Point-of-Sale Market expands as retailers adopt mobile payment solutions and contactless transactions.

AUSTIN, TEXAS, UNITED STATES, June 19, 2024 /EINPresswire.com/ -- Market Scope and Overview

The Point-of-Sale Market was valued at USD 29.01 Billion in 2023. It is projected to reach USD 97.09 Billion by 2031. This growth is driven by the increasing need for businesses to streamline operations, minimize errors, and gain valuable customer insights. PoS systems offer a comprehensive solution, automating tasks, providing real-time inventory tracking, and generating detailed sales reports. As businesses reopen and adapt to the evolving retail landscape, PoS systems will play a crucial role in enhancing customer experiences and optimizing operations.

The retail landscape is undergoing a significant transformation, driven by the rise of omnichannel commerce. This approach seamlessly integrates online and offline shopping experiences, creating a unified and convenient journey for customers. customers expect a consistent experience across all touchpoints. According to a PwC report, 73% of consumers say they use multiple channels online, mobile, physical stores, when shopping for a product. Businesses that fail to provide a unified experience risk losing customers to competitors who have embraced omnichannel strategies. Also, for instance, Harvard Business Review research indicates that omnichannel customers spend 30% more in stores and have a higher lifetime value compared to those who shop through only one channel.

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Some of the Major Key Players Studied in this Report are:

➤ Clover Network
➤ H&L POS
➤ IdealPOS
➤ Lightspeed
➤ NCR Corporation
➤ Oracle Micros
➤ Revel Systems
➤ SwiftPOS
➤ Square
➤ TouchBistro
➤ Other Players

Market Segmentation Analysis

By Application: Fixed POS Terminals category held the dominant market share in 2021 due to their enhanced data security and being a preferred choice for many businesses. And, the mobile POS segment is expected to witness the fastest growth rate during the forecast period 2024-2031, due to the increasing adoption of tablets and smartphones as payment devices.

By Deployment Mode: On-Premise POS Software segment held the majority share in 2021 as it offers greater data control and security. And the, cloud-based POS software deployment is projected to experience the fastest growth rate due to its affordability, scalability, and ease of access.

By End-User: The retail sector is the largest user of PoS systems, with applications in various retail formats like clothing stores, grocery, and convenience. And, other industries like restaurants, hospitality, and healthcare are also increasingly adopting PoS systems to manage transactions and improve operational efficiency.

Market Segmentation and Sub-Segmentation Included Are:

On The Basis of Application

➤ Fixed POS
➤ Mobile POS

On The Basis of Deployment Mode

➤ Cloud
➤ On-premise

On The Basis of Organization Size

➤ Large Enterprise
➤ Small and Medium Enterprise (SME)

On The Basis of End-user

➤ Restaurant
➤ Hospitality
➤ Healthcare
➤ Retail
➤ Warehouse
➤ Entertainment
➤ Others

Regional Analysis

North America currently holds the dominant market share due to the presence of major technology companies and a strong focus on innovation in retail solutions.

Asia Pacific region is expected to witness the fastest growth during the forecast period 2024-2031, due to factors like rapid economic growth, government initiatives promoting digitalization, and a growing tech-savvy population. According to a data, retail e-commerce sales in Asia Pacific will reach USD 5.5 trillion by 2025, representing over half of global e-commerce sales. This huge growth in online shopping will also drive the adoption of omnichannel retail strategies, requiring seamless integration between physical stores and online platforms. PoS systems with e-commerce capabilities will be crucial for businesses to adapt to this trend.

Europe represents a significant market with a strong focus on data privacy and regulations that encourage the development of secure PoS solutions.

For Instance, Strong Customer Authentication, This European regulation requires two-factor authentication for online and in-person card payments. This additional layer of security helps to prevent unauthorized transactions and protects consumers from fraud.

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Recent Developments

➤ In April 10, 2024: Block, Inc. (Square) announced a new partnership with Shopify to integrate its Square Point-of-Sale solution with Shopify's e-commerce platform. This collaboration will provide merchants with a seamless omnichannel sales experience.

➤ In June 3, 2024: Toast, Inc., a leading provider of cloud-based restaurant management systems, unveiled its latest innovation, Toast Flex. This all-in-one solution combines point-of-sale, kiosk ordering, and kitchen display functionalities in a single platform, designed to streamline restaurant operations.

Key Insights

➤ The market has a diverse range of players, from established technology companies like Block, Inc. and NCR Corporation to innovative startups which specializing in cloud-based or mobile PoS solutions.

➤ Integrating online and offline shopping experiences is crucial. Businesses need PoS systems with e-commerce capabilities for a seamless customer journey across all channels both online as well as offline.

➤ Mobile POS terminals and cloud-based deployment models are gaining traction due to affordability, scalability, and ease of use. This caters to businesses of all sizes.

➤ As regulations and consumer awareness regarding data privacy increase, secure PoS solutions become more critical.

Table of Contents- Major Key Points

1. Introduction

2. Research Methodology

3. Market Dynamics
3.1. Drivers
3.2. Restraints
3.3. Opportunities
3.4. Challenges

4. Impact Analysis
4.1. Impact of Ukraine- Russia war
4.2. Impact of Ongoing Recession on Major Economies

5. Value Chain Analysis

6. Porter’s 5 Forces Model

7. PEST Analysis

8. Point-of-Sale Market Segmentation, by Application
8.1. Fixed POS
8.2. Mobile POS

9. Point-of-Sale Market Segmentation, by Deployment Mode
9.1. Cloud
9.2. On-premise

10. Point-of-Sale Market Segmentation, by Organization Size
10.1. Large Enterprise
10.2. Small and Medium Enterprise (SME)

11. Point-of-Sale Market Segmentation, by End-user
11.1. Restaurant
11.2. Hospitality
11.3. Healthcare
11.4. Retail
11.5. Warehouse
11.6. Entertainment
11.7. Others

12. Regional Analysis
12.1. Introduction
12.2. North America
12.3. Europe
12.4. Asia-Pacific
12.5. The Middle East & Africa
12.6. Latin America

13. Company Profile

14. Competitive Landscape
14.1. Competitive Benchmarking
14.2. Market Share Analysis
14.3. Recent Developments

15. USE Cases and Best Practices

16. Conclusion

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