Growing Demand for Contactless Payments is Driving the Growth of the U.S. Electronic Point of Sale(EPOS) Market

The evolution of contactless payments in the U.S. has been marked by significant milestones. In 2004, the introduction of the first contactless card laid the foundation for a new era in payment convenience. By 2008, all major networks had embraced contactless technology, offering contactless cards to consumers. In 2014, the launch of the first digital wallets provided consumers with additional flexibility and security in making contactless transactions. The following year, the 'EMV liability shift' prompted the widespread adoption of EMV-enabled terminals, many of which were also contactless-enabled, further solidifying contactless as a mainstream payment method. By 2020, the COVID-19 pandemic accelerated the shift towards contactless payments, as consumers and businesses prioritized safety and hygiene, leading to an unprecedented surge in contactless transactions.

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Data Bridge Market Research analyses that the U.S. Electronic Point of Sale(EPOS) Market is expected to reach a value of USD 12.97 billion by 2031 from USD 3.44 billion in 2023, growing at a CAGR of 18.2% during the forecast period 2024 to 2031.

Key Findings of the Study

Rise in Omni Channel Retailing

Omni channel retailing refers to the integration of online and offline sales channels, including brick-and-mortar stores, e-commerce platforms, mobile apps, social media, and more. It focuses on delivering consistent messaging, pricing, and customer experiences across all touchpoints, blurring the lines between physical and digital retail environments.

Report Scope and Market Segmentation

Segment Analysis

U.S. Electronic Point of Sale(EPOS) market is segmented into two notable segments, based on offering and end user.

• On the basis of offering, the U.S. Electronic Point of Sale(EPOS) market is segmented into EPOS hardware, POS software, and EPOS services

In 2024, the EPOS hardware segment is expected to dominate U.S. Electronic Point of Sale(EPOS) Market

In 2024, the EPOS hardware segment is expected to dominate U.S. Electronic Point of Sale(EPOS) market with a market share of 53.14% due it enhances efficiency and accuracy in transactions, significantly reducing checkout times and minimizing errors compared to traditional cash registers or manual methods.

• On the basis of end user, the U.S. Electronic Point of Sale(EPOS) market is segmented into grocery, general merchandise, hospitality, fuel & convenience, restaurant, fashion/specialty, travel, entertainment, and others

In 2024, the grocery segment is expected to dominate the U.S. Electronic Point of Sale(EPOS) Market

In 2024, the grocery segment is expected to dominate the U.S. Electronic Point of Sale(EPOS) market with a market share of 34.32% due to its sheer volume of transactions, high frequency of customer visits, and diverse product offerings. Grocery stores rely heavily on efficient point of sale systems to manage inventory, process payments quickly, and provide a seamless shopping experience, making them a primary driver of EPOS adoption in the U.S.

Major Players

Data Bridge Market Research analyzes NCR Voyix Corporation (U.S.), Oracle (U.S.), Block, Inc. (U.S.), QINGDAO HISTONE INTELLIGENT COMMERCIAL SYSTEM CO. LTD. (China), and HP Development Company, L.P. (U.S.) as the major companies operating in the U.S. Electronic Point of Sale(EPOS) market.

Market Developments

• In January 2023, Toshiba Global Commerce Solutions partnered with PopID to integrate PopPay into its POS and self-service systems, offering facial recognition-based payment and loyalty authentication. This collaboration aimed to enhance customer experience across various retail settings
• In April 2023, Toshiba Global Commerce Solutions partnered with BlueStar to expand the distribution of its retail technology. This collaboration aimed to provide innovative POS systems and hardware solutions to retailers across the US and Canada. By joining forces, Toshiba and BlueStar empowered resellers to offer cutting-edge technology to meet retailers' evolving needs and enhance customer experiences
• In August 2023, Toshiba Global Commerce Solutions launched the TCx 900 POS system combining power and compact design. With Intel's latest processors and DDR5 memory, it boosts store productivity. Offering adaptability, security, and energy efficiency, it's a game-changer for retailers. It's part of Toshiba's commitment to empowering retailers with innovative solutions
• In January 2019, Hp Development Company, L.P collaborated with paypal and its Engage One Prime program to offer a suite of point-of-sale tools for small- and medium-sized retail and hospitality businesses. This collaboration provided a complete end-to-end solution, including hardware, POS software, and payment processing, to enhance customer experiences
• In September 2020, Diebold Nixdorf, Incorporated.expanded its partnership with Co-op, providing managed services and remote monitoring for self-service and POS systems, optimizing shopping journeys and enhancing operational efficiency. Through IoT technology and cloud-based analytics, Diebold Nixdorf, Incorporated.offering enabled remote resolution of maintenance issues, resulting in 99% system uptime and faster customer transactions at Co-op stores

As per Data Bridge Market Research analysis:

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