The rising demand for web-based and cloud-based POS systems by large corporations and SMEs is responsible for the market's expansion. During the forecast period, cloud-based retail POS systems are anticipated to rule the market in terms of type. Although web-based retail POS systems are expanding quickly as well, they are still not as common as cloud-based solutions. The biggest users of retail POS systems are major corporations, followed by SMEs. Additionally, the market is expanding as a result of the rising demand for mobile point-of-sale (mPOS) systems that retailers may use while on the go. The growing omnichannel shopping trend is compelling retailers to adopt cutting-edge POS solutions that will enable them to efficiently manage a variety of sales channels. Additionally, the market for retail POS systems is expanding as a result of rising expenditures made by top companies in cutting-edge technologies like artificial intelligence (AI) and machine learning.
The market for retail POS systems benefited from the COVID-19 outbreak. The closure and avoidance of retail outlets occurred in various economies due to the severe lockdown rules imposed due to the increasing number of infections during the initial waves of the viral pandemic. These limitations, together with the growing demand to pay and accept payments securely with the least amount of work, prompted retail establishments to move toward e-commerce or web stores, which resulted in a significant increase in cashless payments. The technological capabilities of point-of-sale systems were enhanced by product producers all around the world to permit quicker payments, further boosting industry statistics.
Consumers' Growing Interest In Non-Cash Transactions Is Driving The Market
Going cashless has several advantages, some of which are luring more customers: safety, growth on savings in accounts, improved money management, and flexibility. Customers are choosing cashless payment methods thanks to the availability of many digital payment options through banking cards. In order to mark cashless transactions, users might store their card details in digital payment apps or mobile wallets. Due to the COVID-19 pandemic's growing concerns about the security of conducting cash transactions, both consumers and businesses are turning to contact-less payment methods to reduce the danger of contracting the virus. Thus, this is driving the retail POS system market over the forecast period.
Data Security Issues Will Impede Market Expansion
Retail POS systems are vulnerable to software and network weaknesses, device flaws, skimming, phishing, and other security issues. Due to unprotected networks, hackers can quickly access vital documents, including customer credit card information and corporate account information. Devices must be secured even if the network is fully protected. Therefore, while deploying POS systems, it's crucial to choose technological items with built-in security features. Threats like data theft and cyberattacks have significantly increased as more cutting-edge technologies are being used, and enterprise systems are becoming more integrated.
Based on product, the retail POS system market is segmented into Fixed and Mobile. The fixed category dominated the market in 2022. Due to their effective inventory management and cost-effective features, fixed retail POS systems are becoming more and more popular in traditional brick-and-mortar retail businesses, which will drive the sector share. Due to the variety of features they provide, such as staff time clocks, a cash drawer, and the capacity to manage gift cards and loyalty programmes, these have emerged as a more reliable management solution.
Based on component, the retail POS system market is segmented into hardware, software and services. The hardware category dominated the market in 2022. The continued shift to EMV liability and the increasing need to improve the current payment solutions fuel the hardware sector's expansion. Additionally, the industry picture may be improved by the expanding demand for energy-efficient products, which has prompted key product makers to constructively work on producing retail POS system hardware with low power consumption characteristics.
By End User
Based on end user, the retail POS system market is segmented into supermarkets/hypermarkets, grocery stores, specialty stores, convenience stores, gas station, discount stores and others (department stores and miscellaneous retailers). The grocery stores category dominated the market in 2022. Large chain supermarkets utilize technology to make their jobs easier since grocery retailers face intense competition. A POS system speeds up checkouts and aids in managing food stores. By helping the business run more efficiently and satisfy customers, the grocery shop software. For example, National Retail Solutions developed the POS+, which offers many benefits, to enable hard-working SMEs to compete with larger grocery stores. Independent businesses, such as tiny shops with only one location, heavily utilize retail POS machines to offer customers digital payment options.
The Asia Pacific is projected to hold the largest retail POS system market share over the forecast period. Retail POS system market expansion in APAC is anticipated to be driven by a constantly expanding client base brought on by the prominence of SMEs and the decline in TCO. Benefits of retail POS systems, such as short wait times, high levels of security, the availability of paperless receipts, reduced need for check-out area, and increased floor space, will support the market's expansion in APAC. On the other hand, North America retail POS system market is anticipated to grow significantly. Government programs that assist the development of a digital economy and the progressive posture of the retail sector in many nations are the driving forces behind regional company growth. The industry share will increase due to the rise in cashless transactions, increased disposable incomes, robust economic growth, and changing demographics.
LIST OF KEY COMPANIES PROFILED:
- AURES Technologies
- BBPOS Limited
- Castles Technology
- Cegid Group
- Diebold Nixdorf
- Hewlett Packard Enterprise Company
- Ingenico Group
- Micros Systems, Inc. (Oracle Corporation)
- NCR Corporation
- NEC Corporation
- New POS Technology Limited
- Newland Payment Technology
- Panasonic Corporation
- PAX Technology, Inc.
- Posiflex Technology, Inc.
- Samsung Electronics Co., Ltd.
- Square, Inc
- Toshiba Corporation
- Touch Dynamic
- VeriFone, Inc.
- January 2021: NCR is interested in buying Cardtronics. The NCR-as-a-service approach will be accelerated and expanded with the acquisition of Cardtronics.
- December 2020: Credit Karma, a consumer technology company with over 110 million users in the US, Canada, and the UK, was bought by Intuit.
|Market Size in 2022||USD 16.2 Billion|
|Market Forecast in 2030||USD 34.6 Billion|
|Compound Annual Growth Rate||13.50%|
|Unit||Revenue (USD Million) and Volume (Kilo Tons)|
|Segmentation||By Product, By Component, By End User and By Geography|
|By End User||