Moreover, on the basis of type, the fixed segment is evaluated to acquire the largest share during the forecast period owing to the increasing preference for fixed restaurant POS terminals among full service and quick service franchises, and its excellent security in terms of data privacy.
The never-ending growth in internet accessibility around the world along with numerous technological advancements comprising 5G, blockchain, cloud services, Internet of Things (IoT), and Artificial Intelligence (AI) among others have significantly boosted the economic growth in the last two decades. As of April 2021, there were more than 4.5 billion users that were actively using the internet globally. Moreover, the growth in ICT sector has significantly contributed towards GDP growth, labor productivity, and R&D spending among other transformations of economies in different nations of the globe. Furthermore, the production of goods and services in the ICT sector is also contributing to the economic growth and development. As per the statistics in the United Nations Conference on Trade and Development’s database, the ICT good exports (% of total good exports) globally grew from 10.816 in 2015 to 11.536 in 2019. In 2019, these exports in Hong Kong SAR, China amounted to 56.65%, 25.23% in East Asia & Pacific, 26.50% in China, 25.77% in Korea, Rep., 8.74% in the United States, and 35.01% in Vietnam. These are some of the important factors that are boosting the growth of the market.
On the basis of geographical analysis, the global point of sale (POS) market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in the Asia Pacific is estimated to witness noteworthy growth over the forecast period on the back of the growing number of small and medium sized enterprises, and a rapidly increasing consumer base of POS software. As of July 2020, there are more than 65 million micro, small and medium sized enterprises in the Southeast Asia today that employ about 150 million people and account for almost 98 percent of all the business in the region.
Apart from these, reduction in the total cost of ownership is also projected to fuel the region’s market growth in the coming years. Moreover, the market in North America is expected to gather the largest share during the forecast period ascribing to the high adoption of POS software across several industry verticals, including employment of restaurant POS terminals, and rising usage of cloud-based applications in the region.
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The global point of sale (POS) market is further classified on the basis of region as follows:
Our in-depth analysis of the global point of sale (POS) market includes the following segments:
FREQUENTLY ASKED QUESTIONS
The major factors driving market growth are increasing number of financial frauds globally and rising government initiatives to secure payment transactions.
The market is anticipated to attain a CAGR of ~9% over the forecast period, i.e., 2022 – 2030.
Data security concerns associated with use of POS is estimated to hamper the market growth.
Asia Pacific will provide more business opportunities for market growth owing to the small and medium sized enterprises, and a rapidly increasing consumer base of POS software.
The major players in the market are Infor Inc., Samsung Electronics Inc., Seiko Epson Corporation, Hewlett Packard Enterprise, NCR Corporation, and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by component, type, deployment mode, end-user industry, and by region.
The fixed segment is anticipated to hold largest market size and is estimated to grow at a notable CAGR over the forecast period and display significant growth opportunities.
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