The global retail POS market size is expected to reach USD 43.79 billion by 2028, growing at a CAGR of 13.8% during the forecast period. Shift in customer preference towards cashless transactions at retail stores and point-of-sale (POS) or point-of-purchase (POP) is one of some of the key factors driving the growth of the point-of-sale market. Retail today.
POS software is a powerful business management solution that is increasingly being adopted by businesses of all sizes. Point of sale systems ensure fast and accurate cashless transactions at points of sale operated through POS terminals. This option gives the dealer advantages in terms of registration and product and billing information and is very convenient for both the dealer and the customer. These systems eliminate potential human error, enable more efficient inventory management, and provide greater convenience for customers. Manual calculations for numerous billing and inventory processes can lead to serious human error. It can also lead to loss of sales and image. POS helps automate the entire sales process while reducing manual intervention in invoicing, discount-related calculations and offers.
Increasing use of smartphones and tablets coupled with the emergence of new payment gateway technologies such as MasterCard and Visa (EMV), Europay, Near Field Communication (NFC) is driving the growth of the market. Apple Pay has grown in popularity for POS transactions in retail stores, with usage of the payment app increasing by 59 percent since it launched in the US in late 2014. In addition, ongoing concerns over social distancing and safety regulations due to the COVID-19 pandemic have driven contactless purchases and increased demand for digital or cashless payment hardware and software through various sales. channel.
Governments around the world are taking various initiatives to transition to a fully digital economy or a cashless society. This trend has led retailers to focus on accepting cashless payments in stores, which has worked very well for the retail industry to retain existing customers and build a larger base of newer, more tech-savvy consumers.
Retail POS market – an overview
The location in a store where customers can pay for their goods is called a point of sale (POS). The term is often used for systems that track financial transactions. For example, an electronic cash register or an embedded computer system records the data that constitutes a business transaction for the sale of a product or service.
A POS system is the hardware and software that retail stores use to track their financial transactions. It is the most effective tool for store owners to manage and evaluate their operations. The key to running a profitable business is the data generated by POS systems, which can range from free software that runs on any PC, to online systems like Quickbooks or Square, to fully integrated systems with mobile POS capabilities, that is used in Manzana. history.
Investing heavily in a retail POS system means creating a single view of customers, inventory and orders so stores can deliver the end-to-end experience customers expect.
Retail POS Market: Drivers
Connecting, developing and engaging today's customers requires new ways to segment, engage and build trust. Retailers need to understand their best customers, design a business that appeals to them, and create a meaningful relationship between them and the brand. Delivering on a brand promise, from manufacturing to home delivery, requires being open and honest about the brand and its processes. Investing heavily in point of sale means creating a single view of customers, inventory and orders so companies can deliver the end-to-end experience customers expect.
Having a unique 360-degree overview of customers and inventory is no longer a competitive advantage, but a survival necessity. Retailers who meet this need first will develop deeper customer relationships, make room for innovative programs and make smarter decisions that help them grow faster.
The in-store experience used to be a transactional exchange. Customers come in and buy what they want. If the item is not available in the store, distance, choice and convenience limit all other options. Today's consumer buying experience is more complex than ever, and the marketplace is more competitive than ever. Higher consumer expectations require sellers to have stock visibility across all channels, so the in-store experience must be compelling. These factors are driving the growth of the retail POS market.
Retail POS Market: Limiting Factors
The ongoing coronavirus outbreak has had a major impact on the global retail industry, thereby limiting the retail market. Measures taken to limit the spread of the virus have had a direct impact on retail supply, demand and operations. Retail POS terminals will be further affected by restrictions on in-store transactions and the growing trend of online shopping. Currently, the world's population is increasingly focusing on buying essential goods online, leading to a decline in physical store sales. However, in the first quarter of 2021, the growing trend of contactless payments will drive the retail market for POS terminals for businesses that accept contactless card payments.
The software segment revenue is expected to grow at a CAGR of 13.4% during the forecast period.
Based on components, the retail POS market is segmented into hardware, software, and services. Retailers use POS software to remotely access their stores and reduce the chances of lost revenue due to lack of oversight. The software also keeps specialty store owners updated on all tasks being performed in their respective stores. It is also useful for product tracking and sorting online or in a physical store.
In terms of revenue, the fixed POS terminals segment had the largest share among other product segments in 2020.
Based on application, the retail POS market is segmented into mobile POS terminals and stationary POS terminals. Desktop POS systems offer powerful management solutions, including cash drawers, employee slips, inventory management capabilities, and the ability to manage loyalty programs and gift cards. Desktop POS systems have been used in brick and mortar retail stores for decades. Technological advances in banking and the emergence of things like contactless payment technology and e-wallets are changing the way we shop today, with the growing popularity, attractiveness and advanced features of smart connected devices and smartphones leading to more transactions. And the process becomes wireless or Wi-Fi enabled.
Mobile POS is a system that installs software on portable mobile devices such as smartphones, Android tablets and iPads. These systems act as wireless mobile point-of-sale devices that allow employees to pay or access inventory information from anywhere in the store.
The revenue in the supermarket/hypermarket segment is expected to grow rapidly at a CAGR during the forecast period.
Based on end use, the retail POS market is segmented into specialty stores, supermarkets/hypermarkets, convenience stores, gas stations, and others. During the forecast period, the supermarket/hypermarket segment is expected to register the fastest revenue growth compared to other end-use segments. This can be attributed to the reduced capital expenditure and increased in-store customer experience that POS systems offer.
Asia Pacific holds a significant revenue share in the global retail POS market in 2020
North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa are the major regional markets covered in the global report, while the major countries are further segmented into their respective regions. The Asia Pacific POS retail market is gaining momentum due to the increasing adoption of more advanced technologies and the growing trend towards cashless transactions to increase transparency and improve customer experience and satisfaction in the countries of the region. Benefits associated with retail POS such as paperless receipt and invoicing, easier and more streamlined invoicing process, reduced queue time at checkout, etc. are some of the key factors driving the growth of the market in retail regions.
Larger companies and competitive landscape
The global retail POS market is fragmented with many small and medium manufacturers accounting for a significant revenue share. Larger companies have well-established manufacturing facilities and are involved in various R&D activities and initiatives to develop and implement new and more efficient technologies and solutions in the retail market. Some of the prominent players in the retail POS market include:
- Hewlett Packard
- Cisco systems
- NEC Corporation
- Ingenico Group
- Samsung Electronics Co., Ltd.
- Veriphon systemer
- Toshiba Tec Corporation
In February 2021, POS software developer GiftLogic announced a partnership with Paystri, a payment technology company that provides solutions for businesses of all sizes and independent software vendors (ISVs). The partnership with GiftLogic will expand Paystri's presence in the retail market.
In February 2021, FinCanna Capital announced the launch of a new product from its franchise portfolio company, Wholely Owned Green Compliance Inc. The company provides HIPAA-compliant point-of-sale solutions to US-licensed businesses.marihuanaGrowers and pharmacies. The new ezGreen POS solution consists of powerful tools and features that can effectively reduce the time and cost of managing product information and customer data.
scope of the study
|2020 Market Size Value||15.56 billion dollars|
|CAGR (2021-2028)||13,8 %|
|Revenue forecast for 2028||43.79 billion dollars|
|Estimated base year||2020|
|unit of quantity||2021-2028 Revenue (in USD Billion) and CAGR (%)|
Revenue forecast, company location, competitive landscape, growth factors and trends
|Market segments covered|
Components, products, end uses, regions
|Alcan's regional airport|
North America; Europe; Asia and the Pacific; Central and South America; MEAS
U.S. ; Canada; Mexico; United Kingdom. ;Germany;France;Italy;Spain;Porcelain;India;Japan;Korea;Brazil;Saudi Arabia;South Africa;Turkey
|Overview of key companies|
Hewlett-Packard Inc.、Micros Systems Inc.、Cisco Systems Inc.、NEC Corporation、Panasonic Corporation、Epicor Software Corporation、Ingenico Group,Samsung Electronics Co. Ltd.、VeriFone Systems Inc. og Toshiba Tec Corporation
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Section covered by the report
The report provides historical and revenue growth forecasts at the global, regional and country level, along with an analysis of market trends in each segment from 2018 to 2028.
Emergen Research has segmented the global retail POS market on the basis of component, product, end-use and region:
Component Outlook (Revenue, USD Billion; 2018-2028)
Product Outlook (Revenue, USD Billion; 2018-2028)
- Mobil POS-terminal
- Fixed POS machine
End Use Forecast (Revenue, USD Billion; 2018-2028)
- specialty store
- grocery store
- Gas station
Regional Outlook (Revenue, USD Billion; 2018-2028)
- The rest of Europe
- Asia-Pacific region
- South Korea
- Rest of Asia and the Pacific
- Latin America
- the rest of Latin America
- Middle East and Africa
- saudi arabian
- United Arab Emirates
- the rest of me