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30+ POS Statistics That You Should Know! (2024)

Published May 03, 2024 Marketing
30+ POS Statistics That You Should Know! (2024)
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“Quick summary” Understanding client preferences and developing effective operational strategies are critical to success in the fast-paced, digitally-driven world of retail and commerce. The Point of Sale (POS) system is an essential instrument to achieve this. These cutting-edge tools, which provide improved insights and quicker transactions, have drastically changed enterprises.

If you are looking at why POS systems are important for businesses and why more & more businesses are towards it, then we will be explaining everything in the blog(through numbers). 

We will delve into the dynamic world of point-of-sale, uncovering the most recent market statistics and developing trends. 

These statistics help you make a better-informed decision regarding whether to get a POS system or not. Let’s dive in!

Latest POS statistics to know in 2024!

These POS statistics demonstrate how this powerful piece of technology has improved the productivity and ease of life for business owners. 

General Statistics 

In 2024, the Point of Sale (POS) industry is going through big changes. The way customers buy things and businesses manage transactions is getting more advanced with technology like cloud systems, artificial intelligence, and mobile payments. This growth isn't just happening in big markets, but also in new and growing economies, showing that POS technology is making a big impact on how we customers shop and businesses manage the transaction and their business operations. 

  1. As per Statista report, the market for point-of-sale software is expected to reach $42.5 billion by 2027, up from $12.2 billion in 2018. This growth is expected to occur quickly. 
  2. In a Salesforce poll, half of small businesses said that their POS system's analytics and reporting are essential to their daily operations.
  3. Merely 19% of enterprises are utilizing point-of-sale systems that are no older than two years.
  4. According to Retail Consulting Partners, North American retailers' top POS priorities for 2020 include omnichannel capabilities integration (59%), improving existing POS (52%), unified e-commerce platform (44%), mobile POS (44%), POS upgrade or replacement (41%), and hardware update (30%). 
  5. With a projected value of $66.30 billion by 2025, POS hardware is expected to be the largest section of the POS market.
  6. As per the retail consulting partner report, the lowest priority for retailers in 2020 is compliance (7%) and thinking about a single payment platform (7%). 

    Cloud-based POS system 

    cloud-based point-of-sale (POS) systems which had many more benefits than those of conventional systems. However, some companies are better suited for cloud-based point-of-sale systems, while traditional POS systems better serve others.

  1. Cloud-based point-of-sale (POS) systems are expected to hold 53% of the market, a substantial increase from their 30% market share in 2017.
  2. The main characteristics that organizations look for in cloud-based POS systems are ease of use, functionality, and cost.
  3. A 2020 survey indicates that 52% of businesses currently use a cloud-based point-of-sale (POS) system and 40% of those that do not now want to do so shortly. 
  4. 52% of large businesses have completed the switch to cloud-based POS, with another 40% aiming to do so.
  5. While only 7% of merchants say they use cloud-based point-of-sale systems at the moment, 28% say they intend to do so in the future. 2020; Retail Consulting Partner
  6. Cloud POS systems have exceeded the 20% key market penetration threshold. This applies to all retail sectors except for cafeteria establishments. (Reforming Retail)
  7. More than 60% of recent POS system sales were cloud platforms, establishing a new benchmark when cloud platforms first exceeded conventional systems. (LINGA)
  8. All restaurant categories are anticipated to have adopted cloud point systems at a rate of 50%. (LINGA)
  9. A 2018 Cisco research found that 95% of firms utilize cloud-based software of some kind, and the percentage is probably substantially greater today.
  10. The worldwide cloud-based POS software market was worth $2.24 billion in 2020 and is projected to increase to $13.24 billion by 2028.
  11. According to research by Forbes, 61% of retail stores are thinking about implementing cloud-based point of sale (POS) technology, while 60% of newly established retailers request cloud-based POS over traditional POS.
  12. Mobile POS systems

    Mobile POS systems have recently gained popularity among business owners and their usage has sky-rocketed, because of their ease of use and enhanced mobility. 

  13. The overall value of mobile point-of-sale transactions in 2020 was $1,017,982 million, and it is expected to increase to $2,489,471 million in 2021. (2020, Statista)
  14. The anticipated yearly growth rate for mobile point-of-sale (POS) between 2021 and 2025 is 16.9%. (2020, Statista)
  15. The market for mobile point-of-sale (POS) is anticipated to grow to $4,650,556 million by 2025. (2020, Statista) 
  16. By 2021, there will be 1,490.5 million mobile point-of-sale (POS) users globally.
  17. According to Statista, 54% of companies complete transactions using mobile point-of-sale systems. 2020; Retail Consulting Partner
  18. 23% of mobile POS users are still unable to accept payments through the tool. 2020; Retail Consulting Partner
  19. Currently, 46% of retailers handle their transactions without using mobile point of sale (POS). 2020; Retail Consulting Partner. 
  20. 50.6% of mobile point-of-sale users in 2020 were men and 49.4% were women. (Statista) The age group with the highest number of mobile point-of-sale users is that of consumers, with 28.6% of them being between the ages of 25 and 34. (Statista) 
  21. The growth rate of mobile POS payment users year over year is +10.1%. (Statista)
  22. The total number of mobile POS payment customers is estimated to reach 85.6 million by 2025. (Statista) By 2025, experts estimate that the total transaction value of mobile point-of-sale payments will be $1,006,220 million. (Statista)
  23. Globally, ApplePay, Google Pay, and Samsung Wallet are the leading suppliers of mobile point-of-sale payments.
  24. It is anticipated that mobile point-of-sale transactions will reach $3.35 trillion by 2023.
  25. POS security statistics

    Understanding these numbers is crucial to getting an idea of what’s happening security-wise and ensuring the safety of sensitive customer data.

  26. The percentage of firms using POS exception-based CCTV interfaces as part of security measures has risen to 49.3%, with an increase of over 16% since 2019. (NRF, 2020)
  27. As part of their loss prevention strategy, POS data mining is used by 72.5% of organizations. (NRF, 2020)
  28. 65.1% of US-based merchants used point-of-sale (POS) data in 2019 to support their loss prevention initiatives, a 7.9% increase over 2018. (NRF, 2019)
  29. To prevent fraud, more than 56% of US merchants have already implemented POS analytics. (NRF, 2020)
  30. Emerging POS system-based solutions, such as fingerprint ID, are being adopted by 5.8% of shops currently, 2.9% of them are testing the technology, and 2.9% plan to do so in 2021. (NRF, 2020)
  31. In 2013, retail behemoth Target was the victim of one of the largest POS data breaches of all time, with its POS systems hacked by malware that stole the credit card information of over 70 million consumers. (The Guardian Digital)
  32. In 2014, Home Depot was hit with POS malware, affecting up to 2,200 branches and 56 million consumers. (The Guardian Digital)
  33. Hackers stole Wendy's customers' credit card information in 2016. The massive fast-food chain was sued in several cases as a result of the data breach, which affected over a thousand locations. (The Guardian Digital) 

To Conclude 

To sum up, the quick rundown of POS stats gives us a good look at what's happening now and what's coming up in retail. Knowing these numbers helps businesses make smarter choices.

By understanding things like more businesses using mobile POS and more folks paying contactless, businesses can do better. Whether you're a small shop owner or managing multiple stores, knowing these trends is important to stay ahead. 

And, if you are looking to get your hands on a best-in-class POS system for your business needs and stay ahead, reach out to OVVI. Our experts will guide you through the demo and help you get started in no time.