POS Payment Market to Reach $277917.4 billion, Globally, by 2032 at 11.4% CAGR: Allied Market Research

Increasing adoption of contactless payment, rise in omnichannel retailing, and high cost of implementation and maintenance drive the growth of the global POS payment market.

Wilmington, Delaware, Feb. 15, 2024 (GLOBE NEWSWIRE) — Allied Market Research published a report, titled, “POS Payment Market by Component (Hardware, Software, and Service), Type (Fixed and Mobile), and End User (Retail, Hospitality, Healthcare, Entertainment, Transportation, and Others): Global Opportunity Analysis and Industry Forecast, 2023–2032”. According to the report, the global POS payment industry generated $96.6 trillion in 2022, and is anticipated to generate $277.9 trillion by 2032, witnessing a CAGR of 11.4% from 2023 to 2032. 

Prime determinants of growth 

Point of sale payment systems help in streamlining retail operations by automating transaction processes and tracking relevant sales data. Electronic cash register and software helps in coordinating data collection from daily purchase. In addition, retailers can increase their functionality with data capture devices such as card readers and barcode scanners. Furthermore, POS payment software also helps retailers to track pricing, accuracy, inventory changes, gross revenue and sales patterns, catch price discrepancies, avoid customer service issues such as out of stock sales and tailor purchasing and marketing to consumer behavior. 

Download Request Research Report Sample & TOC:  https://www.alliedmarketresearch.com/request-sample/A10023  

Report coverage & details: 

COVID-19 Scenario 

• The pandemic pushed digital payment adoption as users are increasingly searching for various contactless and touchless options to avoid the chances of virus transmission. This trend evolved the POS payment market as users and businesses started increasingly using digital wallets, mobile payments and other contactless payment techniques. 
• Moreover, the COVID-19 pandemic prompted people to stay indoors and refrain from outside activities, which impacted the growth of the POS terminal industry. Additionally, many stores were able to maintain their operations owing to the e-commerce operations which increased the demand for POS terminal industry. 

The hardware segment to maintain its leadership status throughout the forecast period 

By component, the hardware segment held the highest market share in 2022, accounting for nearly three-fifths of the global POS payment market revenue and is estimated to maintain its leadership status throughout the forecast period, owing to rise in adoption of contactless payment technology and mobile POS devices, including tablets and smartphones. However, the software segment is projected to manifest the highest CAGR of 13.5% from 2023 to 2032, as cloud-based POS solutions were gaining popularity due to their scalability, ease of management, and accessibility from anywhere. 

Inquire Before Buying: https://www.alliedmarketresearch.com/purchase-enquiry/A10023  

The fixed POS segment to maintain its leadership status throughout the forecast period 

By type, the fixed POS segment held the highest market share in 2022, accounting for more than three-fifths of the global POS payment market revenue, and is estimated to maintain its leadership status throughout the forecast period, owing to the fact that fixed POS systems were incorporating advanced features such as touchscreens, biometric authentication, and customer-facing displays to enhance the overall user experience and streamline transaction. However, the mobile POS segment is projected to manifest the highest CAGR of 12.9% from 2023 to 2032, owing to the fact that these devices provided businesses with flexibility, allowing staff to process transactions on the go and engage with customers directly on the sales floor. 

The retail segment to maintain its lead position during the forecast period 

By end user, the retail segment accounted for the largest share in 2022, contributing more than two-fifths of the global POS payment market revenue, as retailers were increasingly adopting omnichannel strategies, integrating their POS systems with e-commerce platforms to create a seamless shopping experience across online and physical stores. However, the transportation segment is expected to portray the largest CAGR of 16.4% from 2023 to 2032 and is projected to maintain its lead position during the forecast period. In the transportation sector, mobile ticketing and contactless payments were becoming prevalent. Passengers could use mobile apps to purchase tickets, access boarding passes, and make contactless payments for fares, promoting convenience and efficiency. 

North America to maintain its dominance by 2032 

By region, North America held the highest market share in terms of revenue in 2022, accounting for more than one-third of the global POS payment market revenue, owing to the fact that contactless payments, including tap-to-pay and mobile payments, continued to gain traction in North America. The adoption was driven by the rollout of contactless cards, mobile wallet usage, and a push for more secure and convenient payment methods. However, the Asia-Pacific region is expected to witness the fastest CAGR of 14.6% from 2023 to 2032 and is likely to dominate the market during the forecast period. This is attributed to the fact that countries like China, experienced a rapid adoption of mobile payment solutions. Mobile wallets and QR code payments became prevalent, driven by the widespread use of smartphones and the convenience they offer. 

Leading Market Players: – 

• Acrelec 
• Aures Group 
• Hewlett Packard Development LLP 
• NCR Corporation 
• Oracle 
• Revel Systems 
• Diebold Nixdorf, Incorporated 
• Moneris 
• Pax Technology Limited 
• Posiflex Technology 

The report provides a detailed analysis of these key players of the global POS payment market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.  

Key Benefits for Stakeholder: 

• This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the POS payment market analysis from 2022 to 2032 to identify the prevailing POS payment market opportunity. 
• Market research is offered along with information related to key drivers, restraints, and opportunities. 
• The Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier-buyer network. 
• In-depth analysis of the POS payment market segmentation assists to determine the prevailing POS payment market opportunities. 
• Major countries in each region are mapped according to their revenue contribution to the market. 
• Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players. 
• The report includes the analysis of the regional as well as POS payment market trends, key players, market segments, application areas, and market growth strategies. 

Request Customization: https://www.alliedmarketresearch.com/request-for-customization/A10023  

POS Payment Market Report Highlights 

By Component 

• Hardware 
• Software 
• Service 

By Type 

• Fixed POS 
• Mobile POS 

By End User 

• Retail 
• Hospitality 
• Healthcare 
• Entertainment 
• Transportation 
• Others 

By Region 

• North America (U.S., Canada) 
• Europe (UK, Germany, France, Italy, Spain, Rest of Europe) 
• Asia-Pacific (China, Japan, India, Australia, South Korea, Rest of Asia-Pacific) 
• Latin America (Brazil, Argentina, Rest of Latin America) 
• Middle East and Africa (Gcc Countries, South Africa, Rest of Middle East And Africa) 

Trending Reports in BFSI Industry (Book Now with 10% Discount + Covid-19 scenario):        

NFC Payments Market Size, Share, Competitive Landscape and Trend Analysis Report by Device Type (Smartphones, Smartwatches, Tablets, EMV Cards, Others), by End User (Retail Stores, Hospitality, Healthcare Services, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032 

Cross-border Payments Market Size, Share, Competitive Landscape and Trend Analysis Report by Channel (Bank Transfer, Money Transfer Operator, Card Payment, Others), by Transaction Type (Business to Business (B2B), Customer to Business (C2B), Business to Customer (B2C), Customer to Customer (C2C)), by Enterprise Size (Large Enterprise Size, Small and Medium-sized Enterprises), by End User (Individuals, Businesses): Global Opportunity Analysis and Industry Forecast, 2023-2032 

Credit Card Payments Market Size, Share, Competitive Landscape and Trend Analysis Report by Product Type (General purpose credit cards, Specialty and other credit cards), by Application (Food and Groceries, Health and Pharmacy, Restaurants and Bars, Consumer Electronics, Media and Entertainment, Travel and Tourism, Others), by Brand (Visa, MasterCard, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032 

Mobile Payment Market Size, Share, Competitive Landscape and Trend Analysis Report by Payment Type (Proximity and Remote), Transaction Mode [Mobile Web Payments, Near-Field Communication, Short Message Service (SMS)/Direct Carrier Billing, and Others], End User (Personal and Business), Purchase Type (Airtime Transfer & Top-ups, Money Transfers & Bill Payments, Merchandise & Coupons, Travel & Ticketing and Others), Application (Media & Entertainment, Energy & Utilities, Healthcare, Retail, Hospitality & Transportation and Others): Global Opportunity Analysis and Industry Forecast, 2020-2027 

Payment Card Market Size, Share, Competitive Landscape and Trend Analysis Report by Type (Credit Card,Debit Card,Charge Card,Stored Value Card,Fleet Card,Gift Card,Others), by Application (Food and Groceries,Health and Pharmacy,Restaurants and Bars,Consumer Electronics,Media and Entertainment,Travel and Tourism,Others): Global Report opportunity Analysis and Industry Forecast, 2023-2033 

About Us: 

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports Insights” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain. 

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry. 

Contact Us: 
United States 
1209 Orange Street, 
Corporation Trust Center, 
Wilmington, New Castle, 
Delaware 19801 USA. 
Int’l: +1-503-894-6022 
Toll Free: +1-800-792-5285 
Fax: +1-800-792-5285  

[email protected] 
BFSI Blog