How Top 10 Global Point Of Sale System Companies Have Been Driving the Competition in the Market?

A Point of Sale (PoS) system is a technology used during payment in retail stores, restaurants, casinos, and other shops. It includes physical tools such as PoS terminals, barcode scanners, receipt printers, and software systems that track transactions, data, and business processes. These systems help give real-time data, which helps make effective decisions for businesses and drive the market growth of point of sale.

According to Fortune Business Insights, the global market of point of sale could be worth USD 81.15 billion by 2030, recording a CAGR of 15.8% during 2023-2030.  The market stood at USD 25.28 billion in 2022 and is projected to reach USD 29.02 billion in 2023.

COVID-19 Impact on the Market

The pandemic negatively affected this industry due to decreasing expenditure in restaurants and stores due to the lockdown. For example, in 2020, MasterCard and Visas, digital transactions, and cards saw a decline in revenue by 25% and 20% in the market. The lockdown slowed tourism, production facilities, and hospitality due to which online payments for air tickets and hotel bookings were declined by 40%.

Listed below are the top 10 companies operating in the market:

1. Oracle

Oracle provides point of sale solutions through hardware, integrated platforms, software, and the cloud. This industry offers trust and quality hotels, resorts, restaurants, casinos, stadiums, transportation hubs, retail stores, and cruise ships worldwide. One of the services is the Simphony POS system, which makes it easier for restaurants to control their in-house and online operation in real-time from any device possible. The system helps update the menu, make transactions, and manage orders online.

April 2023: Uno Pizzeria and Grill partnered with Oracle to adopt the restaurant concept and a new market with Oracle cloud. Oracle MICROS Simphony Cloud PoS and Uno Pizzeria & Grill work with each for providing hassle-free front and back-of-house operations across the globe.

2. Ingenico

Ingenico offers different devices and business solutions that work together in the market, making it easier for all kinds of payment. POSgate is a service provided by the company which gives access to some business tools which help in a simple checkout process using a range of POS alternatives connected to a consistent merchant environment.

February 2023: Ingenico collaborated with Splitit, a cross-border payment gateway that combines services such as no-interest, one-touch, and buy now pay later for physical checkout experience. The purpose of the collaboration was to offer buy now and pay later services across the globe, which is inbuilt into the merchant's existing POS terminal.

3. Lightspeed

Lightspeed is a cloud-based commerce platform with a three-way connection between merchants, suppliers, and customers, allowing omnichannel experiences. The company also offers a cloud platform with these interrelated elements, omnichannel consumer experience, and all the back office operations management suite, improving the service quality at the consumer's end. Lightspeed's cloud retail point of sale services manage different works such as fast inventory management, checkout, and customer data.

September 2022: Lightspeed Commerce developed a Lightspeed Restaurant platform in Australia to promote hospitality commerce and POS platforms for the restaurant industry. It provides online ordering, analytics, contactless integrated payments, and an advanced inventory for restaurant operators.

4. NCR Corporation

NCR Corporation is a services and software enterprise technology provider that helps run stores, restaurants, and self-banking with businesses of all sizes for customers. The company's portfolio comprises software and services with multi-vendors connected devices, PoS terminals, automated teller machines, self-checkout terminals, and other service technologies. One of the company's services is the NCR EMERALD platform for retail stores, which connects it to the point of sale solution that helps to combine and run them from POS to payments to the back office.

August 2022: NCR Corporation collaborated with Wendy's to include NCR Aloha's PoS, which will help make business transparent in store, deals, and product data to improve its operations.

5. Toast

Toast provides an end-to-end platform for restaurants. A single platform of software-as-a-service products and technology solutions for tracking a restaurant's functions such as the market for point of sale, operations, marketing, loyalty, online order and delivery, and team management. Toast POS software module includes software that helps in the process of payments, which helps to track restaurant sales with the needs of all types and sizes. It also helps make effective operations, reduce wait times, and easy payments. To retain customers and staff, it provides color-coded tables, mobile alerts, and guest text messages.

February 2023: Toast collaborated with Google to launch a new ordering channel by combining Toast Point of Sale with Google through search and maps. This will help Toast restaurants know when the customer has ordered food and made the payment. This will increase the market for point of sale in the near future.

6. Block, Inc. (Square Capital, LLC)

Block, Inc. provides point of sale software to help retail stores operate online and in-store without any hindrance, with built-in tools for sales, advanced inventory management, and staffing. It helps in offering solutions for retail, restaurants, and appointments. One of the services offered by the company is Square Point of Sale which features items, payments, inventory, analytics, e-commerce, and CRM that leads to modifying the industry and making business effective on all sides.

January 2021: Square launched Square for Retail POS helped retailers manage their operations by selling from anywhere and managing the inventory.

7. PAX Technology

PAX Technology, Inc. is an electronic payment gateway for easy, quick, and safer payment solutions to businesses worldwide. PAX’s PxRetailer generates a custom User Interface (UI) for the retail POS system that permits quick integration with different electronic cash register applications.

July 2022: PAX Technology collaborated with Datacap, a processor and hardware payments gateway provider, to combine PAX's PxRetailer software with Datacap's universal payments orchestration platform, NETePay Hosted, a solution for any vertical.

8. SpotOn Transact, LLC

SpotOn promotes businesses by providing software and payment solutions for local and personal services. SpotOn's restaurants' POS systems are made in a way that combines with other systems and software, helping partners know how the merger with robust solutions will help the business grow and lead to market growth.

March 2023: Durham Bulls collaborated with SpotOn to combine beverage and food point of sale system for Bull City Hospitality, a food facility provider of the Bulls. SpotOn will give mobile, franchises, suites, and grab-and-go kiosks under one sales platform for the Bulls.

9. Shopify

Shopify is one of the leading point of sale system companies which functions to personalize the market for PoS for businesses by arranging used apps, discounts, and products in close reach. Shopify Retail POS system apps work in Android or iOS or tablets to run retail stores.

September 2022: Shopify developed a hardware tool, POS Go, a physical tool with a built-in card reader, barcode scanner, and inventory tracker to make it easier for customers and retailers to shop, which drives the market.

10. Odoo

Odoo PoS provides an intelligent interface for retail companies so that new stores can be located easily and quickly with a good internet connection. Odoo’s inventory app helps put some transactions from the stock POS and easily creates customer invoices.

August 2022: Odoo opened its first office in Africa to grow and establish its African customer base for its services, including point of sale, project management, CRM, accounting e-commerce, and inventory.

Future of PoS Systems

 Growing digitization, connectivity, and data has led to digital transformation. Companies are coming up with new products and services with advanced digital technologies. People are shifting toward cashless or contactless payments, thereby increasing the adoption of electronic payment methods. This industry helps customers make cashless, safe, quick, and more effortless payments to retail stores. It also helps reduce billing errors and provides accuracy in money transaction. Therefore, companies are building more strategies to establish themselves in marketing by introducing different products and services. They are collaborating to grow and expand the market for a hassle-free process of tracking, getting franchises, and tracking the operations related to restaurants, stores, and other sectors.