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How Top 10 Global Point Of Sale System Companies Have Been Driving the Competition in the Market?

August 29, 2023 |

A Point of Sale (PoS) system is a technology used during payment in retail stores, restaurants, casinos, and other shops. It includes physical tools such as PoS terminals, barcode scanners, receipt printers, and software systems that track transactions, data, and business processes. These systems help give real-time data, which helps make effective decisions for businesses and drive the market growth of point of sale.

According to Fortune Business Insights, the global market of point of sale could be worth USD 81.15 billion by 2030, recording a CAGR of 15.8% during 2023-2030.  The market stood at USD 25.28 billion in 2022 and is projected to reach USD 29.02 billion in 2023.

COVID-19 Impact on the Market

The pandemic negatively affected this industry due to decreasing expenditure in restaurants and stores due to the lockdown. For example, in 2020, MasterCard and Visas, digital transactions, and cards saw a decline in revenue by 25% and 20% in the market. The lockdown slowed tourism, production facilities, and hospitality due to which online payments for air tickets and hotel bookings were declined by 40%.