Download Sample, AI-Enabled Point-of-Sale Machines are Gaining Traction in the Market
The retail industry is no more a refuge for outdated technology, where shoppers think about giving up their favorite brands. Every firm in a competitive retail ecosystem is striving to keep consumers engaged and satisfied while also converting every possible opportunity into sales. For years, technology has been a crucial enabler for the retail sector, and with the introduction of technical innovations such as Artificial Intelligence (AI), the retail environment is undergoing substantial development. Al-enabled advanced point-of-sale solutions have brought about massive advances in the retail business, from multiple applications in data management and computer vision to the usage of machine learning for effective inventory management.
With the growing importance of improving customer experience, an increasing number of retailers are focusing on improving the complete in-store experience. By embedding Al into POS systems, businesses can collect and analyze massive amounts of consumer data to get useful insights. For example, in January 2023, PopID, a biometric fintech firm, and Toshiba Global Commerce Solutions, retail's first option for unified commerce solutions, announced a collaboration to integrate PopPay into Toshiba's front-end point-of-sale and self-service solutions. PopID's biometric solution PopPay will be integrated into Toshiba Global Commerce Solutions' Elera Commerce Platform as part of this collaboration, allowing the use of artificial intelligence (AI)-based facial recognition software to authenticate consumers' identities so that they can pay or receive loyalty rewards.
With the growing importance of improving customer experience, an increasing number of retailers are focusing on improving the complete in-store experience. By embedding Al into POS systems, businesses can collect and analyze massive amounts of consumer data to get useful insights. For example, in January 2023, PopID, a biometric fintech firm, and Toshiba Global Commerce Solutions, retail's first option for unified commerce solutions, announced a collaboration to integrate PopPay into Toshiba's front-end point-of-sale and self-service solutions. PopID's biometric solution PopPay will be integrated into Toshiba Global Commerce Solutions' Elera Commerce Platform as part of this collaboration, allowing the use of artificial intelligence (AI)-based facial recognition software to authenticate consumers' identities so that they can pay or receive loyalty rewards.
 Machine Market.webp "Point-of-Sale (POS) Machine Market Report")
Rising Digitisation & Enforcement of Government Policies are Driving the Market Expansion
Increasing digitization, connectivity, and data are essential drivers of digital transformation. Industries use digitalization to create new products and services that help them to achieve customer satisfaction. These systems enable clients to make various sorts of digital and contactless payments. The use of electronic payment methods has contributed to the demand for these systems. It provides flexibility, safety, and precise money management, and eliminates billing mistakes caused by humans. Furthermore, due to the growing popularity of smartphones, there is a considerable increase in cashless transactions globally.
As a result, the major focus of the customers on embracing cashless payment methods is expected to fuel market expansion rapidly throughout the forecast period. Furthermore, various government initiatives have also started the implementation of various policies in order to reduce the utilization of physical currency in the economy. These regulations are intended to increase transparency, minimize the incidence of tax evasion, and improve financial security. POS devices are an important component of these strategies since they allow companies to accept electronic payments and minimize their reliance on cash. All these factors are responsible for driving the market expansion for point-of-sale machines.
As a result, the major focus of the customers on embracing cashless payment methods is expected to fuel market expansion rapidly throughout the forecast period. Furthermore, various government initiatives have also started the implementation of various policies in order to reduce the utilization of physical currency in the economy. These regulations are intended to increase transparency, minimize the incidence of tax evasion, and improve financial security. POS devices are an important component of these strategies since they allow companies to accept electronic payments and minimize their reliance on cash. All these factors are responsible for driving the market expansion for point-of-sale machines.
Recent Trends in the Point-of-Sale (POS) Machine Industry
- Contactless payments surge in popularity.
- Integration with mobile wallets and apps increases.
- Enhanced security features against cyber threats.
- AI-driven analytics for customer behavior insights.
Explore Our Breakthrough Market Segmentation and Personalize it to Meet Your Business Needs…!
New Product Launches and Collaborations Present Lucrative Growth Prospects for the Market Development
Major market players are concentrating their efforts on research and development in order to manufacture goods that meet the demands of their customers. In order to get a competitive advantage in the global market, they also investigate various market strategies such as technological advancements, mergers, and acquisitions. For instance, in June 2021, Samsung Electronics released Samsung Kiosk, an all-in-one solution featuring contactless ordering and payment capabilities. The Kiosk, which offers consumers convenient installation choices and a protective covering, is now accessible in 12 countries globally, including the United States, Canada, the United Kingdom, France, the Netherlands, Sweden, Ireland, Spain, Austria, Belgium, Australia, and Singapore.
Additionally, Oracle finalized its acquisition of GloriaFood in July 2021. The acquisition enhances the Oracle MICROS Simphony Cloud POS technology by incorporating a global online ordering system and marketing features, allowing restaurants of all sizes to become digital and serve consumers directly through the web, mobile, and applications. Later, Toast Inc. released a solution for Quick-Service Restaurants in April 2022. This solution will assist restaurants with all aspects of their operations, including Point of Sale (POS), digital ordering, operations, and staff management. Additionally, this will assist restaurants in speeding up operations, increasing income, and providing unique guest experiences.
Additionally, Oracle finalized its acquisition of GloriaFood in July 2021. The acquisition enhances the Oracle MICROS Simphony Cloud POS technology by incorporating a global online ordering system and marketing features, allowing restaurants of all sizes to become digital and serve consumers directly through the web, mobile, and applications. Later, Toast Inc. released a solution for Quick-Service Restaurants in April 2022. This solution will assist restaurants with all aspects of their operations, including Point of Sale (POS), digital ordering, operations, and staff management. Additionally, this will assist restaurants in speeding up operations, increasing income, and providing unique guest experiences.
Cyber Security Concerns are Likely to Hamper the Market Growth
Many stores and enterprises benefit from the point-of-sale machines. However, there are some hazards that end users must be aware of, such as device failures, phishing attempts, and software and network vulnerabilities. For instance, - Cyber Risks - Data can be hacked on insecure networks. Hackers can easily breach the infrastructure and gain access to critical data and records such as credit card information from clients' business accounts. Leakage of such data can result in significant financial loss for the company and harm to its reputation. Furthermore, even in a well-protected network, devices must be safeguarded. As a result, data breaches caused by a lack of security could hinder the industry's growth.
NEC Corporation, VeriFone Inc., PAX Global Technology Limited, New POS Technology Limited, Fujian Newland Payment Technology Co., Ltd., Ingenico, Clover Network, Inc., Shopify Inc., Oracle Corporation, Intuit, Inc., NCR Corporation, Lightspeed Commerce Inc., Block Inc., Toshiba Tec Corporation, Toast, Inc. are some of the prominent market players operating in the global point-of-sale (POS) machine market.
NEC Corporation, VeriFone Inc., PAX Global Technology Limited, New POS Technology Limited, Fujian Newland Payment Technology Co., Ltd., Ingenico, Clover Network, Inc., Shopify Inc., Oracle Corporation, Intuit, Inc., NCR Corporation, Lightspeed Commerce Inc., Block Inc., Toshiba Tec Corporation, Toast, Inc. are some of the prominent market players operating in the global point-of-sale (POS) machine market.
Searching for a Country or Region Specific Report?
Unlock industry complexities with reports crafted for selected countries and regions at Reduced Cost
Rising Promotion of Cashless Economy & Increased Development of Cloud-Based POS Solutions is Impacting the Market Expansion
Asia Pacific is anticipated to witness substantial growth in the point-of-sale machine market over the forecast period. Government measures in order to promote a cashless economy are increasing the demand for POS terminals in the Asia Pacific region. With the introduction of digital payment technology in the region, nations such as India, Japan, and China are seeing attractive potential for mPOS. Nonetheless, the requirement of major organizations for fixed POS terminals to safeguard their company details and ensure the processing of enormous volumes of data from their clients is driving the category expansion.
Additionally, North America is anticipated to experience significant growth in the point-of-sale machine market over the forecast period. This growth can be attributed to the increased demand for PoS in North America driven by the growing adoption of cloud-based PoS software among US merchants and the development of these platforms across North American countries. Furthermore, the point-of-sale machine market in Europe is being driven by the increased adoption of cloud solutions among small and medium-sized businesses. The increased development of cloud-based PoS solutions from the major manufacturers in order to fulfill the rising demand in the retail and restaurant industries have spurred market expansion.
Additionally, North America is anticipated to experience significant growth in the point-of-sale machine market over the forecast period. This growth can be attributed to the increased demand for PoS in North America driven by the growing adoption of cloud-based PoS software among US merchants and the development of these platforms across North American countries. Furthermore, the point-of-sale machine market in Europe is being driven by the increased adoption of cloud solutions among small and medium-sized businesses. The increased development of cloud-based PoS solutions from the major manufacturers in order to fulfill the rising demand in the retail and restaurant industries have spurred market expansion.
The report provides a detailed overview of the point-of-sale (POS) machine market insights in regions including North America, Latin America, Europe, Asia-Pacific, Oceania, the Middle East and Africa. The country-specific assessment for the point-of-sale (POS) machine market has been offered for all regional market shares, along with forecasts, market scope estimates, price point assessment, and impact analysis of prominent countries and regions. Throughout this market research report, Y-o-Y growth and CAGR estimates are also incorporated for every country and region, to provide a detailed view of the point-of-sale (POS) machine market. These Y-o-Y projections on regional and country-level markets brighten the political, economic, and business environment outlook, which are anticipated to have a substantial impact on the growth of the point-of-sale (POS) machine market. Some key countries and region included in the point-of-sale (POS) machine market report are as follows:
| North America | United States, Canada |
| Latin America | Brazil, Mexico, Argentina, Colombia, Chile, Rest of Latin America |
| Europe | Germany, United Kingdom, France, Italy, Spain, Russia, Netherlands, Switzerland, Belgium, Sweden, Austria, Norway, Denmark, Luxembourg, Ireland, Finland, Rest of Europe |
| Asia Pacific | China, India, Japan, South Korea, Australia & New Zealand, Indonesia, Singapore, Malaysia, Thailand, Rest of Asia Pacific |
| Middle East and Africa | GCC Countries, South Africa, Nigeria, Egypt, Turkey, Morocco, Israel, Kenya, Rest of MEA |
Point-of-Sale (POS) Machine Market Research Report Covers In-depth Analysis on:
- Point-of-sale (POS) machine market detailed segments and segment-wise market breakdown
- Point-of-sale (POS) machine market dynamics (Recent industry trends, drivers, restraints, growth potential, opportunities in point-of-sale (POS) machine industry)
- Current, historical, and forthcoming 10 years market valuation in terms of point-of-sale (POS) machine market size (US$ Mn), volume (Units), share (%), Y-o-Y growth rate, CAGR (%) analysis
- Point-of-sale (POS) machine market demand analysis
- Point-of-sale (POS) machine market pricing analysis over the forecast period (by key segment and by region)
- Point-of-sale (POS) machine market regional insights with region-wise market breakdown
- Competitive analysis – key companies profiling including their market share, product offerings, and competitive strategies.
- Latest developments and innovations in the point-of-sale (POS) machine market
- Regulatory landscape by key regions and key countries
- Supply chain and value chain analysis in point-of-sale (POS) machine market
- Point-of-sale (POS) machine market sales and distribution strategies
- A comprehensive overview of the parent market
- A detailed viewpoint on point-of-sale (POS) machine market forecast by countries
- Mergers and acquisitions in point-of-sale (POS) machine market
- Essential information to enhance market position
- Robust research methodology
- Frequently Asked Questions -
What factors are driving the growth of the POS machine market?
Factors such as the increasing adoption of digital payment methods, the rise in e-commerce, and the demand for seamless customer experiences are fueling the growth of the POS machine market across various sectors.
What is the current market trend for POS machines?
The market for POS machines has shown significant growth driven by technological advancements, increasing adoption by small and medium businesses, and the growing shift towards cashless transactions globally.
What are the future growth prospects for the POS market?
The future of the POS market looks promising, driven by increased digitalization, adoption of AI and machine learning for predictive analytics, and the growing demand for contactless and mobile payment solutions.
