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United States Grocery and Pharmacy Point of Sale (POS) Terminal Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The United States Grocery and Pharmacy Point of Sale (POS) Terminal Market is Segmented by Component (Hardware, Software), by Type (Fixed POS, Mobile POS/EFT-POS Terminals), and by End-user Industry (Grocery, Pharmacy).

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US Grocery & Pharmacy Point of Sale Terminal Market Size

US Grocery and Pharmacy Point of Sale Terminal Market Size
Study Period 2019 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2019 - 2022
CAGR 9.60 %
Market Concentration Medium

Major Players

US Grocery and Pharmacy Point of Sale Terminal Market Major Players

*Disclaimer: Major Players sorted in no particular order

Compare market size and growth of United States Grocery and Pharmacy Point of Sale (POS) Terminal Market with other markets in Technology, Media and Telecom Industry

Automation

Digital Commerce

Electronics

Information Technology

Media and Entertainment

Security & Surveillance

US Grocery & Pharmacy Point of Sale Terminal Market Analysis

  • The POS terminals have observed strong growth in the past years, driven by the consumer shift toward cashless transactions. Mobile POS (mPOS) terminals have become increasingly prominent over the last few years due to the demand for contactless payments, which can be done directly from smartphones. The ease of use has provided avenues for the market to grow. Moreover, the broadening scope of application has created the massive potential for the digital payment wave in remote areas and newer markets.
  • Software and hardware in the POS system have been modified to ensure safe transactions and portability. Payment gateways have been strengthened through investments in end-to-end encryption technology, which will assist in building consumer confidence and influence product demand. A POS system coupled with multipurpose software would also offer the end-user secure payment, employee data storage, and consumer data analysis. Demand has increased further due to the product's ability to function as an efficient employee management tool for tracking employee performance.
  • The demand for portable or mobile POS equipment in the retail industry is driven by the rising demand for wireless Internet connectivity, decreased costs, and expanded network coverage. Over the projection period, it is predicted that rising smartphone and tablet usage would fuel demand for mobile point-of-sale solutions. Retailers are anticipated to update their equipment to comply with these technologies when new payment methods like Near Field Communication (NFC) and Europay, MasterCard, and Visa (EMV) become popular. For instance, the introduction of Apple Pay in the US has raised awareness of NFC, which is anticipated to accelerate the uptake of NFC-capable smartphones for payment to retailers, and settling grocery and pharmacy bills.
  • POS security is difficult due to the sheer volume of known and unknown threats and the value that POS system data holds for cybercriminals. Furthermore, the number of threats to POS systems continues to rise as new POS malware is created or updated regularly. This is expected to hinder the demand for POS in the United States during the forecast timeframe.
  • Furthermore, the COVID-19 pandemic has significantly altered how consumers shop, affecting the retail and pharmacy POS. Consumers have also increased their use of numerous sales methods, such as curbside pickup, virtual consultations, contactless payment, and social commerce or shopping via social media. According to the most recent retail experts and shopper surveys, this new behavior is expected to persist over the forecast period. Such trends have influenced the demand for POS terminals in the United States.

US Grocery & Pharmacy Point of Sale Terminal Market Trends

This section covers the major market trends shaping the US Grocery & Pharmacy Point of Sale Terminal Market according to our research experts:

Hardware Segment Account for a Significant Share

  • Hardware components include standalone POS terminals (transaction enablement units) and an integrated POS system with additional transactional capabilities. While much legacy hardware has traditionally been modular, the introduction of All-In-One units has enabled the market deployment of fixed units and portable POS tablets with built-in payment terminals, scanners, and printers.
  • Over the years, the hardware of the POS system has been developed and modified to ensure safe transactions and portability. Also, to safeguard payment gateways, POS suppliers have expanded their expenditures on end-to-end encryption technology, which will assist in creating consumer confidence and drive product demand. Additionally, multipurpose software connected with a POS system would provide the end-user with secure payment, employee information storage, and customer data analysis, the second most common payment method, followed by cash payment.
  • Due to security threats, most new hardware designed for the market is centered on facilitating smoother transactions.However, the forced separation caused by the pandemic has accelerated the development of contactless payments with dedicated authentication features. The addition of cameras and fingerprint sensors forces larger form sizes, but this is offset by industry developments allowing facturers to go smaller in the pursuit of micro-electronics.
  • Over the years, the hardware of the POS system has been developed and modified to ensure safe transactions and portability. Also, to safeguard payment gateways, POS suppliers have expanded their expenditures on end-to-end encryption technology, which will assist in creating consumer confidence and drive product demand. Additionally, multipurpose software connected with a POS system would provide the end-user with secure payment, employee information storage, and customer data analysis.
US Grocery and Pharmacy Point of Sale Terminal Market Share

The Growing Trend of Retail Automation will Surge the Demand for Advanced Digital Solutions

  • Retail grocers have adopted POS terminals to attract more customers. These devices help to speed up the customer shopping experience by making the checkout process faster and easier. Several major retail brands have installed mobile POS terminals in their stores to provide customers with an easy shopping experience. Supermarkets increasingly use POS terminals to automate employee, inventory, and customer management.
  • The self-service trend in supermarkets in the United States has allowed owners to keep their stores open in the absence of cashiers. Retailers are also gradually implementing non-contact payment technology in the ongoing COVID-19 to prevent the virus spread. The increased use of smart cards and mobile wallets in North America will boost industry revenue.
  • Retailers are employing mobile POS software programs to remotely access their establishments and reduce the factors contributing to decreased revenues, owing to the non-availability of staff. This gives the owners frequent updates on the work done within retail locations. It also makes it possible to track and organize the products in both physical and online marketplaces. Market leaders have introduced retail POS terminal software compatible with NFC and EMV compliance, enabling customers to make payments more quickly and securely.
  • Increasing retail sale will support the growth of POS terminal in teh forecast time frame. For instance, accrding to US Census Bureau, the monthly grosery sales in December 2021 was USD 71.845 million compared to USD 63.171 million in January 2021.
US Grocery and Pharmacy Point of Sale Terminal Market Growth

US Grocery & Pharmacy Point of Sale Terminal Industry Overview

  • February 2022: Apple launches Tap to Pay on iPhone. This capability will empower millions of merchants across the US, from small businesses to large retailers, to use their iPhone to accept seamlessly and securely Apple Pay, contactless debit and credit cards, and other digital wallets through a simple tap to their iPhone. This will reduce the burden of having hardware or a payment terminal.

US Grocery & Pharmacy Point of Sale Terminal Market Leaders

  1. PayPal Holdings, Inc.

  2. Lightspeed Commerce Inc.

  3. Square (Block Inc.)

  4. Revel Systems, Inc.

  5. Clover Network, LLC

*Disclaimer: Major Players sorted in no particular order

PayPal Holdings, Inc, Lightspeed Commerce Inc, Square (Block Inc.), Revel Systems, Inc, Clover Network, LLC.
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US Grocery & Pharmacy Point of Sale Terminal Market News

  • April 2022: Square announced the newest version of its countertop device, Square Stand, which transforms iPads and other tablets into point-of-sale systems capable of running a business. Square Stand can integrate with the firm's existing POS hardware and software, enabling sellers to take payments in-person, buy online, pick up in-store orders, and manage e-commerce deliveries & sales, all from one place.

US Grocery & Pharmacy Point of Sale Terminal Market Report - Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions and Market Definition

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET INSIGHTS

    1. 4.1 Market Overview

    2. 4.2 Industry Value Chain Analysis

    3. 4.3 Industry Attractiveness - Porter's Five Forces Analysis

      1. 4.3.1 Bargaining Power of Suppliers

      2. 4.3.2 Bargaining Power of Consumers

      3. 4.3.3 Threat of New Entrants

      4. 4.3.4 Intensity of Competitive Rivalry

      5. 4.3.5 Threat of Substitutes

    4. 4.4 Impact of COVID-19 on the US Grocery and Pharmacy POS Terminal Market

    5. 4.5 Payment Processing Charges Insights

    6. 4.6 List of Major Grocery and Pharmacy Vendors and POS solution implemented (subject to availability of information from public domain)

  5. 5. MARKET DYNAMICS

    1. 5.1 Market Drivers

      1. 5.1.1 Consumer Shift Towards Cashless Transaction

      2. 5.1.2 Improvement in POS Hardware and Software Solution

    2. 5.2 Market Challenges

      1. 5.2.1 Security Concern over Online Payment

  6. 6. MARKET SEGMENTATION

    1. 6.1 By Component

      1. 6.1.1 Hardware

      2. 6.1.2 Software

    2. 6.2 By Type

      1. 6.2.1 Fixed POS

      2. 6.2.2 Mobile POS/EFT-POS Terminals

    3. 6.3 By End-user Industry

      1. 6.3.1 Grocery

      2. 6.3.2 Pharmacy

  7. 7. COMPETITIVE LANDSCAPE

    1. 7.1 Key Vendor Share

      1. 7.1.1 POS Hardware Vendor Share

      2. 7.1.2 POS Software Vendor Share

    2. 7.2 Key POS Software and Hardware Vendor Profiles

      1. 7.2.1 PayPal

      2. 7.2.2 Clover

      3. 7.2.3 Route4Me

      4. 7.2.4 Square

      5. 7.2.5 Revel Systems

      6. 7.2.6 Loyverse POS

      7. 7.2.7 Epos Now

      8. 7.2.8 Odoo

      9. 7.2.9 Stripe

      10. 7.2.10 Cashier Live LLC.

      11. 7.2.11 CELERANT TECHNOLOGY CORP.

      12. 7.2.12 LightSpeed

      13. 7.2.13 Shopify

      14. 7.2.14 Transaction Data Systems, Inc.

      15. 7.2.15 GOFRUGAL

      16. 7.2.16 Epicor

      17. 7.2.17 Chetu Inc.

      18. 7.2.18 LS Retail ehf.

      19. 7.2.19 Retail Management Solutions, LLC

      20. 7.2.20 McKesson Corporation

      21. 7.2.21 Worldline

  8. 8. MARKET FUTURE OUTLOOK

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US Grocery & Pharmacy Point of Sale Terminal Industry Segmentation

A scanner, a receipt printer, and a computer forms a POS terminal. A point-of-sale system combines software and hardware to make commercial operations easier.

The United States Grocery and Pharmacy Point of Sale (POS) Terminal Market is Segmented by Component (Hardware, Software), by Type (Fixed POS, Mobile POS/EFT-POS Terminals), and by End-user Industry (Grocery, Pharmacy).

By Component
Hardware
Software
By Type
Fixed POS
Mobile POS/EFT-POS Terminals
By End-user Industry
Grocery
Pharmacy
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US Grocery & Pharmacy Point of Sale Terminal Market Research FAQs

The United States Grocery and Pharmacy Point of Sale (POS) Terminal Market is projected to register a CAGR of 9.60% during the forecast period (2024-2029)

PayPal Holdings, Inc., Lightspeed Commerce Inc., Square (Block Inc.), Revel Systems, Inc. and Clover Network, LLC are the major companies operating in the United States Grocery and Pharmacy Point of Sale (POS) Terminal Market.

The report covers the United States Grocery and Pharmacy Point of Sale (POS) Terminal Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the United States Grocery and Pharmacy Point of Sale (POS) Terminal Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

United States Grocery and Pharmacy Point of Sale (POS) Terminal Industry Report

Statistics for the 2024 United States Grocery and Pharmacy Point of Sale (POS) Terminal market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. United States Grocery and Pharmacy Point of Sale (POS) Terminal analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.

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United States Grocery and Pharmacy Point of Sale (POS) Terminal Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)