Retail Point of Sale Market

Retail Point of Sale Market was valued at USD 15,400 Million in 2020 and projected to grow at a 13.9% CAGR during the forecast period.

Introduction of the Retail Point of Sale Market Report

The point of sale (POS) or point of purchase (POP) is referred to the time and place where a retail transaction is completed. It is a point where the customer makes payment to the merchant in exchange for good or after provision of a service. The global retail point of sale market basically covers two products, including fixed and mobile.

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Market Dynamic

Key Drivers and Emerging Trends

The factors driving the global Retail Point of Sale market include the rising interest in the non-cash transactions among the customers along with the growing data visibility through the cloud POS systems and improved service delivery. Cashless transactions are offering various attractions for the individuals, such as offers improved safety, growth on saved funds in accounts, higher flexibility, and better money management. The ability to conduct digital payments using banking cards is allowing to customers to move towards the adoption of cashless payment modes. In addition to this, the growing concerns related to the safety of handling cash transactions owing to the emergence of the COVID-19 pandemic has further encouraged the usage of contactless payment modes to eliminate the possibility of contracting the infection.

The growing demand for wireless internet connectivity decreased costs, and the continuous expansion in the network coverage are further surging the requirement for portable and mobile POS devices in the retail industry. There has been an increase in the penetration of smartphones and tablets which is further growing the demand for mobile point-of-sale solutions over the coming years. Furthermore, the introduction of new advanced payment methods such as MasterCard and Visa (EMV) and Europay, are projected to upgrade their devices to comply with these technologies. The rising competition among the retailers is further increasing the adoption of retail POS terminals to improve the customer experience and increase sales revenue. As per a survey conducted by the Accenture PLC and Retail Industry Leaders Association (RILA) in 2018, around 63% of the customers are interested in the personalized recommendation, including coupons & loyalty point, exclusive deals, and special offers.

Restraint in the Retail Point of Sale Market

However, the rising concern related to data security is a major factor that is likely to hinder market growth over the coming years. The Retail POS systems are prone to security vulnerabilities, including device faults, phishing, device faults, and software weakness.

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Component – Segment Analysis

Based on the component, the hardware segment is anticipated to grow at a higher CAGR during the forecast period. This is mainly attributed to the integration of touchscreen technology in mobile POS terminals. Moreover, the introduction of IoT devices to reduce the device sizes and improve connectivity and efficiencies is further contributing to the market growth. On the other hand, the software segment is expected to dominate the market during the forecast period. The increasing adoption of cloud computing systems and mobile has led to the development of POS software that can be used on web-based, traditional, and mobile platforms.

End User – Segment Analysis

Based on the end user, the grocery store segment is expected to grow at a higher CAGR during the forecast period. The grocery stores are increasingly opting for POS to cope up with the growing competition in the market. A POS solution manages the grocery stores and makes the checkout process quicker and easier. For example, the National Rail Solution developed the POS+ for hard working businesses to gain the same opportunities as grocery stores.

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Regional – Segment Analysis:

Based on the region, Asia-Pacific region is expected to dominate the market during the forecast period. The rising customer base owing to the growing prominence of SMEs is a major factor that is contributing to the market growth. The growing awareness related to the various benefits offered by POS such as low queue time, paper-free receipt option, reduces the check-out space requirement and improves the floor space. Moreover, the rising interest in non-cash transactions among the customers and the increasing data visibility through the cloud POS systems is further responsible for the market growth.

Top Market Players

Various notable players operating in the market include Diebold Nixdorf, Incorporated, Ingenico, Intuit Inc., NCR Corporation, SAP SE, VeriFone, Inc., Shopify, NEC Corporation, Epicor Software Corporation, and Tosiba Corporation, among others. 

Key Developments:

• • In 2021, NCR Corporation acquired Cardtronics, with an aim to increase and expand the NCR-as-a-Service strategy and other services.
  • In 2020, Diebold Nixdorf entered in a partnership with Co-Op Group to include managed services and remote monitoring of the self-service and POS systems in the UK.

Segments covered in the Report:

The global Retail Point of Sale market has been segmented on the basis of Product, Component, End User, and regions. Based on Product, the market is segmented into Fixed POS and Mobile POS. Based on Component, the market is segmented into Hardware, Software, and Services. Based on End User, the market is segmented into

Supermarkets/Hypermarkets, Grocery Stores, Specialty Stores, Convenience Stores, Gas Station, Discount Stores, and Others.

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Key questions answered in this research report:

• • At what pace is global Retail Point of Sale market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in Retail Point of Sale market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global Retail Point of Sale market?
  • Which Product generated maximum revenues in 2019 and identify the most promising Product during the forecast period?
  • What are the various Component areas of global Retail Point of Sale market and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Market Segmentation

Global Retail Point of Sale Market by Product

• • Fixed POS
  • Mobile POS

Global Retail Point of Sale Market by Component

• • Hardware
  • Software
  • Services

Global Retail Point of Sale Market by End User

• • Supermarkets/Hypermarkets
  • Grocery Stores
  • Specialty Stores
  • Convenience Stores
  • Gas Station
  • Discount Stores
  • Others

Global Retail Point of Sale Market by Region

• • North America Retail Point of Sale Market (Option 1: As a part of the free 25% customization)
    • North America Retail Point of Sale Market by Product
    • North America Retail Point of Sale Market by Component
    • North America Retail Point of Sale Market by End User
    • US Retail Point of Sale Market All-Up
    • Canada Retail Point of Sale Market All-Up
  • Europe Retail Point of Sale Market (Option 2: As a part of the free 25% customization)
    • Europe Retail Point of Sale Market by Product
    • Europe Retail Point of Sale Market by Component
    • Europe Retail Point of Sale Market by End User
    • UK Retail Point of Sale Market All-Up
    • Germany Retail Point of Sale Market All-Up
    • France Retail Point of Sale Market All-Up
    • Spain Retail Point of Sale Market All-Up
    • Rest of Europe Retail Point of Sale Market All-Up
  • Asia-Pacific Retail Point of Sale Market (Option 3: As a part of the free 25% customization)
    • Asia-Pacific Retail Point of Sale Market by Product
    • Asia-Pacific Retail Point of Sale Market by Component
    • Asia-Pacific Retail Point of Sale Market by End User
    • China Retail Point of Sale Market All-Up
    • India Retail Point of Sale Market All-Up
    • Japan Retail Point of Sale Market All-Up
    • Rest of APAC Retail Point of Sale Market All-Up
  • RoW Retail Point of Sale Market (Option 4: As a part of the free 25% customization)
    • RoW Retail Point of Sale Market by Product
    • RoW Retail Point of Sale Market by Component
    • RoW Retail Point of Sale Market by End User
    • Brazil Retail Point of Sale Market All-Up
    • South Africa Retail Point of Sale Market All-Up
    • Saudi Arabia Retail Point of Sale Market All-Up
    • UAE Retail Point of Sale Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Retail Point of Sale Market All-Up

Major Players Operating in the Retail Point of Sale (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Diebold Nixdorf, Incorporated
  • Ingenico
  • Intuit Inc.
  • NCR Corporation
  • SAP SE
  • VeriFone, Inc.
  • Shopify
  • NEC Corporation
  • Tosiba Corporation
  • Epicor Software Corporation