08-01-2023 08:52 AM CET IT, New Media & Software
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.
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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.
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).
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