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New York, May 09, 2023 (GLOBE NEWSWIRE) — The global handheld point of sales (POS) market is expected to experience significant growth in the coming years, driven by the increasing adoption of mobile payment solutions and the rising demand for efficient and convenient payment systems. According to the research report published by Reports Insights, the market was valued at USD 2.64 Billion in 2022 and is projected to surpass USD 5.81 Billion by 2030, with a robust CAGR of 10.6%.
List of Major Global Handheld Point of Sales (POS) Market Players
The market research report examines various market factors to determine the key drivers, limitations, and opportunities affecting market players. The report includes a SWOT analysis, regional analysis, and segment analysis to give a complete view of the market situation. This evaluation helps to identify possible growth opportunities through the implementation of technology, product utilization, business strategies, and the launch of new products. The following are major market players operating in the market environment —
- NCR Corporation
- Oracle Corporation
- HP Development Company, L.P.
- Openbravo S.L.U.
- SumUp Inc.
- Toast, Inc.
- VMware, Inc.
- XTM INC.
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A handheld point of sales (POS) is a portable electronic device that allows organizations to accept payments remotely. A handheld POS is a wireless gadget that is carried by the seller to make transactions easy and convenient for the customers. Additionally, the devices include a touchscreen display, a card reader, and wireless connectivity options including Wi-Fi, Bluetooth, or cellular data. Moreover, handheld POS systems have built-in security features to protect sensitive data, including encryption and tokenization to ensure that customer data is safe and secure during the transaction process.
The growing demand for sophisticated and integrated POS systems in industries particularly retail stores is propelling the growth of the market. Handheld POS devices offer mobility to sales associates to move around the store thus, promoting the growth of the market. Additionally, handheld POS systems support a wide range of payment options, namely mobile payments, credit and debit cards, and contactless payments offering customers the flexibility to pay using the preferred method. For instance, in September 2022, CommentSold launched a point of sale (POS) system to enhance the user experience in online purchasing. The system offers a range of features, including real-time inventory management, and also supports various payment options thus driving the growth of the handheld point of sales (POS) market.
The adoption of artificial intelligence (AI) and machine learning (ML) technologies in the handheld point-of-sale (POS) industry is anticipated to create numerous opportunities for retailers and customers. AI and ML analyze data from handheld POS devices to gain insights into customers’ buying behavior and preferences. Additionally, AI and ML are also gaining applications to identify patterns of fraudulent activity and flag suspicious transactions, thus promoting the growth of the global handheld point of sales (POS) market. However, integrating new POS systems with existing business systems is a complex and time-consuming process that hinders market growth.
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|Report Attributes||Report Details|
|Market Size By 2030||USD 5.81 Billion|
|Key Players||NCR Corporation, Oracle Corporation, Adyen, CommentSold., HP Development Company, L.P., Openbravo S.L.U., SumUp Inc., Toast, Inc., VMware, Inc., XTM INC.|
|Report Coverage||Company Ranking and Market Share, Growth Factors, Total Revenue Forecast, Regional Competitive Landscape, Business Strategies, and more|
Key Market Highlights
- The Global Handheld Point of Sales (POS) Market size is estimated to reach USD 5.81 Billion by 2030 and grow at a CAGR of 10.6% during the forecast period (2023-2030).
- Globally, Handheld Point of Sales (POS) is divided based on the component into Hardware and Software.
- Based on the End-User, the market is segregated into Retail, Restaurants, Media & Entertainment, Healthcare, and Others.
- The market is geographically divided into five regions: Europe, Latin America, the Asia-Pacific, North America, and Middle East and Africa.
- Asia Pacific and North America are estimated to support the market growth during the forecast period in terms of the large presence of market players combined with high expenditures on technological advancements in Pay TV.
Handheld Point of Sales (POS) Market Growth Drivers:
- The increasing adoption of handheld POS systems in the retail sector to offer convenience is driving the growth of the market.
- The increasing penetration of mobile payment technologies including Apple Pay, Google Pay, and Google Wallet are also responsible for driving the growth of the handheld point of sales market.
- The growing adoption of handheld POS in a vast variety of settings including retail shops, food trucks, and outdoor events to accept payments is also promoting market growth.
- Integration of new POS systems with existing business processes and systems is quite complex and time-consuming that limits the adoption of handheld POS devices.
- Security concerns regarding the misuse of customers’ sensitive payment information is also hampering the growth of the market.
- The advancements in technology including artificial intelligence (AI) and machine learning (ML) are expected to create opportunities for market growth by providing real-time insights of the transaction.
Global Handheld Point of Sales (POS) Market Segmentation Details:
Based on Components, the hardware segment contributed the largest shares to the market growth in 2022. The growth is attributed to the increasing installation of handheld POS hardware in the retail, restaurant, and banking sectors. In addition, the increasing adoption of POS systems including barcode scanners, and credit card readers is also contributing to the growth of the hardware segment. Moreover, the COVID-19 pandemic has accelerated the adoption of contactless payments leading to an increase in demand for hardware that supports digital payment methods.
Based on End-User, the retail sector accounted for the largest revenue share in the year 2022 owing to the rise in digital payments operations that increases the demand for handheld POS devices. Additionally, many retailers are adopting an omnichannel approach to sales that involves integrating online and offline sales channels to provide a seamless customer experience. Furthermore, the increasing adoption of POS systems in the retail industry for inventory management, sales tracking, and customer relationship management is also driving the growth of the handheld point of sales (POS) market.
Based on region, North American countries are the major contributors to the growth of the Handheld Point of Sales (POS) market due to the increasing adoption of mobile and cloud-based handheld POS systems. Additionally, the advancements in payment technology including the adoption of contactless payments, mobile payments, and other payment methods are also driving the growth of the regional market. Moreover, the region has several leading handheld POS players including NCR Corporation and Oracle Corporation that apply product innovations further accelerating the growth of the handheld point-of-sale market.
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- In September 2022, Shopify launched a new handheld point-of-sale (POS) called “Shopify POS Go” with an in-built barcode scanner, card reader, and intelligent inventory tracker. The system is designed to provide a complete POS solution for retailers, with features such as inventory management, customer management, and analytics.
- In January 2022, Adyen launched an Android-based point-of-sale (POS) terminal to process payments conveniently. The new terminals enable merchants to accept a wide range of payment methods, including contactless payments, mobile wallets, chip and PIN, and magnetic stripe cards.
Global Handheld Point of Sales (POS) Market Segmentation:
- By Component
- By End-User
- Media & Entertainment
Key Questions Covered in the Handheld Point of Sales (POS) Market Report
- What is Handheld Point of Sales?
- A handheld point of sales (POS) or mobile point of sales is an electronic device used to process electronic payments remotely in various industries including entertainment, retail, medical, and others.
- What specific segmentation details are covered in the Handheld Point of Sales (POS) Market report, and how is the dominating segment impacting the market growth?
- The report consists of segments including Component and End-User. Each segment has a key dominating sub-segment being driven by industry trends and market dynamics. For instance, by component has witnessed hardware as the dominating segment in the year 2022, owing to the increasing adoption of barcode scanners and credit card readers in various industries.
- What specific segmentation details are covered in the Handheld Point of Sales (POS) Market report, and how is the fastest segment anticipated to impact the market growth?
- The report consists of segments including Component and End-User. Each segment is projected to have the fastest-growing sub-segment fueled by industry trends and drivers. For instance, in End-User, the restaurant sub-segment is predicted to witness the fastest CAGR growth during the forecast period. The growth is attributed to the ability of POS systems to easily manage orders, payments, and customer data, to enhance the overall customer experience.
- Which region is anticipated to witness the highest CAGR during the forecast period, 2023-2030?
- Asia Pacific is anticipated to witness the fastest CAGR owing to the increasing penetration of businesses operating online and the rise in e-commerce sector in countries including India, China, Japan, and South Korea.
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