PUBLISHER: 360iResearch | PRODUCT CODE: 1466515
PUBLISHER: 360iResearch | PRODUCT CODE: 1466515
[198 Pages Report] The Point of Sale Equipment Market size was estimated at USD 97.19 billion in 2023 and expected to reach USD 104.38 billion in 2024, at a CAGR 7.63% to reach USD 162.63 billion by 2030.
The Point of Sale (POS) equipment market encompasses the hardware systems and electronic devices used to process card payments and manage sales transactions in retail, hospitality, healthcare, and other customer-centric industries. This includes traditional cash registers, card payment terminals, barcode scanners, receipt printers, touchscreen displays, and various self-service kiosks. POS equipment is a focal point for the merchant and customer interaction during a transaction. The application of POS equipment is expansive and varied. In retail, POS systems are essential to process payments, manage inventory, and track consumer behavior. In the hospitality industry, they facilitate operations such as table-side ordering and split billing. POS systems are also pivotal in healthcare for managing patient billing and services. The POS equipment market is growing due to rising urbanization and growth in the organized retail sector, expanding digitization and rising preference for seamless and contactless payments, increasing penetration of mobile POS, and demand for e-commerce-friendly POS systems. However, the expansion of POS equipment is hindered by the high cost of upgradation and standardization of equipment, the growing threat of cybersecurity attacks on POS systems, and the complexity of integrating new POS systems with existing infrastructure. On the other hand, the latest potential opportunities in the POS equipment market include the integration of contactless payment technologies, the emergence of smart POS systems with enhanced analytics capabilities, growing interest in POS solutions among small businesses, and rising adoption of cloud-based POS systems and integration of artificial intelligence (AI) in the POS systems. There is also a growing trend for POS systems to incorporate customer relationship management (CRM) tools, loyalty program management, and real-time inventory tracking, which can open up new avenues for market growth.
KEY MARKET STATISTICS | |
---|---|
Base Year [2023] | USD 97.19 billion |
Estimated Year [2024] | USD 104.38 billion |
Forecast Year [2030] | USD 162.63 billion |
CAGR (%) | 7.63% |
Product Type: Increasing demand for fixed POS terminals for greater functionality and integration capabilities
Fixed POS terminals are the traditional systems that are stationed at checkout counters. These terminals are generally robust, feature-rich, and can merge with various peripherals, including barcode scanners, cash drawers, and receipt printers. Fixed POS terminals are preferred by businesses with designated checkout areas and handle a high volume of transactions, such as supermarkets, restaurants, and brick-and-mortar stores. Mobile POS terminals are handheld devices that allow payments to be processed anywhere within the store or in the field. Examples include tablets or smartphones that are equipped with POS software. These terminals are ideal for businesses requiring mobility, such as food trucks, market vendors, or in-aisle checkout services in retail stores to reduce customer wait times. Pocket POS terminals are compact, portable devices that fit into a pocket and are capable of processing payments. They often connect wirelessly to smartphones or tablets. These terminals are tailored for businesses with on-the-go service needs, including delivery services, pop-up shops, and trade show vendors where space and quick transaction processing are paramount. POS GPS/GPRS terminals have built-in GPS and GPRS technology for real-time tracking and connectivity. They are suitable for businesses that need to accept payments on the go, with the added benefit of location tracking. It is best suited for businesses such as transportation services, delivery businesses, and outdoor service providers who need to manage fleets and transactions simultaneously. Compared to mobile or pocket POS terminals, fixed POS terminals are less flexible but provide greater functionality and integration capabilities. They are well-suited for establishments that require extensive software applications and hardware connectivity.
Application: Expanding application of POS equipments in retail industry for inventory management, and customer relationship management
In the entertainment sector, the utilization of point-of-sale (POS) systems encompasses ticketing, merchandise sales, food and beverage services, and loyalty programs. The need for POS systems in entertainment venues often revolves around high transaction volumes, speed of service, and integration with various services and inventory systems. Preferred POS features include mobile payment options, contactless transactions, and robust sales reporting capabilities. Healthcare POS systems pinpoint specific needs, including patient check-in, processing co-payments, and managing inventory for pharmacies and gift shops. The hardware and software used in healthcare must comply with regulations to ensure patient data security. Features, including electronic health record (EHR) integration, billing, and insurance claims processing, are highly valued. Retail POS systems are pivotal in markets, serving as the hub for sales transactions, inventory management, customer relationship management, and analytics. Retailers prioritize user-friendly interfaces, multichannel sales integration, and inventory tracking. The warehouse and distribution segment demands POS systems facilitating asset tracking, shipping/receiving, and warehouse management operations. The systems need to be robust, integrating seamlessly with inventory databases and supply chain management tools. When contrasting POS applications across entertainment, healthcare, retail, and warehouse/distribution sectors, it's evident that each has differing core requirements and compliance standards. Entertainment and retail emphasize customer experience and transaction efficiency. On the other hand, healthcare stresses security and privacy due to sensitive patient data, while Warehouse/Distribution focuses on logistics and inventory accuracy.
Regional Insights
In the United States and Canada, the advent of smart POS systems that integrate smoothly with other business management software has been a game changer. Customers in these countries are inclined towards omnichannel retailing, seeking seamless experiences across online and offline platforms. Retailers are increasingly investing in advanced POS solutions for inventory tracking, customer relationship management, and sales processing. In South America, more significant retail sector investment and expanding tourism contribute to the rising demand for advanced POS solutions. In Europe, GDPR compliance has become a cornerstone requirement for POS systems, with a significant focus on data security and privacy. Countries, including France, Germany, and the UK, are at the forefront, with high demand for contactless payment options enhancing the uptake of newer POS terminals. An increase in the adoption of cloud-based POS systems is observed in Europe, reflecting the need for flexibility and scalability in business operations. The POS market in the Middle East and Africa is characterized by a dichotomy of rapidly modernizing infrastructure and regions relying on cash transactions, resulting in a heterogeneous market with localized solutions thriving alongside international vendors. The APAC region is diverse, with high-growth countries such as China and India and developed markets, including Japan. In China, innovation in mobile payment solutions is ahead of the curve, with widespread consumer adoption. In Japan, contactless payment technology is widely accepted, and there's a strong push for IoT integration in POS systems to enhance customer experience and business analytics. Meanwhile, India presents a fast-growing market with the dual challenge of modernizing its retail infrastructure and catering to a massive and diverse population.
FPNV Positioning Matrix
The FPNV Positioning Matrix is pivotal in evaluating the Point of Sale Equipment Market. It offers a comprehensive assessment of vendors, examining key metrics related to Business Strategy and Product Satisfaction. This in-depth analysis empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success: Forefront (F), Pathfinder (P), Niche (N), or Vital (V).
Market Share Analysis
The Market Share Analysis is a comprehensive tool that provides an insightful and in-depth examination of the current state of vendors in the Point of Sale Equipment Market. By meticulously comparing and analyzing vendor contributions in terms of overall revenue, customer base, and other key metrics, we can offer companies a greater understanding of their performance and the challenges they face when competing for market share. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With this expanded level of detail, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.
Key Company Profiles
The report delves into recent significant developments in the Point of Sale Equipment Market, highlighting leading vendors and their innovative profiles. These include Agilysys, Inc., Aptos, LLC, Casio Computer Co., Ltd., Castles Technology, Cegid Group, Cisco Systems, Inc., CitiXsys Holdings Inc., Ctac N.V., Dell Technologies Inc., Diebold Nixdorf, Inc., Elavon, Inc., Epicor Software Corporation, Fujian Newland Payment Technology Co., Ltd., Fujitsu Limited, Hewlett Packard Enterprise Company, Honeywell International Inc., Infor Inc., INGENICO Group S.A., Intuit Inc., NCR Voyix Corporation, NEC Corporation, Panasonic Corporation, PAX Global Technology Limited, Seiko Epson Corporation, Square Inc., Toshiba Corporation, TouchBistro Inc., and VeriFone, Inc..
Market Segmentation & Coverage
1. Market Penetration: It presents comprehensive information on the market provided by key players.
2. Market Development: It delves deep into lucrative emerging markets and analyzes the penetration across mature market segments.
3. Market Diversification: It provides detailed information on new product launches, untapped geographic regions, recent developments, and investments.
4. Competitive Assessment & Intelligence: It conducts an exhaustive assessment of market shares, strategies, products, certifications, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players.
5. Product Development & Innovation: It offers intelligent insights on future technologies, R&D activities, and breakthrough product developments.
1. What is the market size and forecast of the Point of Sale Equipment Market?
2. Which products, segments, applications, and areas should one consider investing in over the forecast period in the Point of Sale Equipment Market?
3. What are the technology trends and regulatory frameworks in the Point of Sale Equipment Market?
4. What is the market share of the leading vendors in the Point of Sale Equipment Market?
5. Which modes and strategic moves are suitable for entering the Point of Sale Equipment Market?