The Global Point Of Sales Market Growth, COVID-19 Impact and Forecast (2021-2025)
The global point of sales market is segmented based on product type as fixed and mobile; based on component type as hardware, software, and services; based on applications as retail, hospitality, warehouse, restaurant, healthcare, entertainment, and others; based on geography as APAC, Europe, North America, and ROW.
Introduction
A point of sale (POS) is where a customer executes the payment for goods or services and where sales taxes may become payable.
A POS transaction may occur in person or online, with receipts generated either in print or electronically. Cloud-based POS systems are becoming increasingly popular among merchants.
POS systems are increasingly interactive, particularly in the hospitality industry, and allow customers to place orders and reservations and pay bills electronically.
POS terminal systems evolved from being transaction-oriented terminals/devices to systems that can integrate with the company’s CRM and other financial solutions. This evolution, thus, empowered the end-users with business intelligence to better manage their revenue streams and inventory.
Table of Contents
Market Overview
The Global point of sale market is expected to grow to $30.29 billion by 2025 at CAGR of 13.9%
POS application systems include functions such as sale, inventory, stock counting, etc.
According to the U.S. Payments Forum, over 50% of transactions are held at contactless payment-enabled merchants. These payments enable easy, fast, and secure transactions through mobile phones and retail POS terminals.
Due to the coronavirus pandemic, android-based POS terminals, which are almost solely manufactured in China, are most affected.
Key Trends
More ways to capture customer data: Retail POS systems are becoming smarter in the sense of being able to gather customer information and associate it with a sale.
Mobile POS solutions gain popularity: As more retailers look to apply mobile retail POS solutions in their stores, they still must determine if mobile POS is the best alternative for their checkout process.
Key Market Players
The competitive rivalry in the market is high, as a good number of players prevail. The market is dominated by global vendors like Diebold Nixdorf, Ingenico, Intuit, NCR Corporation, SAP, and Verifone.
Growth Drivers and Challenges
The major growth drivers for the market include growing interest in non-cash transactions among consumers, increased data visibility through cloud POS systems, and enhanced service delivery.
The increasing demand for wireless Internet connectivity reduced costs, and expanded network coverage are driving the need for portable or mobile POS devices in the retail sector.
An increase in cyber-threat and growing security concerns are expected to be a major challenge for the POS terminal market over the next few years.
The maintenance cost associated with the wireless POS systems is very high. Fixing the hardware used in POS systems is a difficult task. Despite being able to contact the manufacturer to help the user troubleshoot the problem, it may still require a costly, time-consuming visit from a service provider to fix the problem.
The COVID-19 pandemic has affected every segment of society, including individuals and businesses. The internet ecosystem has been playing a pivotal role all over the globe.
Due to the COVID-19 pandemic, the dependency on online businesses has increased significantly. The retail sector is leveraging the internet to provide necessary services to consumers.