Point of Sale (PoS) Market Size, Share & COVID-19 Impact
Analysis, By Component (Hardware and PoS Terminal Software), By Type (Fixed PoS,
Mobile PoS, and Others), By Deployment (On-premise and Cloud-based totally), By
Operating System (Windows/Linux, Android, and iOS), By End-user Format: PDF
worldwide Point of Sale (PoS) market length became worth USD 25.28 billion in
2022 and is projected to develop from USD 29.02 billion in 2023 to USD 81.15
billion by way of 2030, exhibiting a CAGR of 15.Eight% during the forecast
period.
A PoS system is a generation utilized all through the PoS
process to address purchaser transactions. It includes hardware, which include
PoS terminals, barcode scanners, receipt printers, and software program
structures that manipulate transactions, data, and business procedures. These
structures are deployed to streamline transactions and offer real-time
information to useful resource businesses to make knowledgeable decisions.
Rising demand for system automation and cloud-primarily
based terminals for inventory and inventory management in retail and logistics
drives marketplace increase. Several key gamers inside the marketplace are
adopting cloud-primarily based solutions to automate commercial enterprise
methods throughout enterprises. For example,
COVID-19 IMPACT
Major Decline in Consumer Spending During Pandemic Hampered
the Market Growth
Digital payment businesses show a decline in sales because
of lack of consumer spending in retail, eating places, and plenty of other
sectors. For example, in 2020, MasterCard and Visa, virtual transaction and
playing cards companies, witnessed a decline in revenue by way of 25% and 20%
in total market cap, respectively. This is in most cases attributed to decrease
in virtual fee solutions due to the bad impact on hospitality, air journey, and
retail. In India, corporations, consisting of Razorpay, have proven a decline
in on-line virtual transactions through 40%, thanks to banning journey and
closure of manufacturing facilities and hospitality.
Further, the market is expected to witness capability
submit-pandemic increase, owing to customer adoption of virtual price
strategies. The main players in the market are that specialize in developing
cloud-based and AI-incorporated solutions to meet growing customer demand. For
instance,
Such an boom inside the adoption and development of
cloud-primarily based solutions with the aid of the main gamers is expected to
create ample opportunity for the worldwide marketplace boom.
LATEST TRENDS
Rising Adoption of Cloud-primarily based PoS and AI
Integration in PoS Systems Aids the Market Growth
The rising adoption of cloud-based totally and Artificial
Intelligence (AI)-driven Point of Sale solutions amongst organisations and
small traders aids market increase. AI-based totally services in structures are
gaining popularity and growing across developed countries, inclusive of the
U.S., the U.K., France, Italy, and others.
Several main gamers within the market are developing cloud
and AI-based PoS structures and software program to stay aggressive. For
example,
DRIVING FACTORS
Rising Interest Among Consumers Towards Cashless
Transactions for Better Money Management Fuels the Market Growth
Increasing digitization, connectivity, and records are key
factors that gas virtual transformation. Industries adopt digitalization to
supply new products and services to decorate purchaser pleasure. PoS answers
permit customers to make special types of virtual and contactless bills. The
adoption of digital charge techniques has improved the call for for these
systems. It includes flexibility, safety, correct cash control, and decreases
human errors in billing. Additionally, there may be a giant upward push in
cashless transactions globally, as a result of growing use of smartphones. For
instance
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