Point of Sale Market to Exhibit a CAGR of 16.1% from 2024 to 2032; Ingenico Inked a Deal with Klarna to Aid the Roll-out of Klarna’s Flexible Payment Options

The global point of sale market size stood at USD 29.02 billion in 2023. The market value is slated to rise from USD 33.41 billion in 2024 to USD 110.22 billion by 2032 at a CAGR of 16.1% during 2024-2032. Fortune Business Insights™ presents this information in its report titled “Point of Sale Market Size, Share & Industry Analysis, By Component (Hardware and PoS Terminal Software), By Type (Fixed PoS, Mobile PoS, and Others), By Deployment (On-premise and Cloud-based), By Operating System (Windows/Linux, Android, and iOS), By End-user (Restaurants, Retail, Entertainment, and Others),  and Regional Forecast, 2024 – 2032”

A point of sale (PoS) system is deployed with inventory tracking to offer real-time updates on stock levels. The growth in the uptake of PoS and incorporation into PoS systems is fostering the market expansion.

The COVID-19 pandemic surged the preference among consumers for utilizing online channels for the purchase of goods, impeding the market. As per China’s National Bureau of Statistics, the total retail sales of consumer goods dropped by 3.9% in 2020. On the contrary, online retail sales of physical goods witnessed a growth of 14.8% from 2019 to 2020.

Personalized Shopping Experiences and Ever-changing Pricing Optimization Impels the Market Growth

Generative AI is anticipated to have a significant influence on the market, bringing new capabilities while improving existing functionalities. This AI algorithm can analyze demand patterns, market conditions, and competitor pricing in real-time. Owing to this factor, businesses can incorporate a dynamic pricing strategy at the PoS, which optimizes pricing for maximum profitability.

Ingenico and Klarna Partnered to Facilitate in Launching Klarna’s Flexible Payment Options

In January 2023, Ingenico and Klarna announced a strategic partnership that is expected to assist in the roll-out of Klarna’s flexible payment alternatives. This partnership is set to propel the market growth and help in assisting flexible payment alternatives of Klarna.

Growing Uptake of Digital Payments and Mobile Wallets in PoS Solutions Improves User Experiences, Driving the Market Growth

The point of sale market growth is driven by an increase in the uptake of mobile wallets and digital payments in point of sale solutions, which enhances user experiences. The traditional modes of the execution of cash transactions have been abolished by technological innovations.

Despite such growth opportunities, the concerns related to data security may hamper the market growth.

Leading Players Emphasize Partnerships to Enhance Their Position

Market growth is being aided by a surge in constant R&D investments for product innovations. Key players are quickly adopting strategic initiatives to sustain their competitiveness. Several players are also forging partnerships to gain a competitive edge.

To get a detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/point-of-sale-pos-market-106336

List of Key Players Profiled:

• NCR Corporation (U.S.)
• Toast, Inc. (U.S.)
• Oracle Corporation (U.S.)
• HP Development Company, L.P. (U.S.)
• Ingenico Group (Worldline) (France)
• PAX Global Technology Limited (China)
• Lightspeed (U.S.)
• Block, Inc. (U.S.)
• Nomia LLC (Russia)          
• Fujitsu Frontech Limited (Japan)

Key Industry Development

• January 2023: SoundHound joined Toast Partner Ecosystem to facilitate more restaurant operators with voice-ordering capabilities.

Further Report Findings

• The Asia Pacific PoS market witnessed the largest share in 2023. This is on the back of the quick economic growth in nations including India and China, which has resulted in the construction and expansion of businesses, leading to a demand for efficient and modern PoS systems to streamline transactions.
• North America market growth is driven by the growing consumer preference for using mobile PoS solutions for payment processing attributed to the increasing uptake of digital payment modes across the restaurant and retail industries.
• The hardware segment registered the maximum share in 2023. Hardware provides rapid and accurate transaction processing.
• The fixed PoS segment witnessed the largest point of sale market share in 2023. The terminals used in fixed PoS solutions feature large display screens and additional peripherals, including card readers, customer displays, and others can be accommodated in them to improve the overall system’s functionality in the retail sector.

Table of Segmentation