Northbrook, IL 60062 -- (SBWire) -- 08/15/2023 --The global Retail Point of Sale Market size to grow from USD 15.8 billion in 2020 to USD 34.4 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 13.9% during the forecast period, according to research report by MarketsandMarkets™.
Growing interest in non-cash transactions among consumers, increased data visibility through cloud POS systems and enhanced service delivery are major growth factors for the market. Rising penetration of eCommerce platforms, growing interest in POS solutions among small businesses, and strong growth in global retail industrywould provide lucrative opportunities for vendors in the Retail POS market.
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246 - Tables
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By component, Software segment to hold the largest market size during the forecast period
The use of cloud-based retail POS software is growing consistently. The cloud-powered retail POS software is affordable, and merchants can access customer data remotely with an Internet connection. Such technological advancements in the retail POS market is expected to spur growth in the software segment. The integration of the POS software with EMV, touchless, and mobile-compatible payment terminals helps retailers achieve secure and quick transaction payments.
In end user, convenience stores segment to grow at a higher CAGR during the forecast period
Convenience store POS solutions automate manual tasks, such as data entry, price updates, and cash management and billing, which reduces human errors and enhances customer satisfaction. By reducing these manual efforts, retailers can focus on improving customer engagement, creating performance reports to identify problem areas, and training their employees to serve customers in a better way. It also helps them reduce human errors and manage compliance issues that arise from frequent changes in gas prices by automating the pricing process.
North America to hold the largest market size during the forecast period
North America, a technologically advanced region with a high number of early adopters and the presence of major market players, is expected to contribute the highest market share in terms of revenues during the forecast period. Factors such as growing interest in non-cash transactions among consumers, enhanced service delivery, and increased data visibility through cloud POS systems are expected to fuel the growth of Retail POS in th region.
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Major vendors in the global Retail POS market include Diebold Nixdorf (US), Ingenico (France), Intuit (US), NCR Corporation (US), SAP (Germany), Verifone (US), PAX Technology (Hong Kong), Square (US), Shopify (Canada), NEC Corporation (Japan), Toshiba Tec Corporation (Japan), Epicor (US), Lightspeed (Canada), Clover (US), Elavon (US), Castels Technology (Taiwan), Newland Payment Technology (China), New POS Technology (China), HP (US), Cegid Grou (France), Posiflex Technology (Taiwan), Centerm (China), Revel System (US), Vend (New Zealand), Zebra Technologies (US).
Key Dynamic Factors For Retail Point of Sale Market:
Numerous dynamic factors have an impact on the Retail Point of Sale (POS) market, influencing its development, trends, and competitive environment. These elements influence how companies conduct transactions, control inventories, and interact with customers at the point of sale. The following are some important dynamic elements that have a big impact on the retail point-of-sale market:
Integration of online and offline purchasing experiences is a major trend in e-commerce. Retailers are looking for point-of-sale systems that sync inventory, customer information, and transactions across real-world locations and online shopping carts.
Consumers anticipate a consistent buying experience across all channels when using the omnichannel model. Buy online, pick up in-store (BOPIS), ship from store, and return to any location are omnichannel functionalities that retail POS systems must enable.
Mobile and Contactless Payments: The use of QR codes, mobile wallets, and contactless payments has grown. To accommodate shifting consumer preferences, retail point-of-sale systems must allow a number of payment options.
Retailers are using data from POS systems to obtain insights into consumer behaviour, purchasing trends, and inventory management. Strong analytics capabilities in retail POS systems are in high demand.
Personalization: Retailers are personalising offers and recommendations using POS data to improve customer experience and boost sales. POS systems with customer database integration allow for efficient personalisation.
Inventory management: Managing stock levels, avoiding stockouts, and enhancing supply chains all depend on real-time inventory visibility. Systems for retail point-of-sale that enable automated reordering and reliable inventory tracking are preferred.
Customer Loyalty and Rewards: To reward loyal consumers and promote brand loyalty, retailers are integrating loyalty programmes into POS systems. There is a considerable demand for POS solutions that handle awards, discounts, and loyalty points.
Retailers are looking for POS systems that prioritise data security and compliance with Payment Card Industry Data Security Standard (PCI DSS) rules as cyber risks rise.
Cloud-based solutions: Scalability, accessibility, and simpler updates are all features of cloud-based POS systems. Because of the flexibility and low maintenance costs of cloud solutions, retailers are switching to them.
IoT adoption: To improve operational efficiency and consumer engagement, the Internet of Things (IoT) is being incorporated into the POS environment through gadgets like smart payment terminals and RFID scanners.
Sustainability: Eco-friendly business practises are being considered by retailers. POS systems that offer digital receipts, cut down on paper usage, and support sustainable practises are becoming more popular.
Localization: To serve a variety of consumer bases in international markets, retail POS systems must handle numerous languages, currencies, and tax laws.
Retailers are searching for POS systems with integration capabilities so they may connect them to other software programmes like CRM, ERP, and e-commerce platforms to streamline operations.
User Experience (UX): For front-line staff utilising POS systems, intuitive and user-friendly interfaces are essential. Customer service is improved and training time is decreased with a seamless and effective user experience.
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Competitive and Segmentation Analysis:
The Retail Point of Sale (POS) market is characterised by fierce competition and is influenced by a wide range of factors that affect the offerings and business strategies of companies operating in this industry. This market is centred on offering services that ease transactions, inventory control, and consumer interaction at the point of sale. The competitive environment includes a mix of well-known technology giants, specialised POS suppliers, and forward-thinking startups, all vying for market share by providing distinctive features, optimised user experiences, and scalable solutions.
Multinational firms with a strong technology portfolio, providing comprehensive end-to-end solutions for various retail industries, are major players in the retail POS market. These market leaders take advantage of their well-established presence, enormous resources, and global reach to provide powerful POS features, such as data analytics, inventory management, and interaction with e-commerce platforms. Large retail chains frequently embrace them because of their solid reputation and huge consumer base, giving them a substantial competitive edge.
A thriving ecosystem of specialised Retail POS suppliers concentrates on particular industry verticals, niche markets, or distinctive business models in addition to these industry heavyweights. These firms place a high value on customization, configuring their offerings to meet the particular requirements of merchants who want specialised features or business knowledge. By concentrating on specialised segments, they establish themselves as leaders and innovators inside those industries, attracting the interest of companies looking for solutions that meet their particular needs.
Several factors can be used to categorise market segmentation within the retail POS sector:
Business Size: POS solutions can be customised for companies of all sizes, from small independent merchants to massive retail chains. Each market sector has specific requirements, from ease of use and affordability to feature depth and scalability.
Industry Verticals: A variety of sectors, including fashion, food and beverage, electronics, and more, are served by retail point-of-sale systems. Industry-specific features and adherence to industry rules are provided by specialised POS vendors.
Deployment Models: Depending on criteria including data control, scalability, and maintenance needs, retailers can select between on-premises, cloud-based, or hybrid POS solutions.
Features & Functionalities: Point of sale (POS) systems provide a range of features, from straightforward transaction processing to cutting-edge options like mobile payments, inventory synchronisation, and data-driven analytics.
Geographical Reach: Some POS vendors target certain geographical areas with localised features, language assistance, and support for local payment methods.
Business models: Different business models, such as traditional brick-and-mortar, e-commerce, pop-up stores, and omnichannel strategies, are supported by retail POS solutions.
Retailers look for point-of-sale systems that can easily interact with other applications like CRM software, inventory management systems, and e-commerce platforms.
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Retail Point of Sale Market Size Is Expected to Surpass $34.4 Billion by 2026 with CAGR of Roughly 13.9%
This research report categorizes the retail pos market to forecast revenues, analyze trends, product (fixed and mobile), component (hardware, software, and services), end user (supermarkets/hypermarkets, grocery stores, specialty stores, convenience stores, gas stations, discount stores, and other end users), and region.