The point-of-sale (POS) system is a business command center for retail merchants worldwide. Modern POS technology allows retailers to do much more than simply process payments and transactions. Some of the benefits of a POS include the ability to track inventory, monitor data in real time, build customer loyalty, sell online, and even operate in person when you’re offline.
Let’s take a look at some two dozen point-of-sale statistics that can help you understand the trends and drive the growth of your business.
Current State of the POS Market
1. The global POS software market is expected to generate $13.49 billion in 2023
Grand View Research anticipates strong growth for the global POS software market over the rest of the decade. It expects a compound annual growth rate (CAGR) of 10.8% for the industry, boosting the market value from an estimated $13.49 billion in 2023 to $27.71 billion by 2030. North America is estimated to comprise about a quarter of that.
2. The global market size for POS terminals is just over $103 billion
Looking at the hardware side of the POS market, Grand View predicts equally strong growth. It anticipates the global POS terminals market will grow from $103.8 billion in 2023 to $181.5 billion by 2030, showcasing a CAGR of 8.3%.
3. More than 70% of POS systems are 2+ years old
Only 28% of retailers are using POS software they’ve adopted within the past two years. That number for POS hardware is slightly higher—at 32%. Over half of POS software and 40% of POS hardware are over 5 years old.
4. Square controls nearly 30% of the POS market
According to 6sense, an account-based marketing firm, Square claims 28% of the POS systems market. Toast is not too far behind, with 22%. Lightspeed, First Data (now Fiserv), and Clover round out the top five.
Mobile POS Statistics
5. The mPOS terminals market will grow 11% year over year through 2030
With a value of just over $36 billion in 2022, the global mobile POS (mPOS) terminals market is poised for growth. Its value is expected to hit $40.8 billion in 2023 and $85.1 billion by 2030.
6. mPOS transaction value will hit $3.3 trillion in 2023
Statista forecasts that the total transaction value for mPOS payments will reach $3.3 trillion globally in 2023. This is projected to grow at a 14% CAGR, reaching $5.58 trillion by 2027 (the growth rate in the US is higher—18.5%). The number of people who use mPOS payments worldwide is also expected to grow, hitting 1.94 billion users by 2027.
If you’re interested in implementing mPOS technology for your business, check out our roundup of the best mobile POS applications to make this transition easy for associates and shoppers.
7. Average mobile transaction value is expected to increase 40% by 2027
In 2023, the average mobile transaction value in the US is anticipated to hit nearly $10,000. By 2027, that number is expected to be nearly $14,000, representing growth of about 40%.
8. Small businesses have historically made up the majority of mPOS users
In 2021, retailers with fewer than 10 locations comprised nearly two-thirds of the mPOS installed base. Small businesses have particularly embraced the technology because of its flexibility, ease of use, and cost.
9. 43% of restaurants say mPOS is a priority for 2023
More than 40% of restaurant businesses are planning to make mPOS implementation a priority for 2023. mPOS in restaurants allow for tableside service and payments. It’s also a great tool for food trucks, selling at markets, and other on-the-go casual eateries.
Related: Best Food Truck POS Systems
Retail POS Statistics
10. Digital and mobile wallet payments made up nearly a third of global POS payments in 2022
By 2026, digital and mobile wallet payments are expected to make up 43% of global payments (up from 32% in 2022). Other leading payment types in 2022 included credit card (26%), debit card (23%), and cash (16%). However, cash is forecast to fall to just 10% by 2026.
11. Software and hardware updates/replacements are the top two POS priorities
Respondents to a 2022 survey from Retail Consulting Partners said upgrading or replacing their POS software was their top concern (60%), followed by upgrading or replacing their POS hardware (44%). Other POS priorities include mobile POS implementation, order management system (OMS) integration, and integration of BOPIS (buy online, pick up in-store) and other omnichannel capabilities.
12. About 60% of retailers plan to improve or implement a POS/OMS integration
In 2022, only 13% of Retail Consulting Partners survey respondents felt they had successfully integrated their POS and OMS, which simplifies inventory and order/fulfillment tasks across channels. About 30% had implemented a POS/OMS integration but said it needed improvement, and another 30% planned an integration within three years.
13. POS data is the most valuable data source for retailers
According to The Motley Fool, data from POS transactions make up 51% of retailers’ most valuable data. This data can include average transaction value, sales per category, and sales per employee.
Restaurant POS Statistics
14. The restaurant POS terminals market was valued at $20 billion in 2022
The global market for restaurant POS terminals is expected to jump from $20 billion in 2022 to $38 billion by 2030 as restaurants continue to discover their ease of use, range of features, and time savings. This represents a CAGR of 8%. The self-service kiosk subsegment of the market is projected to grow the fastest, with a CAGR of 9.5%.
15. Restaurants spend an average of just over $9,000 on upfront POS costs
RestaurantOwner.com found that purchasing a POS system costs restaurants an average of $9,300 upfront. This is down from more than $13,000 in 2017. However, monthly costs have risen since 2017, from about $140 to some $380 in 2022.
16. Researching a new POS for implementation after 2023 is a priority for 43% of restaurants
Nearly half of restaurant operators plan to research and test new POS systems for possible implementation in 2024 and beyond. That’s on top of 14% that plan to install a new system in 2023. Many of these businesses seek platforms with more advanced and flexible features, including mobility.
17. 57% of restaurants want to introduce new payment options
The ability to accept new payment types like digital wallets and contactless pay is a top driver for POS adoption among restaurants. Nearly 60% are looking to upgrade their POS, with the main motivator being the ability to accommodate various payment preferences.
18. 29% of restaurants want to upgrade their POS for better omnichannel integrations
As more restaurants embrace being omnichannel, they’re also looking for tools to do the same. As such, about 30% of restaurants are motivated to upgrade their POS for the “tight integration” needed to execute omnichannel shopping experiences successfully.
19. 71% of restaurants use POS data for loyalty programs, upselling, and discounts
An overwhelming majority of restaurants are taking advantage of the data from POS systems. Just over 70% of businesses use POS data for digital engagement, menu optimization, and streamlining payments. Many restaurants also put this data to other uses, including loyalty programs, upselling, and offer personalization.
20. More than 60% of restaurants use one or more handheld POS terminals
The use of handheld POS terminals by restaurants is growing. Sixty-one percent of those surveyed by RestaurantOwner.com use them, compared to just under 30% in 2017.
21. Menu and recipe costing is the top feature independent restaurant owners wish their POS had
Some 40% of restaurant owners cite menu and recipe costing as the feature they want but their POS doesn’t have. That is followed by employee scheduling, inventory management, and menu engineering. On the flip side, reservations management, video order management, and digital signage integration are the features that are available in POS systems but the least used.
Keep reading: 45 Key Restaurant Industry Statistics for 2023
Cloud POS Statistics
22. The global cloud POS market is expected to surpass $26 billion by 2030
Cloud POS is growing at a much faster rate than the overall POS market, according to Straits Research. The research firm estimates a CAGR of nearly 25% for the global cloud POS market, from a value of $3.6 billion in 2021 to $26.4 billion by 2030.
23. Cloud-based operations is one of the top three functionalities restaurants are seeking in their POS
Seventy-one percent of Hospitality Tech survey respondents selected integration and cloud-based functionality as their top priorities for their POS purchases. Artificial intelligence (AI) placed third with 57%, followed by online functionality, loyalty tools, delivery integration, and software-as-a-service (SaaS).
24. Cloud-based deployment is the fastest-growing deployment method for restaurant POS systems
On-premise deployment is by far the leading deployment method for restaurant POS systems (75% of revenue in 2022), according to Grand View Research. However, cloud-based deployment is the fastest-growing method, with a CAGR of 9.2% through 2030.
Related: 5 User-friendly Cloud POS Systems
A POS system is more than just a way to collect payments and process transactions. Modern POS systems act as a central command center, connecting all the different parts and pieces that make your retail business run smoothly. POS statistics show that more restaurants and retailers are adopting the tool, with mobile and cloud POS technologies growing particularly quickly.