The Latest Pos Industry Statistics Explained
By 2027, the Point of Sale (PoS) systems market size is projected to reach USD 108.46 billion.
This statistic indicates that the Point of Sale (PoS) systems market is expected to experience significant growth by the year 2027, with a projected market size of USD 108.46 billion. This suggests a robust increase in demand for PoS systems, which are used in retail and various other industries for processing transactions and managing sales data. The projected market size reflects a growing trend towards digitalization and automation in business operations, highlighting the importance of efficient and secure payment processing systems. This forecasted growth signifies opportunities for businesses operating in the PoS industry and indicates a positive outlook for the market in the coming years.
COVID-19 led to an average increase of 60% in the usage of digital payments in PoS systems across the restaurant industry.
The statistic indicates that the COVID-19 pandemic resulted in a significant shift towards digital payments within the restaurant industry, with an average increase of 60% in the usage of point-of-sale (PoS) systems for conducting transactions. This increase suggests that consumers have increasingly turned to contactless payment methods as a safer and more convenient way to make purchases during the pandemic, to minimize physical contact and reduce the risk of spreading the virus. The 60% average increase highlights the substantial impact of the pandemic on changing consumer behavior, as businesses adapted to new health and safety protocols and evolving preferences for digital transactions.
The hospitality industry accounts for approximately 48% of all PoS terminals.
The statistic that the hospitality industry accounts for approximately 48% of all PoS (Point of Sale) terminals indicates that nearly half of all PoS terminals across various businesses and industries are utilized within the hospitality sector, including restaurants, hotels, and cafes. This suggests that the hospitality industry relies significantly on PoS systems for handling transactions, managing sales, and tracking inventory. The high percentage of PoS terminals in the hospitality sector reflects the industry’s emphasis on technology and efficiency in serving customers and streamlining operations. This statistic highlights the critical role of PoS terminals in the hospitality industry and underscores the importance of technology in modern business operations within this sector.
The cloud-based PoS systems market is forecast to grow at a rate of 22.7% CAGR from 2020 to 2027.
The statistic indicates that the cloud-based Point of Sale (PoS) systems market is expected to experience significant growth over the period from 2020 to 2027, with a Compound Annual Growth Rate (CAGR) of 22.7%. This forecast suggests a steady and substantial increase in the adoption of cloud-based PoS systems by businesses worldwide. The high growth rate signifies a strong demand for more advanced, efficient, and flexible PoS solutions that can be easily integrated and accessed remotely through the cloud. Factors such as cost-effectiveness, scalability, and enhanced data security are likely driving forces behind this projected growth trend in the cloud-based PoS systems market.
As of 2020, Europe was the largest market for mobile PoS systems, followed by North America.
The statistic indicates that in the year 2020, Europe had the highest usage and adoption rate of mobile Point of Sale (PoS) systems compared to other regions, with North America being the second largest market. This suggests that businesses and consumers in Europe were more receptive to the convenience and flexibility offered by mobile PoS systems for conducting transactions, managing payments, and running their operations. The ranking of Europe as the largest market followed by North America highlights the importance and widespread adoption of mobile PoS technology in these regions, and signals a global shift towards more digital and mobile-centric payment solutions in the retail and service sectors.
The largest PoS vendor in 2019 was Ingenico with a 32% market share.
This statistic indicates that in 2019, Ingenico held the largest market share among Point of Sale (PoS) vendors, with a 32% share of the market. This means that nearly one-third of all PoS system sales were made by Ingenico during that period, making them the dominant player in the industry. This data suggests that Ingenico was successful in attracting customers and cornering a significant portion of the market, possibly due to competitive pricing, product offerings, or strong brand reputation. As the largest PoS vendor, Ingenico likely had a considerable influence on industry trends and developments during that time.
The penetration rate of mPoS devices in Asia is predicted to surge to 46% by 2024.
The statistic “The penetration rate of mPoS devices in Asia is predicted to surge to 46% by 2024” indicates the projected increase in the adoption of mobile Point of Sale (mPoS) devices across Asian countries. This suggests that nearly half of the retail and payment transactions in the region are expected to be carried out through mPoS devices by 2024, reflecting a significant shift towards mobile-based payment solutions. This surge may be driven by factors such as the growing smartphone penetration, increasing preference for cashless transactions, and advancements in payment technologies. Businesses utilizing mPoS devices may benefit from improved efficiency, enhanced customer experience, and access to valuable data insights. The predicted growth in mPoS penetration rate highlights the ongoing digital transformation and modernization of payment methods in the Asian region.
The retail sector is projected to maintain the highest adoption rate of PoS systems over the forecast period till 2027.
The statistic indicates that the retail sector is forecasted to continue leading in the adoption of Point of Sale (PoS) systems compared to other sectors until 2027. This implies that a higher percentage of retail businesses are expected to implement and use PoS systems for their transactions and operations during this period. The consistent high adoption rate in the retail sector suggests a strong recognition of the benefits and efficiency that PoS systems bring to businesses in this industry. This trend may be driven by factors such as the need for streamlined payment processing, inventory management, and enhanced customer service capabilities, all of which are crucial for success in the competitive retail market.
Cashless transactions at point-of-sale (POS) terminals are expected to grow by CAGR of 13.7% from 2020 to 2025.
This statistic indicates that the number of cashless transactions conducted at point-of-sale (POS) terminals is projected to increase at a compound annual growth rate (CAGR) of 13.7% from the year 2020 to 2025. This suggests a significant and steady increase in the adoption and usage of electronic payment methods over the specified period. Factors contributing to this growth may include technological advancements, changing consumer preferences towards convenience and security, as well as the ongoing shift towards a digital economy. The forecasted CAGR of 13.7% reflects a positive trajectory for the prevalence of cashless transactions at POS terminals, signaling a trend towards a more cashless society in the coming years.
In 2020, about 70% of SMBs reported that they own a POS system.
The statistic that about 70% of Small and Medium-sized Businesses (SMBs) reported owning a Point of Sale (POS) system in 2020 reflects the prevalence and adoption of technological solutions within this business segment. A POS system is a crucial tool that enables businesses to streamline their sales transactions, inventory management, and overall operations. The high percentage of SMBs with POS systems suggests a growing awareness of the benefits of digitizing business processes to enhance efficiency, accuracy, and customer service. This statistic highlights the shift towards embracing technology among SMBs to remain competitive and adaptable in the ever-evolving business landscape.
North America held the major share in the POS terminal market, contributing to over 30% of the total market in 2021.
The statistic indicates that North America dominated the point of sale (POS) terminal market in 2021, accounting for more than 30% of the total market share. This demonstrates the significant presence and influence of North America in the POS terminal industry compared to other regions. Factors such as technological advancements, widespread adoption of digital payment methods, and a strong retail sector in North America likely contributed to this market dominance. Companies operating in the POS terminal market may find North America to be a key region for targeting business opportunities and growth due to its substantial market share and potential for further expansion.
The hospitality segment of PoS systems is anticipated to witness the fastest growth rate of 12.1% from 2021 to 2028.
The statistic indicates that the hospitality segment of Point of Sale (PoS) systems is expected to experience rapid growth with a projected expansion rate of 12.1% between 2021 and 2028. This suggests that there is increasing demand for PoS systems within the hospitality industry, encompassing hotels, restaurants, and other related businesses. The growth rate of 12.1% signifies a significant acceleration in the adoption and implementation of PoS technology within the hospitality sector, likely driven by factors such as the need for more efficient and streamlined operations, improved customer experiences, and the integration of advanced features and capabilities in PoS systems tailored to the specific needs of the hospitality industry. This growth trend highlights the increasing importance of technology in enhancing operational efficiency and customer service within the hospitality sector, indicating a promising outlook for the future of PoS systems in this industry.
Over 35% of businesses that use POS systems consider a user-friendly interface as the most important feature.
The statistic suggests that for over one-third of businesses utilizing Point of Sale (POS) systems, a user-friendly interface is deemed the most crucial feature. This implies that ease of use and intuitive design are highly valued by these businesses, potentially impacting their decision-making when selecting a POS system. A user-friendly interface is likely seen as beneficial for optimizing efficiency, reducing training time, and improving overall user satisfaction within the business operations. This statistic underscores the significance of prioritizing user experience in technological solutions such as POS systems for a sizable portion of businesses.
An estimate of 1.7 million POS terminals were in use in the United States in 2018.
The statistic suggesting that around 1.7 million point-of-sale (POS) terminals were operational in the United States in 2018 indicates the widespread adoption of electronic payment systems in the country. POS terminals are a critical component of retail and service industries, enabling businesses to securely process debit and credit card transactions. The significant number of POS terminals in operation reflects the shift towards cashless transactions and the increasing preference for electronic payments among consumers. This statistic highlights the importance of modern payment infrastructure in facilitating convenient and efficient transactions for both businesses and customers in the United States.
NFC mobile payments accounted for 75% of total point-of-sale transactions in China in 2019.
This statistic indicates that in 2019, approximately 75% of all point-of-sale transactions in China were conducted using Near Field Communication (NFC) mobile payment technology. NFC technology allows consumers to make secure and convenient transactions by simply tapping or waving their mobile devices near a point-of-sale terminal. The high prevalence of NFC mobile payments in China suggests a widespread adoption of this technology among consumers and merchants, leading to a significant shift towards cashless transactions in the country. This trend highlights the increasing importance of mobile payment solutions in China’s retail sector and underscores the growing influence of digital payment methods in shaping the future of commerce.
In 2020, there was a 337% increase in QR code usage at point-of-sale systems.
The statistic states that in 2020, the usage of QR codes at point-of-sale systems saw a substantial increase of 337% compared to the previous year. This significant surge indicates a shift in consumer behavior towards contactless payment methods, likely driven by the COVID-19 pandemic and the resulting emphasis on hygiene and safety measures. The adoption of QR codes at point-of-sale systems can provide a convenient and efficient way for customers to make transactions without physical contact, promoting a touchless and seamless payment experience. This surge in QR code usage reflects a broader trend towards digitalization and innovation in the retail industry, highlighting the importance of adapting to changing consumer preferences and technological advancements in the marketplace.
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