PUBLISHER: SkyQuest Technology Consulting Pvt. Ltd. | PRODUCT CODE: 1165252
PUBLISHER: SkyQuest Technology Consulting Pvt. Ltd. | PRODUCT CODE: 1165252
Global Point-of-Sales Market was valued at USD 22.08 billion in 2021, and it is anticipated to attain a value of USD 71.89 billion by 2028, at a CAGR of 15.9% over the prediction period (2022 - 2028).
Owing to their ability to provide custom and advanced analytical functions, POS solutions have made inroads in a variety of industries. These terminals or systems, which are supported by powerful software capabilities, assist business operators in streamlining day-to-day operations while allowing them to focus on their core business activities. Increased demand for customized POS or check-out systems across a wide range of business applications will lead to the development of sophisticated software solutions that will serve as the foundation of these systems. The development of software that supports a wide range of industries while also providing analytical capabilities to monitor data captured during daily business operations is expected to drive market growth.
Top-down and bottom-up approaches were used to estimate and validate the size of the Global Point-of-Sales Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined by using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.
Segments covered in this report:
The Global Point-of-Sales Market is segmented based on Type, Component, End-User, and Region. Based on Type, it is categorized into Fixed POS and Mobile POS. Based on Component, it is categorized into Hardware, Software, and Services. Based on End-User, it is categorized into Restaurant, Retail, Entertainment, and Others. Based on the region it is categorized into: North America, Europe, Asia-Pacific, South America, and MEA.
Driver
The digital transformation is mostly fueled by data, connections, and growing digitalization. Industries employ digitalization to develop innovative products and services that will enhance client satisfaction. These services allow users to make a variety of digital and contactless payments. The introduction of electronic payment methods has resulted in a rise in demand for these systems. It has flexibility, security, precise money management, and a reduction in human billing errors.
Restraint
One of the major challenges global market is facing is the development of multi-channel software. For example, in various industries such as packaged food and retail, online transactions are replacing traditional cash transactions, prompting the majority of vendors to develop POS solutions that are compatible in easing payment, managing inventory levels, and improving operational efficiency. Furthermore, the most difficult challenge for POS software vendors is developing customized software for various industries that meets their specific requirements.
Market Trends
The market is expanding as more companies and small shops use AI-driven cloud-based Point of Sale solutions. In industrialised countries like the United Kingdom, the United States, France, Italy, and others, artificial intelligence (AI)-based systems are becoming more and more prevalent. Several of the leading companies in the sector are developing PoS systems and software that is cloud- and AI-based in order to remain competitive.