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Point of Sale (POS) Market size was valued at USD 28.79 billion in 2023 and is expected to exceed USD 202.73 billion by 2036, registering over 16.2% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of point of sale is assessed at USD 32.52 billion.
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.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
16.2% |
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Base Year Market Size (2023) |
USD 28.79 billion |
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Forecast Year Market Size (2036) |
USD 202.73 billion |
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Regional Scope |
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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.
Our in-depth analysis of the global market includes the following segments
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By Component |
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By Type |
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By Deployment Mode
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By End-User Industry
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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. Asia Pacific is expected to dominate majority revenue share by 2036, on the back of 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.
North America Market Analysis
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.
January 2021- NCR Corporation announced the acquisition of Cardtronics, which is aimed at accelerating and expanding the NCR-as-a-service strategy.
Author Credits: Abhishek Verma
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