The global Retail Point of Sale Market size is projected 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. The major growth drivers for the market include growing interest in non-cash transactions among consumers, increased data visibility through cloud POS systems and enhanced service delivery. However, data security concerns may restrain the market growth.
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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.
Key and innovative vendors in the 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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These players have adopted various growth strategies, such as partnerships, agreements and collaborations, new product launches and product enhancements, and acquisitions to expand their presence in the retail POS market. Partnerships, agreements and collaborations, and new product launches have been the most adopted strategies by the major players from 2017 to 2021 to innovate their offerings and broaden their customer base.
NCR’s products and services are used by business for connecting, interacting, and transacting with their customers. NCR operates through four segments: Financial Services, Retail Solutions, Hospitality, and Emerging Industries. Through the Retail solutions segment, it provides solutions such as POS terminals and POS software, and self-service kiosks, such as bar code scanners and self-checkout systems. NCR has its presence in more than 180 countries across North America, Europe, APAC, MEA, and Latin America.
Ingenico is one of the key provider of retail POS solutions that provides a comprehensive and innovative range of services and solutions for merchants, which eliminate payment complexity as well as make the purchase quick, seamless, and secure for consumers. The company serves various market segments, such as banking, retail, transportation, travel, petrol, digital, vending, and hospitality. POS solutions provided by the company include Smart POS, Fleet Management, Payment Services, and Business Services. The Ingenico payment services segment offers a wide range of services, such as centralized transaction management, transaction processing, and loyalty services, which allow clients to easily and efficiently manage their financial transactions. Ingenico ePayments is the payment solution service dedicated to online and mobile commerce.
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