Global Retail Point of Sale Market Size to Reach USD 73.44 Billion in 2032 | Emergen Research

Changing customer preference towards cashless transactions at retail stores and convenience of digitized and paper-free billing processes are key factors driving Retail Point of Sale Market growth

Vancouver, Nov. 01, 2023 (GLOBE NEWSWIRE) — The global retail point of sale market size is expected to reach USD 73.44 Billion at a steady CAGR of 13.8% in 2032, according to latest analysis by Emergen Research. Major improvements in wireless Internet connectivity and speed, expanding network coverage, and reducing costs of Point of Sale (POS) devices are some key factors driving growth of the global retail point of sale market.

POS software is a robust business management solution and is proving to be highly beneficial for businesses of varying sizes. POS enables rapid and accurate billing with limited chance of human error, which is beneficial for both retailers, sales counter staff, and customers. POS also enables more efficient inventory management and facilitates better convenience for customers. Manual calculation of large billing and inventory processes can result in some level of human error. It may also result in loss of sales and negatively impact brand image or credibility of a retail chain. POS systems also enable automation of various processes and further advancements going ahead are expected to result in more synchronization to offer better consumer experience and satisfaction.

Increasing usage of smartphones and tablets and emergence of new payment apps and technologies such as MasterCard and Visa (EMV), Europay, and Near Field Communication (NFC), is fueling growth of the market. Apple Pay is gaining traction for POS transactions at retail stores. The use of Apple Pay has risen by 59% since its launch in 2014 end. Moreover, concerns related to social distancing and limited physical contact in public places due to the ongoing COVID-19 pandemic has resulted in increased demand for touch-free shopping experience, and the trend is expected to continue during the first phase of the forecast period. However, concerns regarding data breach and safety of personal information is a key factor expected to hamper preference for cashless payments to a certain extent at retail point of sale locations. 

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Scope of Research

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MAJOR COMPANIES and Competitive Landscape

The global retail point of sale market is fragmented, with numerous small- and medium-sized manufacturers accounting for a major revenue share. Major companies have well-established manufacturing facilities and engage in various research and development activities and initiatives to develop and deploy new and more efficient technologies and solutions in the retail point of sale market. Some prominent players operating in the retail point of sale market are:

• Hewlett-Packard Inc.
• Micros Systems Inc.
• Cisco Systems Inc.
• NEC Corporation
• Panasonic Corporation
• Epicor Software Corporation
• Ingenico Group
• Samsung Electronics Co. Ltd.
• VeriFone Systems Inc.
• Toshiba Tec Corporation

Strategic Development
In February 2021, GiftLogic, which is a developer of POS software, announced its partnership with Paystri, which is a payments technology company delivering solutions to businesses of all sizes and Independent Software Vendors (ISVs). Partnering with GiftLogic will expand Paystri’s presence in the retail market.

In February 2021, FinCanna Capital announced the launch of new product by its royalty portfolio company, Wholly Owned Green Compliance Inc. The company delivers HIPAA-compliant point-of-sale solutions for U.S. licensed cannabis cultivators and dispensaries. The new product ezGreen POS solution consists of robust tools and features that are efficient in reducing time and costs of managing product information and client data.
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Some Key Highlights in the Report

• Retailers are using point of sale software to access their stores remotely and address causes for declining revenues in the absence of any supervision. The software also keeps retail owners updated regarding all the tasks performed within the store. The software is also useful in tracking and sorting products online or in a physical store.
• Fixed point of sale system provides a robust management solution, including cash drawer, employee time clocks, inventory management feature, and capability to manage loyalty programs and gift cards. Fixed points of sale have been used for decades by physical retail stores.
• Supermarkets/Hypermarket segment revenue is projected to expand at the fastest rate during the forecast period due to reduced capital expenditure and increase in in-store customer experience provided by POS system. Increased installation of connected devices and tablets at retail store outlets is expected to propel adoption of retail point of sale systems.
• Asia Pacific retail point of sale market revenue is expected to register a significantly faster revenue growth rate than other regional markets due to rapidly rising adoption of advanced technologies and growing trend of cashless transactions in countries in the region. Benefits associated with retail point of sale such as paper-free receipt, reduced wait in check-out lines, and convenience of cashless payment are factors driving growth of the Asia Pacific market.

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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; 2019–2032)
  • Hardware
  • Software
  • Services
• Product Outlook (Revenue, USD Billion; 2019–2032)
  • Mobile POS Terminals
  • Fixed POS Terminals   
• End-use Outlook (Revenue, USD Billion; 2019–2032)
  • Specialty Stores
  • Supermarkets/Hypermarkets
  • Grocery Stores
  • Gas Stations
  • Others
• Regional Outlook (Revenue, USD Billion; 2019–2032)
  • North America
    1. U.S.
    2. Canada
    3. Mexico
  • Europe
    1. Germany
    2. U.K.
    3. France
    4. Spain
    5. Benelux
    6. Rest of Europe
  • Asia Pacific
    1. China
    2. India
    3. Japan
    4. South Korea
    5. Rest of APAC
  • Latin America
    1. Brazil
    2. Rest of LATAM
  • Middle East & Africa
    1. Saudi Arabia
    2. UAE
    3. Israel
    4. Rest Of MEA

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