Retail Point of Sale Market to Reach $18.34 Billion by 2030: Cognitive Market Research

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Jan 31, 2023, 06:45 ET

CHICAGO, Jan. 31, 2023 /PRNewswire/ -- The Global Retail Point of Sale (POS) Market size is projected to be USD 18.34 Billion by 2030 at a CAGR of 10.2 % from 2023-2030, as per recent report by Cognitive Market Research. VMware, Inc. has recently launched a new solution to help global retailers modernize their point of sale which will boost growth of the market.

Major findings during the study of the Retail Point of Sale (POS) Market:

Increasing need for superior features such as inventory tracking, staff management analytics, sales monitoring, customer data management, and reporting is the main factor driving the global retail point of sale (PoS) industry.
Increasing popularity of cloud-based solutions has increased demand for cloud-based P oint-O f-S ale Software, propelling the expansion of the retail point of sale.
Furthermore, the requirement to conduct a cashless transaction, keep track of sales and inventory reports, and develop sales strategy using analytics across retail chains, restaurants, and others, etc., is spurring the demand for the retail point of sale market.
Among the component segments, the hardware segments are projected to account for higher revenue shares in the global retail point of sale market. This is attributed to the growing installation of POS systems hardware in retail.
Based on Type, the market is divided into a fixed point of sale and a mobile point of sale . The fixed POS segment is expected to hold the largest market share as it offers more features and functionality. The fixed POS system resembles the traditional form of payment technology, and it has been the most recognized, accepted, and reliable way to process payments by cash, credit, and debit cards.
Based on Deployment, the market is bifurcated into on-premise and cloud-based. The cloud-based segment is expected to account for the largest market share. The increasing demand for cloud-based systems is accelerating the segment's growth, providing numerous additional benefits such as on-demand services and flexibility.
Among the End-ser segments, the grocery stores segment is projected to maintain dominance in terms of revenue share over the supermarket and hypermarket segment over the forecast period.

Snapshot:

Global Retail Point of Sale Market	2022
Global Revenue (USD Billion)	18.34
CAGR – (2022-2029)	10.2 %
Key Component Share	Hardware:42.45%
Key Type Share	Fixed Point of Sale Terminals: 61.74%
Key Deployment Share	Cloud: 58.74%
Key End-User Share	Grocery Stores: 31.43%
Key Regional Share	North America:38.11%

Read Full Report with Table of Contents: https://www.cognitivemarketresearch.com/retail-point-of-sale-pos-market-report

Retail Point of Sale Market Growth and Trends

Growing demand for smart technologies in various industries is one of the factors expected to drive the global market growth. The rising adoption of cloud-based POS in supermarket, hypermarket, and grocery stores are expected to drive the growth of the retail POS market. The increasing adoption of cashless transactions for better money management is expected to augment growth over the forecast period. VMware, Inc. has introduced a new solution to help global retailers modernize their POS and unlock more financial value from their POS systems. New VMware Retail POS Modernization Solution, developed in collaboration with VMware Retail ISV partner Stratodesk, extends the lifecycle of current POS systems to deliver tangible ROI, reduce security risks, maximize store uptime, and improve the customer experience. With the VMware Retail POS Modernization Solution, store operators, large and small, can minimally modernize their customer-facing POS while taking on technical debt.

Current Development of Manufacturers in the Retail POS Market:

January 2022:

NCR Corporation partnered with Google Cloud

NCR Corporation partners with Google Cloud to bring additional platforms and cloud capabilities. The partnership allows users to run NCR's retail PoS software on the Google Cloud Platform. This partnership enables retailers to control modern cloud infrastructure, combined with valuable insights into their software.

April 2022:

PAX launches M8 Android PayTablet - PAX Global Technology

PAX Global Technology Limited launches its Android PayTablet, M8, with a fully integrated smart PoS payment processing system. The device is designed for hotel operators and high-end retailers, where online orders, in-store checkouts, and VAT refunds can run in parallel with accepting payments.

Read Full Report with Table of Contents:

https://www.cognitivemarketresearch.com/retail-point-of-sale-pos-market-report

The COVID-19 pandemic has negatively impacted the market owing to government restrictions, mandated closures, and retail store closures in several countries. Consumer spending has also plummeted during the pandemic. The PoS hardware supply chain has been disrupted for some time due to lockdown measures and the closure of imports and exports. These directly affected the global manufacturing facilities of the point-of-sale terminals. Reliance on online business has increased significantly due to the COVID-19 pandemic. The retail industry is using the internet to provide essential services to consumers.

Retail Point of Sale Market Report Scope

By Component

Hardware
Software
Service

By Type

Fixed Point of Sale Terminals
Mobile Point of Sale Terminals

By Deployment

On-Premise
Cloud-based

By End User

Supermarket and Hypermarket
Grocery Stores
Specialty Stores
Convenience Stores
Others

By Regions:

North America (U.S., Canada, Mexico)
Europe (Germany, France, UK, Italy, Spain, Russia, Rest of Europe)
Asia Pacific (China, Japan, India, South Korea, Australia, Southeast Asia, Rest of APAC)
Latin America (Brazil, Argentina, Columbia, Rest of Latin America)
Middle East & Africa (GCC, Saudi Arabia, Turkey, Egypt, rest of MEA)

List Of Key Companies

Diebold Nixdorf
PAX technology
NCR Corporation
Shopify Inc.
Ingenico Inc
Elavon Inc.
Clover Network
Epicor software corporation
Cegid Group
Revel System

Related Reports to Retail Point of Sale (POS) Market:

The global Cloud Point Of Sale System market is expected to reach USD 18.45 billion by 2030

Global cloud (PoS) market is expected to reach USD 18.45 billion by 2030 growing at a CAGR of 23.65%. The rising use of digital platforms is considered among the crucial driving factors of the Cloud Point of Sale Market. As a result, the rise in the use of digital platforms for payments and money transfers is increasing at a rapid speed. Also, the cloud point of sales improves flexibility and mobility with help for safe and fast transactions.

Global Restaurant Point Of Sale Terminal market is projected to reach USD 42.6 billion by 2030

The global restaurant (PoS) terminal market is projected to reach USD 42.6 billion by 2030, growing at CAGR of 11.65%. The increasing adoption of POS systems by restaurants for smoother business operations is expected to drive the growth of the global market. In addition, restaurant POS enables transactions and provides a convenient and hassle-free payment experience for the customer, which drives the development of the global market to certain extent.

Other Related Reports:

Global M obile P oint O f Sale market is estimated to reach USD 421.67 billion by 2030, growing at an impressive CAGR of 32.65%.
Global Point Of Sale Software market size was valued at USD 39.26 billion by 2030 and is expected to CAGR of 9.5%.

Explore Other Cognitive Market Research's Service & Software Industry Report

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SOURCE Cognitive Market Research