The Global Retail POS System Market is expected to exhibit strong growth, reaching USD 34.6 billion by 2030. As per the report titled "Retail POS system 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 CAGaR of 13.50% during the forecast period.
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.
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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.
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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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.
Recent Development:
November 2019: Ingenico and Fin Tech Pundi X collaborated to make cryptocurrency transactions possible anywhere. Pundi X has finished integrating its XPOS software with Ingenico's APOS A8 point-of-sale (POS) terminals.
List of Key Players Profiled in the Report
- 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.
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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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