Point-of-sale Systems Market by Product, Geography, and End-user - Forecast and Analysis 2020-2024

The point-of-sale systems market share is expected to increase by USD 10.05 billion from 2019 to 2024, and the market's growth momentum will accelerate at a CAGR of 6%.

This point-of-sale systems market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers point-of-sale systems market segmentation by product (accessories and PoS terminals), geography (APAC, North America, Europe, South America, and MEA), and end-user (hospitality industry, supermarkets, hypermarkets, specialty stores, and others). The point-of-sale systems market report also offers information on several market vendors, including CASIO Computer Co. Ltd., Honeywell International Inc., HP Inc., Ingenico Group SA, Newland Payment Technology Co. Ltd., PAX Global Technology Ltd., Seiko Epson Corp., Sharp Corp., SZZT Electronics Shenzhen Co. Ltd. , and VeriFone Inc. among others.

What will the Point-of-sale Systems Market Size be During the Forecast Period?

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Point-of-sale Systems Market: Key Drivers, Trends, and Challenges

The evolution of the global retail landscape is notably driving the point-of-sale systems market growth, although factors such as increased adoption of mobile card readers may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the point-of-sale systems industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Point-of-sale Systems Market Driver

One of the key factors driving growth in the point-of-sale systems market is the evolution of the global retail landscape. Globally, the retail environment is undergoing a drastic change, with an increase in the number of outlets, especially in developing countries. Most leading branded retailers have started focusing on these regions as they strive to capture untapped and unorganized retail environments. Major retailers such as Walmart, Sephora, and Metro are expanding their presence in APAC.  The global retail landscape is evolving, with APAC being one of the fastest-growing regions. Most of the growth in the retail market in APAC is driven by strong economic growth and rapid urbanization in the region. The convergence of and innovations in e-commerce and m-commerce have encouraged retailers to change their distribution channel strategies in the region. The global drive toward convenience channels is already well established in Asia with the likes of Japan, Taiwan, and South Korea. The increasing number of retail outlets worldwide is likely to drive the demand for PoS accessories. This will lead to the growth of the global PoS systems market during the forecast period.

Key Point-of-sale Systems Market Trend

The advent of NFC-enabled smart rings is a point-of-sale systems market trend that is expected to have a positive impact in the coming years. The recent developments in NFC technology are being incorporated into wearable smart devices such as smart rings. These NFC-enabled smart rings are fully equipped and capable of carrying out contactless payments at any contactless POS terminals. The transaction limits stay the same for single transactions, and the applications of smart NFC-enabled cards and mobile devices are the same. NFC-enabled smart rings do not house a battery as the ring is equipped with a wireless electronic charging module, like that of NFC cards and mobile devices. This module receives electromagnetic energy from the connected device or the read-write device nearby and turns it into a small amount of energy, which is more than enough for the device to perform. These rings do not have a vibrator as they do not notify about payments. Thus, the NFC-enabled rings have sufficient storage space within the device and are much more compact.

Key Point-of-sale Systems Market Challenge

The increased adoption of mobile card readers will be a major challenge for the point-of-sale systems market during the forecast period. Mobile card readers are the simplest form of PoS terminals that are witnessing increased adoption by merchants who were initially reluctant to adopt this technology. Mobile card readers can be connected to devices such as smartphones and tablets, making them highly portable. Moreover, the acquisition, set up, and regulatory approvals for mobile card readers require less time. Mobile card readers have several advantages such as portability and faster transaction. They are either provided free or minimally charged, as their hardware cost is very low. The awareness of mobile card readers among merchants is increasing, and the market is expected to grow at a CAGR of more than 52% during 2018-2023. Devices such as mobile card readers pose a threat to conventional PoS terminals offered by vendors such as Ingenico Group, SZZT, and PAX Technology. Though these vendors have mobile card readers in their product portfolio, vendors such as Square and Payleven are establishing a strong brand image in the market and attracting customers. The impact of this challenge is expected to increase, thereby leading to intense competition and price pressures.

This point-of-sale systems market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2020-2024.

Parent Market Analysis

Technavio categorizes the global point-of-sale systems market as a part of the global technology hardware, storage, and peripherals market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the point-of-sale systems market during the forecast period.

Who are the Major Point-of-sale Systems Market Vendors?

The report analyzes the market's competitive landscape and offers information on several market vendors, including:

 

• CASIO Computer Co. Ltd.
• Honeywell International Inc.
• HP Inc.
• Ingenico Group SA
• Newland Payment Technology Co. Ltd.
• PAX Global Technology Ltd.
• Seiko Epson Corp.
• Sharp Corp.
• SZZT Electronics Shenzhen Co. Ltd. 
• VeriFone Inc.

 

This statistical study of the point-of-sale systems market encompasses successful business strategies deployed by the key vendors. The point-of-sale systems market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.

Product Insights and News

• Honeywell International Inc.  - The company offers a line of products such as in-counter bioptic scanners, handheld and hands-free scanners such as Stratos 2700 in-counter scanner and Voyager 1602g pocket scanners among others.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The point-of-sale systems market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

Point-of-sale Systems Market Value Chain Analysis

Our report provides extensive information on the value chain analysis for the point-of-sale systems market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

The value chain of the technology hardware, storage, and peripherals market includes the following core components:

• Inputs
• Inbound logistics
• Operations
• Outbound logistics
• Marketing and sales
• After-sales services
• Support activities
• Innovation

The report has further elucidated on other innovative approaches being followed by manufacturers to ensure a sustainable market presence.

Which are the Key Regions for Point-of-sale Systems Market?

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66% of the market's growth will originate from APAC during the forecast period. China, India, and Japan are the key markets for point-of-sale systems in APAC. Market growth in this region will be faster than the growth of the market in other regions.

The rising purchasing power of consumers, a large potential consumer base, and growing sales of debit and credit cards in the region have led to the increased demand for PoS terminals and accessories. This will facilitate the point-of-sale systems market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

COVID Impact and Recovery Analysis

The spread of the COVID-19 pandemic from China severely affected the rest of the countries of Asia, exacerbated by the dense population in the region. In most countries, offices were closed without any exemptions. Most countries imposed a ban or restrictions on public meetings and social gatherings. The pandemic is expected to affect most businesses heavily during the first half of the forecast period. However, with time and improvement of the situation, businesses are expected to be back on track during the second half of the forecast period and witness an accelerating growth momentum.

What are the Revenue-generating Product Segments in the Point-of-sale Systems Market?

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The point-of-sale systems market share growth by the accessories segment will be significant during the forecast period. The growth of the market can be attributed to the increase in the adoption of PoS accessories such as ECRs, barcode scanners, receipt printers, and PoS displays in the global retail and hospitality sectors. The retail and hospitality sectors in these countries are witnessing steady growth. The growth in economies, especially in developing countries, has resulted in a rise in the purchasing power of consumers. Consumers in the retail and hospitality sectors have a greater purchasing power and are better equipped and aware of the technological advances in industry verticals. The demand for advanced technologies, especially PoS accessories, is increasing in these sectors.

This report provides an accurate prediction of the contribution of all the segments to the growth of the point-of-sale systems market size and actionable market insights on post COVID-19 impact on each segment.

 

Point-of-sale Systems Market Scope
Report Coverage	Details
Page number	120
Base year	2019
Forecast period	2020-2024
Growth momentum & CAGR	Accelerate at a CAGR of 6%
Market growth 2020-2024	$ 10.05 billion
Market structure	Fragmented
YoY growth (%)	4.77
Regional analysis	APAC, North America, Europe, South America, and MEA
Performing market contribution	APAC at 66%
Key consumer countries	China, US, India, Japan, and Germany
Competitive landscape	Leading companies, Competitive strategies, Consumer engagement scope
Key companies profiled	CASIO Computer Co. Ltd., Honeywell International Inc., HP Inc., Ingenico Group SA, Newland Payment Technology Co. Ltd., PAX Global Technology Ltd., Seiko Epson Corp., Sharp Corp., SZZT Electronics Shenzhen Co. Ltd. , and VeriFone Inc.
Market dynamics	Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period
Customization purview	If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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What are the Key Data Covered in this Point-of-sale Systems Market Report?

• CAGR of the market during the forecast period 2020-2024
• Detailed information on factors that will drive point-of-sale systems market growth during the next five years
• Precise estimation of the point-of-sale systems market size and its contribution to the parent market
• Accurate predictions on upcoming trends and changes in consumer behavior
• The growth of the point-of-sale systems industry across APAC, North America, Europe, South America, and MEA
• A thorough analysis of the market's competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of point-of-sale systems market vendors

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