Retail point-of-sale markets are crucial since they can offer retailers several advantages. They can maintain tabs on their sales, stock, and clients with its assistance. Additionally, it can aid with payment processing and money management. Systems for retail point-of-sale can also aid merchants in providing customer loyalty programmes and discounts. Retail Point-of-Sale systems can also let retailers go online and offer their goods and services via a website or mobile app.
COVID-19 Impact and Market Status
On the retail point-of-sale market, the COVID-19 epidemic has had a considerable effect. Due to the epidemic, some retailers have temporarily or permanently closed their establishments. Retail Point-of-Sale systems are now less in demand as a result of this. The worldwide economy has slowed as a result of the epidemic, which has also affected the retail point-of-sale industry. In contrast, a lot of shops are now concentrating on online sales and investing in e-commerce infrastructure. The expansion of the retail point-of-sale sector is anticipated to be positively impacted by this in the upcoming years.
The Fixed PoS Systems Type to Emerge as the Most Lucrative Segment
The market is split into two categories based on type: fixed PoS and mobile PoS. Among them, it is predicted that the stationary PoS systems category will expand at a greater CAGR throughout the projection period. This is due to the several advantages fixed PoS systems provide to shops, including their simplicity in installation and operation, increased dependability over mobile PoS systems, and lower cost.
The Software Segment to Peep as the Most Remunerative Component
The market is divided into software, services, and hardware segments based on its component parts. The segment for software is predicted to develop at the highest CAGR of these during the projected period. This is so that retailers can track their sales, inventory, clients, and finances while also expanding their businesses online with the use of retail point-of-sale software.
The Cloud-based to Appear as the Most Profitable Deployment Segment
The market is separated into cloud-based and on-premise deployment types. The cloud-based category will develop at the highest CAGR of these during the projected timeframe. This is due to the fact that cloud-based Retail Point-of-Sale technologies are simple to install, operate, and offer a number of advantages to retailers, such as being scalable and economical.
The Retail Industry Segment is the Most Popular End-User
Retail, entertainment, and restaurants make up the market's end-user-based segments. The retail segment is the one that is predicted to expand at the highest CAGR over the course of the forecast period. This is so that retailers may manage their finances and keep track of their sales, inventory, and customers while also processing payments and keeping track of their sales and customers.
North America region to render Adequate Financing Avenues
The market is divided into segments based on the following geographical areas: Africa, North America, Asia Pacific, South America, Europe, and the Middle East. Of these, it is predicted that North America would account for the greatest share of the market during the forecast period. This is because many significant players are present in the area and that retail point-of-sale systems are frequently employed there.
The ability to track sales, inventory, and customers; process payments; manage finances; provide loyalty programmes and promotions; expand businesses online, and sell goods and services through websites or mobile apps are just a few of the advantages that the advancement in technology is giving retailers. Automating processes like order taking, payments, and customer administration can also assist merchants in saving time and money. Additionally, by providing features like self-checkout, mobile payments, and loyalty programmes, Retail Point-of-Sale systems can assist shops in giving their customers a better experience.
A system called a retail point-of-sale (POS) assists retailers in monitoring their sales, inventory, and clients. They might use it to conduct transactions and manage their money. Retail POS systems can be on-premises or based in the cloud. On-premise POS devices are equipped and maintained by the retailer, while cloud-based POS systems are typically administered by the POS provider.
The merits of the retail point-of-sale market include its capacity to manage finances, process payments, keep track of sales, inventory, and customers, as well as take businesses online and sell goods and services via websites and mobile apps. Additionally, automating processes like order processing, payment processing, and customer management, can help companies save time and money. Moreover, by providing features like self-checkout, mobile payments, and loyalty programmes, Retail Point-of-Sale systems can assist merchants in giving their customers a better experience.
Customer management, inventory, payment processing, online selling, financial management, Sales, loyalty programmes, promotions, website or mobile app development, support, and maintenance are just a few of the services offered by the retail point-of-sale sector. Moreover, retail point-of-sale systems can support merchants in expanding their operations online and selling their goods and services via a website or mobile application.
Between 2019 to 2029, it is anticipated that the worldwide retail point-of-sale market would expand at a CAGR of around 16.3%. By the end of 2029, it is anticipated that the market would be valued at $77.1 billion in 2029. The need for cloud-based point-of-sale systems is rising, Omni-channel retail is becoming more popular, and there are more retail locations around the world as a result.
The demand for cloud-based point-of-sale systems, omni-channel retail, and increased retail locations globally are the primary drivers propelling the global market for retail point-of-sale systems. Because they are simple to use and implement, cloud-based point-of-sale systems are gaining popularity. They can also be accessible from any location in the world. The ability for merchants to sell their goods and services via many channels, such as their website, mobile app, and brick-and-mortar store, is another reason why Omni-channel retail is growing in popularity. Likewise, there are more retail establishments worldwide, which is driving up the demand for Retail Point-of-Sale systems.
The Retail Point-of-Sale market is hindered by high beginning costs and little awareness. A Retail Point-of-Sale system's high initial cost is related to the hardware, software, and services needed to set it up. Additionally, merchants must teach staff members how to use and maintain the system. Because many small and medium-sized businesses are unaware of the advantages of employing a Retail Point-of-Sale system, lack of awareness is another barrier. They decide not to invest in this technology as a result. Nevertheless, more businesses are anticipated to use Retail Point-of-Sale systems in the future due to the escalating rivalry and the desire to provide a better consumer experience.
The Retail Point-of-Sale market is monopolized by a number of major companies, including SAP SE, Oracle Corporation, Epicor Software Corporation, Microsoft Corporation, and Infor Global Solutions. These businesses have a significant market presence and provide their clients with a range of retail point-of-sale systems. As a whole, this report offers a thorough evaluation of the global Retail Point-of-Sale market, which also includes a comprehensive review of the market's segmentation.
Recent Developments in the Retail Point-of-Sale Market
- The Oracle Retail Xstore Office Cloud Service was introduced in May 2019 by Oracle. To aid retailers in managing their back-office activities, this cloud service was created.
- The new Square for Retail solution was introduced in March 2019 by Square. To assist merchants in managing their inventory, clients, and sales, this solution has been developed.
- The new Shopify POS system was introduced in February 2019 by Shopify. With the use of their website or mobile app, retailers may expand their business online and sell their merchandise.
Retail Point of Sale Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2029||$77.1 billion|
|Growth Rate||CAGR of 16.3% during 2021-2029|
|Segment Covered||Type, Component, Deployment, End-User, Regions|
|Regions Covered||North America, Europe, Asia Pacific, Middle East and Africa, South America|
|Key Players Profiled||SAP SE, Oracle Corporation, Epicor Software Corporation, Microsoft Corporation, Infor Global Solutions & among others.|
Key Segments of the Global Retail Point of Sale Market
Type Overview, 2019-2029 (USD Billion)
- Mobile PoS
- Fixed PoS
Component Overview, 2019-2029 (USD Billion)
Deployment Overview, 2019-2029 (USD Billion)
End-User Overview, 2019-2029 (USD Billion)
Regional Overview, 2019-2029 (USD Billion)
- The rest of Europe
- Asia-Pacific as a whole
- South America's remaining countries
Middle East and South Africa.