The global retail point of sale market size was valued at USD 15.56 billion in 2020 and is expected to reach USD 43.79 billion in 2028, and register a steady CAGR of 13.8% during the forecast period. Steady shift towards a global cashless economy and rising awareness about eco-friendly paper-less billing are the key factors enhancing the expansion of the retail point of sale market.
Point of Sale (POS) systems facilitate streamline and automatic processes associated with transactions and tracing of important sales and product-related data. It is a secure business management tool rapidly adopted across many businesses. It ensures rapid and accurate cashless transactions for the respective purchases through the POS terminals. The main advantage of using POS system is that it reduces the chances of human errors and enables the retailers to focus on the consumer engagement and services.
Recent advancements in technology and rapidly growing use of smartphones and tablets combined with occurrence of new payment portals is surging the market demand for retail point of sale. Government in several countries are focusing on various initiatives and strategies to shift to cashless methods and transform into an entirely digitized society. This has encouraged shopkeepers to accept cashless payments at the stores.
Click Here to Access Free sample PDF Copy of the Report
Some key highlights in the report:
- The software segment is projected to rise with high CAGR during the forecast period. The retailers are focusing on the POS software to watch their stores remotely in order to decrease the chances of thefts or revenue declinations when left unattended. The software helps them keep a track of all tasks within the stores.
- Based on the end-use, the supermarkets/hypermarkets is predicted to occupy the highest market revenue as compared to the grocery stores, specialty stores and gas stations. The benefits of these stores is that a lot of products are available at a single store and by using POS systems, the manual tasks are automated, thereby decreasing the human errors and improving the customer satisfaction.
- Asia Pacific contributed highest revenue share to the global market in 2020 and is likely to register a considerably fast revenue CAGR during the forecast period. Steady shift towards non-cash transactions to enhance consumer experience in countries in the region coupled with advantages related to retail point of sale, including paperless receipts, and organized billing processes are some factors driving growth of the retail point of sale market in Asia Pacific.
- North America is expected to account for a significantly robust revenue share over the forecast period due to rising adoption of POS systems in various sectors and retail outlets, malls, theaters, kiosks, food courts, and many others in countries in the region.
- Key players in the market include Micros Systems Inc., Epicor Software Corporation, Cisco Systems Inc., Hewlett-Packard Inc., NEC Corporation, Toshiba Tec Corporation, Panasonic Corporation, Ingenico Group, Samsung Electronics Co. Ltd, and VeriFone Systems Inc.
For the purpose of this report, Emergen Research has segmented the global retail point of sale market on the basis of component, product, end-use, and region:
Component Outlook (Revenue, USD Billion; 2018–2028)
Product Outlook (Revenue, USD Billion; 2018–2028)
- Fixed POS Terminals
- Mobile POS Terminals
End-use Outlook (Revenue, USD Billion; 2018–2028)
- Gas Stations
- Specialty Stores
- Grocery Stores
Regional Outlook (Revenue, USD Billion; 2018–2028)
- Rest of Europe
- South Korea
- Rest of APAC
- Rest of LATAM
Middle East & Africa
- Saudi Arabia
- Rest Of MEA
Read Full Report Description@ https://www.emergenresearch.com/industry-report/retail-point-of-sale-market