Retail Point of Sale Market Analysis and Global Forecast 2023-2033

Retail Point of Sale Market Overview

The Retail Point of Sale Market Size is expected to reach USD 38.21 Billion by 2033. The Retail Point of Sale industry size accounted for USD 15.65 Billion in 2023 and is expected to expand at a compound annual growth rate (CAGR) of 8.74% from 2023 to 2033. The retail point of sale (POS) market encompasses the hardware and software systems used by retailers to complete sales transactions. This market includes traditional cash registers, barcode scanners, receipt printers, and the increasingly prevalent mobile and cloud-based POS solutions. Modern POS systems often integrate with inventory management, customer relationship management (CRM), and other business functions to streamline operations and enhance customer service. The market is driven by the growing adoption of digital payment methods and the need for improved data analytics and security. The rise of e-commerce and omnichannel retail strategies also significantly influences this sector.

Global Retail Point of Sale Market Synopsis

COVID-19 Impact Analysis

The COVID-19 pandemic has led to supply chain disruptions leading to supply shortages or lower demand in the retail point of sale market. The travel restrictions and social-distancing measures have resulted in a sharp drop in consumer and business spending and this pattern is to continue for some time. The end-user trend and preferences have changed due to the pandemic and have resulted in manufacturers, developers, and service providers to adopt various strategies to stabilize the company.

Global Retail Point of Sale Market Dynamics

The major factors that have impacted the growth of Retail Point of Sale are as follows:

Drivers:

⮚      Technological Advancements

Continuous innovations in POS technology, such as cloud-based systems, mobile POS (mPOS) devices, and integrated software solutions, provide retailers with more flexible, scalable, and efficient tools for managing transactions. These advancements help streamline operations, reduce costs, and improve customer service.

Restraint:

• Data Security Concerns

Despite advancements in POS security, retailers remain wary of data breaches and cyber-attacks. The potential for significant financial losses and reputational damage makes businesses cautious about adopting new technologies that might expose them to new vulnerabilities. Ensuring robust security measures adds to the complexity and cost of POS implementations.

Opportunity:

⮚      Growth of E-commerce and Contactless Payments

The rise of e-commerce and the increasing popularity of contactless payment methods, accelerated by the COVID-19 pandemic, create opportunities for POS system providers to develop solutions that cater to these trends. POS systems that facilitate smooth online transactions, curbside pickups, and various digital payment options are likely to see increased demand.

Retail Point of Sale Market Segment Overview

By Product

Based on the Product, the market is segmented based on Fixed, Mobile. Due to the growing choice among FSRs and QSRs, Fixed POS dominated the global market in 2021 and is anticipated to grow at the quickest rate over the projected period of 2022–2030. Because fixed systems offer more data privacy security, many end users choose them.

By Component

Based on the Component, the market has been divided into Hardware, Software, Services. the service segment held the lion’s share, contributing between 51 and 55 percent of the revenue generated by POS software worldwide. As the market grows, so does the demand for cloud-based systems, which offer many other advantages like flexibility and on-demand services.

By End User

Based on End User, the market has been divided into Supermarkets, Grocery Stores, Specialty Stores, Convenience Stores, Others. In the retail point of sale (POS) market, supermarkets and grocery stores dominate due to their high transaction volumes and the need for robust, integrated systems to manage complex inventory and customer data efficiently. These segments require advanced POS solutions to streamline operations, enhance customer service, and support various payment methods.

Global Retail Point of Sale Market Regional Analysis

Based on region, the market has been divided into North America, Europe, Asia-Pacific, the Middle East & Africa, and Latin America. The area of North America is anticipated to dominate the market for the usage of Retail Point of Sale, followed by those in Asia-Pacific and Europe.

Retail Point of Sale North America Market

North America dominates the Retail Point of Sale market due to several factors. Over the course of the study, it is projected that the North American POS software market would grow at a notable compound annual growth rate (CAGR) and reach USD 6.68 billion in 2021. The growing use of cloud-based PoS software by American retailers and the expansion of these platforms throughout the continent are the main factors driving the increased demand for PoS in North America. In the North American POS software industry, the United States is starting to emerge as a leading market, followed by Canada and Mexico. North America was a pioneer in mPOS adoption and the use of cutting-edge technology infrastructure. Offering POS systems and services is the primary focus of numerous businesses in the area.

Retail Point of Sale Asia Pacific Market

The Asia-Pacific region has been witnessing remarkable growth in recent years. Due to a number of device manufacturers and an increase in shipments from these areas, the Asia Pacific POS software market is anticipated to develop at the quickest rate of compound annual growth (CAGR) throughout the projected period. Retailers, eateries, and other end users are increasingly accepting digital payment methods, which is another factor propelling the Asia Pacific industry.

Competitive Landscape

The competitive landscape includes key players (tier 1, tier 2, and local) having a presence across the globe. Companies such as Intuit, Ingenico, NCR CORPORATION, SAP, and Clover are some of the leading players in the global  Retail Point of Sale Industry. These players have adopted partnership, acquisition, expansion, and new product development, among others as their key strategies.

Key Market Players:

• Intuit
• Ingenico
• NCR CORPORATION
• SAP
• Clover
• Revel System
• Diebold Nixdorf
• Zebra Technologies
• Epicor

Key development:

In September 2022, SAP enhanced its retail POS offerings by launching the SAP Omnichannel Point-of-Sale by GK, featuring configurable solutions and open APIs for seamless integration, aimed at improving the omnichannel retail experience​

Scope of the Report

Global Retail Point of Sale Market, by Product

• Fixed
• Mobile

Global Retail Point of Sale Market, by Component

• Hardware
• Software
• Services

Global Retail Point of Sale Market, by End User

• Supermarkets
• Grocery Stores
• Specialty Store
• Convenience Store
• Others

Global Retail Point of Sale Market, by Region

• North America
  • US
  • Canada
  • Mexico
• Europe
  • UK
  • Germany
  • France
  • Italy
  • Spain
  • Benelux
  • Nordic
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • South Korea
  • Indonesia
  • Austalia
  • Malaysia
  • India
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Egypt
  • South Africa
  • Rest of Middle East & Africa

 

Parameters	Indicators
Market Size	2033: $38.21 Billion
CAGR	8.74% CAGR (2023-2033)
Base year	2022
Forecast Period	2023-2033
Historical Data	2021
Report Coverage	Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Key Segmentations	Product, Component, End User
Geographies Covered	North America, Europe, Asia-Pacific, Latin America, Middle East, Africa
Key Vendors	Intuit, Ingenico, NCR CORPORATION, SAP, Clover, Revel System, Diebold Nixdorf, Zebra Technologies, Epicor, Verifone.
Key Market Opportunities	• Rising adoption of cloud-based POS and AI integration in POS systems
Key Market Drivers	• Growing adoption of POS system for better customer experience Increased digitalization across organizations

 

REPORT CONTENT BRIEF:

• High-level analysis of the current and future Retail Point of Sale Industry trends and opportunities
• Detailed analysis of current market drivers, restraining factors, and opportunities analysis in the future
• Historical market size for the year 2021, and forecast from 2023 to 2033
• Retail Point of Sale market share analysis for each segment
• Competitor analysis with a comprehensive insight into its product segment, financial strength, and strategies adopted.
• Identifies key strategies adopted by the key players including new product development, mergers and acquisitions, joint ventures, collaborations, and partnerships.
• To identify and understand the various factors involved in the global Retail Point of Sale market affected by the pandemic
• To provide year-on-year growth from 2022 to 2033
• To provide short-term, long-term, and overall CAGR comparison from 2022 to 2033.
• Provide Total Addressable Market (TAM) for the Global Retail Point of Sale Market.