Chicago, Feb. 16, 2023 (GLOBE NEWSWIRE) -- Markets N Research has recently released expansive research on Global Retail POS Systems Market with 220+ market data Tables, Pie Chart, and Graphs & Figures spread through Pages and easy to understand detailed analysis. The report endows with wide-ranging statistical analysis of the market’s continuous developments, capacity, production, production value, cost/profit, supply/demand and import/export. This market report provides best solutions for strategy development and implementation depending on client’s needs to extract tangible results. This market research report serves the clients by providing data and information on their business scenario with which they can stay ahead of the competition in today's rapidly changing business environment.
As per the report titled "Retail POS systems Market Size, Share & COVID-19 Impact Analysis, By Product (Fixed and Mobile), By Component (Hardware, Software and Services), Based on End User (Supermarkets/Hypermarkets, Grocery Stores, Specialty Stores, Convenience Stores, Gas Station, Discount Stores and Others (Department Stores and Miscellaneous Retailers)), and Regional Forecasts, 2023-2030" observes that the market size in 2022 stood at USD 16.2 billion and USD 34.6 billion in 2030. The market is expected to exhibit a CAGR of 13.50% during the forecast period.
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Retail POS Systems Market Analysis:
The rising demand for web-based and cloud-based POS systems by large corporations and SMEs is responsible for the market's expansion. During the forecast period, cloud-based retail POS systems are anticipated to rule the market in terms of type. Although web-based retail POS systems are expanding quickly as well, they are still not as common as cloud-based solutions. The biggest users of retail POS systems are major corporations, followed by SMEs. Additionally, the market is expanding as a result of the rising demand for mobile point-of-sale (mPOS) systems that retailers may use while on the go. The growing omnichannel shopping trend is compelling retailers to adopt cutting-edge POS solutions that will enable them to efficiently manage a variety of sales channels.
Recent Development:
- January 2021: NCR is interested in buying Cardtronics. The NCR-as-a-service approach will be accelerated and expanded with the acquisition of Cardtronics.
- December 2020: Credit Karma, a consumer technology company with over 110 million users in the US, Canada, and the UK, was bought by Intuit.
Report Scope:
| Report Coverage | Details |
| Forecast Period | 2023-2030 |
| Forecast Period 2023 to 2030 CAGR | 13.50 % |
| 2030 Value Projection | 34.6 billion |
| Base Year | 2022 |
| Market Size in 2022 | 16.2 billion |
| Historical Data for | 2016 - 2021 |
| Segments covered | By Product, By Component, By End User and By Geography |
| Regional Scope | North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America |
List Of Key Companies Profiled:
- AURES Technologies
- BBPOS Limited
- Castles Technology
- Cegid Group
- Diebold Nixdorf
- Hewlett Packard Enterprise Company
- Ingenico Group
- Micros Systems, Inc. (Oracle Corporation)
- NCR Corporation
- NEC Corporation
- New POS Technology Limited
- Newland Payment Technology
- Panasonic Corporation
- PAX Technology, Inc.
- Posiflex Technology, Inc.
- Samsung Electronics Co., Ltd.
- Square, Inc
- Toshiba Corporation
- Touch Dynamic
- VeriFone, Inc.
Diebold Nixdorf And Co-Op Group Collaborated To Add Managed Services And Remote Monitoring Of POS And Self-Service Systems
In September 2020, Diebold Nixdorf teamed with Co-op Group to integrate managed services and remote monitoring of POS and self-service systems across the UK. By accelerating customer checkout, this comprehensive product optimizes members' purchasing experiences and boosts the business' operational effectiveness.
Major Players Develop Acquisition Plans to Boost Brand Image
The leading businesses in the retail POS system market plan acquisitions to improve their brand recognition globally. For instance, in April 2022, to assist customers manage every aspect of their business from a single platform, Square, Inc. just released the most recent version of Square Stand. The action is meant to highlight the company's goal of providing the end-user with a variety of straightforward alternatives.
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Our Free Sample Report Consists of the following:
- Introduction, Overview, and in-depth industry analysis are all included in the 2022 updated report.
- The COVID-19 Pandemic Outbreak Impact Analysis is included in the package
- About 220+ Pages Research Report (Including Recent Research)
- Provide detailed chapter-by-chapter guidance on the Request
- Updated Regional Analysis with a Graphical Representation of Size, Share, and Trends for the Year 2022
- Includes Tables and figures have been updated
- The most recent version of the report includes the Top Market Players, their Business Strategies, Sales Volume, and Revenue Analysis
- MNR research methodology
Driving Factors:
- Consumers' Growing Interest In Non-Cash Transactions Is Driving The Market
Going cashless has several advantages, some of which are luring more customers: safety, growth on savings in accounts, improved money management, and flexibility. Customers are choosing cashless payment methods thanks to the availability of many digital payment options through banking cards. In order to mark cashless transactions, users might store their card details in digital payment apps or mobile wallets. Due to the COVID-19 pandemic's growing concerns about the security of conducting cash transactions, both consumers and businesses are turning to contact-less payment methods to reduce the danger of contracting the virus.
- Growing Market Demand For Retail POS Systems From Small Businesses
To take advantage of the numerous advantages connected with retail POS systems, small firms are using them. By providing pertinent reports to hasten decision-making, efficient POS systems enable business managers to spend less time managing their stores or businesses. By facilitating efficient inventory management, the streamlined POS systems also help to raise store profitability. Through client information obtained during sales transactions, solutions also enable targeted and customized marketing efforts. Reports generated from POS data can provide an overview of the business operations to assess the effectiveness of various departments as small firms struggle to manage capital expenses.
Restraining Factors:
- Data Security Issues Will Impede Market Expansion
Retail POS systems are vulnerable to software and network weaknesses, device flaws, skimming, phishing, and other security issues. Due to unprotected networks, hackers can quickly access vital documents, including customer credit card information and corporate account information. Devices must be secured even if the network is fully protected. Therefore, while deploying POS systems, it's crucial to choose technological items with built-in security features. Threats like data theft and cyberattacks have significantly increased as more cutting-edge technologies are being used, and enterprise systems are becoming more integrated.
Challenging Factors:
- Retail POS System Maintenance Expenses Are Limiting Industry Expansion
With retail POS systems come very high maintenance costs. It can be difficult to repair the hardware that is used in POS systems. It may still be necessary for a service provider to make a costly, time-consuming visit in order to remedy the issue, despite the user having the option to contact the manufacturer for assistance. Software-based upgrades are prohibitively expensive, in contrast to web-based systems that offer free updates that keep them current. Each time an upgrade is required as part of business expansion, the user must pay for new licences and software. These systems' Return on Investment (Rol) may eventually decline due to the monthly membership fees associated with them.
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Global Retail POS Systems Market Segmentations:
Global Retail POS Systems Market By Product:
- Fixed
- Mobile
Global Retail POS Systems Market By Component:
- Hardware
- Software
- Services
Global Retail POS Systems Market By End User:
- Supermarkets/Hypermarkets
- Grocery Stores
- Specialty Stores
- Convenience Stores
- Gas Station
- Discount Stores
- Others (Department Stores and Miscellaneous Retailers)
Global Retail POS Systems Market Regional Insights:
The Asia Pacific is projected to hold the largest retail POS system market share over the forecast period. Retail POS system market expansion in APAC is anticipated to be driven by a constantly expanding client base brought on by the prominence of SMEs and the decline in TCO. Benefits of retail POS systems, such as short wait times, high levels of security, the availability of paperless receipts, reduced need for check-out area, and increased floor space, will support the market's expansion in APAC.
Further Report Findings:
- The market in the Asia Pacific is expected to gain a huge portion of the global retail POS system market share in the coming years. The rise in demand from retail businesses, which are installing POS systems in their stores all around the world, can be blamed for the growth.
- In addition, it is projected that the increasing use of smartphones and tablet computers would increase demand.
- In the North America, the growth in this region is primarily driven by early adoption of these technologies by major corporations, such Walmart Inc. and Tesco PLC, among others, who did so years ago in order to enhance their company operations and consumer experience in nations like the U.S.
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Key questions answered in this report:
- What is the size of the Retail POS System market and what is its expected growth rate?
- What are the primary driving factors that push the Retail POS System market forward?
- What are the Retail POS System Industry's top companies?
- What are the different categories that the Retail POS System Market caters to?
- What will be the fastest-growing segment or region?
- In the value chain, what role do essential players play?
- What is the procedure for getting a free copy of the Retail POS System market sample report and company profiles?
Key Offerings:
- Market Share, Size & Forecast by Revenue | 2023−2030
- Market Dynamics – Growth Drivers, Restraints, Investment Opportunities, and Leading Trends
- Market Segmentation – A detailed analysis By Product, By Component, By End User and By Geography
- Competitive Landscape – Top Key Vendors and Other Prominent Vendors
Table of Content
Chapter 1: Preface
Chapter 2: Report Summary
Chapter 3: COVID 19 Impact Analysis
Chapter 4: Global Retail POS Systems Market, By Product Segment Analysis
Chapter 5: Global Retail POS Systems Market, By Component Segment Analysis
Chapter 6: Global Retail POS Systems Market, By End User Segment Analysis
Chapter 7: Retail POS Systems Market – Regional Analysis, 2023 – 2030
Chapter 8: Retail POS Systems Market – Industry Analysis
Chapter 9: Competitive Landscape
Chapter 10: Company Profiles
Chapter 11: Research Methodology
Chapter 12: Questionnaire
Chapter 13: Related Reports
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Key Insights from Primary Research/Key Insights & Findings from the report:
- As per the analysis shared by our primary respondents, the Retail POS System market is expected to grow annually at a CAGR of around 13.50%.
- Through primary research, it was established that the Retail POS System market was valued at around USD 16.2 billion in 2022.
- The Retail POS System market is segmented based on product: Fixed and Mobile. The fixed category was predicted to show maximum market share in the year 2021.
- The key factor driving the market is Consumers' Growing Interest In Non-Cash Transactions
- The “Asia Pacific” region will lead the global Retail POS System market during the forecast period 2022 to 2030.
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