Retail Point of Sale Market:
Growth opportunities in the Retail Point of Sale Market look promising over the next six years. This is mainly due to the growing concerns related to the safety of handling cash transactions and mounting interest in non-cash exchanges.
Retail Point of Sale Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)
Key Drivers
The drivers responsible for the growth of the global Retail Point of Sale market include the augmenting preference for non-cash transactions among individuals coupled with the increasing data clarity through the cloud POS systems and enhanced service delivery. Also, cashless transactions are providing various inducements for individuals, including better safety, greater flexibility, a surge in saved funds in accounts, and better money management. The capability to carry out online payments using banking cards permits customers to move towards cashless means of payment. In addition, the widespread emergence of the coronavirus pandemic has raised the implementation of non-pecuniary payments to remove the chances of catching an infection.
Furthermore, the rising demand for wireless internet connectivity with decreased cost and ongoing extension in the network coverage has stimulated the demand for compact and portable POS devices in the retail sector. The accelerating penetration of smartphones and tablets is further fuelling the demand for these solutions. Additionally, the launch of novel modernized methods of payments such as MasterCard and Visa (EMV) and Europay are projected to facilitate their devices to comply with these technologies. The aggravating competition between organizations is further encouraging the adoption of retail POS terminals to enhance the customer experience and upgrade the sales revenue. In accordance with a survey conducted by the Accenture PLC and Retail Industry Leaders Association (RILA), approximately 63% of the customers in 2018 are interested in the customized recommendation, including coupons & loyalty points, exclusive deals, and special offers.
However, the growing apprehension related to data protection may hinder the market growth. Moreover, these systems are susceptible to security vulnerabilities, including software weakness, device, and phishing, device faults.
Regional Drivers
Based on the regional coverage, Asia-Pacific is projected to lead the market during the forecast period. This is primarily because of the growing prominence of SMEs is a significant factor that is contributing to the market growth. The increasing consciousness about the enormous features proffered by POS including less queue time, paper-free receipt option, decreased check-out space requirement, and better floor space. Moreover, increasing preference for cash-free transactions among the customers and the intensifying data visibility through the cloud POS systems is further responsible for the market growth.
Retail Point of Sale Market’s leading Manufacturers:
- Epicor Software Corporation
- Shopify
- SAP SE
- Intuit Inc.
- Diebold Nixdorf, Incorporated
- Tosiba Corporation
- NEC Corporation
- VeriFone, Inc.
- NCR Corporation
- Ingenico
Retail Point of Sale Market Segmentation:
Segmentation by Product
- Fixed POS
- Mobile POS
Segmentation by Component
- Hardware
- Software
- Services
Segmentation by End User
- Supermarkets/Hypermarkets
- Grocery Stores
- Specialty Stores
- Convenience Stores
- Gas Station
- Discount Stores
- Others
Segmentation by Region:
- North America
- United States of America
- Canada
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
- Rest of the world (remaining countries of the LAMEA region)
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