Retail Point of Sale Terminals Market Trends

Global Retail Point-of-Sale Terminals Market Overview

Retail Point-of-Sale Terminals Market Size was valued at USD 22.9 Billion in 2022. The Retail Point-of-Sale Terminals market Technology is projected to grow from USD 25.9 Billion in 2023 to USD 68.3 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 12.90% during the forecast period (2024 - 2032). Consumer interest in non-cash transactions is rising, and cloud POS solutions have expanded data visibility, are the key market drivers enhancing the market growth.

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Retail Point-of-Sale Terminals Market Trends

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  The rapid increase in the number of fraudulent activities is driving the market growth

  
  

The requirement to protect personal data and information from hackers and unethical sources has been pushed by the sharp rise in fraudulent activities, fueling product demand. The percentage of card-present EMV chip transactions worldwide increased from 88.55% in 2020 to 90.44% in 2021, according to estimates from EMVCO. Contact and contactless transactions are supported via EMV-enabled POS terminals, which relieves retailers of the audit requirement for PCI compliance. Additionally, the market may benefit from the expanding levels of digital literacy and internet usage.

Demand for appropriate wireless communication technology has increased as a result of rising consumer demand. Wireless devices are used by POS systems to enable payments for goods and services. Wireless technology is used to streamline many activities, from restaurants to cab services. POS terminals are used by companies in the retail and hotel industries for remittance as well as other operational duties like accounting, sales tracking, and inventory management. To track sales, operations, operations, products, and inventories, for instance, restaurants, bars, and food service providers rely on POS systems. The market concept includes tools and displays to conduct online transactions with the use of cash registers, barcode scanners, and computers. Additionally, the growing usage of mobile POS terminals, advancements in payment technology, acceptance of Europay, Mastercard, and Visa (EMV) cards, and market expansion in the retail and e-commerce sectors are all contributing to the industry's expansion.

Additionally, worries about security and privacy related to data breaches have captured the attention of the market. The market for POS terminals is expanding due to the development of the modern drive-thru. To connect their drive-thru queue, kitchen and back-office operations for a seamless delivery and order procedure, various businesses started implementing POS systems. For instance, some of the drive-thru outlets of fast-casual restaurants like Chipotle, Starbucks, and Panera now incorporate drive-thru elements. Mobile POS terminals' rising popularity has opened up new opportunities for market expansion.

These technologies' ability to provide a higher return on investment (ROI) had a favourable effect on the market. Additionally, the increased demand for inventory tracking, in-store & online sale unification, and customer and employee management through tablets has enhanced product adoption. The need is also increased by the contactless payment trend, which is growing, and by the widespread use of near-field communication (NFC) technology. To increase profitability, remittance providers are proposing new solutions for specific industrial uses. The market enables retailers to control their business operations and inventory storage, which fosters industry expansion. Thus, driving the Retail Point-of-Sale Terminals market revenue.

Retail Point-of-Sale Terminals Market Segment Insights:

Retail Point-of-Sale Terminals Product Insights

The Retail Point-of-Sale Terminals Market segmentation, based on product, includes mobile and fixed. Fixed segment dominated the global market in 2022. Kiosks and other devices are included in the fixed POS sector. Due to expensive procurement and installation expenses, which at the time supported the segment's growth, large-scale vendors opted for fixed POS terminals. The installation of fixed POS terminals for data storage with the on-premises server is another practise among end users who are aware of cloud data storage. Applications for these systems include bill printing, customer relationship management (CRM), inventory management, and device support for payments.

Retail Point-of-Sale Terminals Component Insights

The Retail Point-of-Sale Terminals Market segmentation, based on component, includes software, hardware, and services. Hardware segment dominated the global market in 2022. During the projection period, the category is anticipated to continue growing at a constant CAGR. Interfaces or devices to record transaction details are considered hardware components. Examples include EFT-POS machines, network devices, barcode scanners, cash drawers, receipt printers, tablets, and monitors. The majority of the system's hardware components are found in the stationary POS terminal, which also makes using the system to manage daily activity easier.

Retail Point-of-Sale Terminals Application Insights

The Retail Point-of-Sale Terminals Market segmentation, based on application, includes department stores, supermarkets/hypermarkets, warehouse, discount stores, specialty stores, and others. The supermarkets/hypermarkets segment dominated the Retail Point-of-Sale Terminals Market in 2022. To prevent long waiting lines and transaction delays, many retailers are switching to a simple form of transactions. In order to provide a customised, interactive, and distinctive customer experience, merchants are now combining the POS system with inventory, merchandising, marketing, and Customer Relationship Management (CRM) data. Supermarkets/hypermarkets, convenience stores, food stores, specialty shops and petrol stations are other divisions of the retail sector.

Figure 1: Retail Point-of-Sale Terminals Market, by Application, 2022 & 2032 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Retail Point-of-Sale Terminals Regional Insights

By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North America Retail Point-of-Sale Terminals Market dominated this market in 2022 (45.80%). The growing usage of cloud solutions by small and medium-sized businesses is what is driving this region. The market expansion has been fueled by the major companies' increased development of cloud-based POS solutions to fulfil the need of the expanding restaurant and retail sectors. Further, the U.S. Retail Point-of-Sale Terminals market held the largest market share, and the Canada Retail Point-of-Sale Terminals market was the fastest growing market in the North America region.

Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 2: RETAIL POINT-OF-SALE TERMINALS MARKET SHARE BY REGION 2022 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe Retail Point-of-Sale Terminals market accounted for the healthy market share in 2022. This region is being propelled by the growing popularity of cloud-based point-of-sale systems among retailers in the United Kingdom and the expansion of similar platforms throughout Europe. Further, the German Retail Point-of-Sale Terminals market held the largest market share, and the U.K Retail Point-of-Sale Terminals market was the fastest growing market in the European region

The Asia Pacific Retail Point-of-Sale Terminals market is expected to register significant growth from 2023 to 2032. Growing adoption of digital payment technology in the area has created prosperous chances for mPOS in nations like China, Japan, and India. However, the demand for fixed POS terminals from major businesses to safeguard their corporate information and guarantee the processing of massive volumes of consumer data is promoting market growth. Moreover, China’s Retail Point-of-Sale Terminals market held the largest market share, and the Indian Retail Point-of-Sale Terminals market was the fastest growing market in the Asia-Pacific region.

Retail Point-of-Sale Terminals Key Market Players & Competitive Insights

Leading market players are investing heavily in research and development in order to expand their product lines, which will help the Retail Point-of-Sale Terminals market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Retail Point-of-Sale Terminals Technology must offer cost-effective items.

Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the global Retail Point-of-Sale Terminals Technology to benefit clients and increase the market sector. In recent years, the Retail Point-of-Sale Terminals Technology has offered some of the most significant advantages to medicine. Major players in the Retail Point-of-Sale Terminals market, including Acrelec, AURES Group, HM Electronics, Hewlett Packard Development LP, NCR Corp., Oracle, Presto Group, Qu, Inc., Quail Digital, Revel Systems, Toast, Inc., Toshiba Corp., TouchBistro, and Xenial, Inc., are attempting to increase market demand by investing in research and development operations.

Presto Automation Inc. combines the physical world with cutting-edge digital technologies. It offers a cutting-edge system that automates voice recognition for drive-thrus at restaurants using artificial intelligence. Presto unveiled Presto Flex, its next-generation platform, in September 2021. This system is a multifunctional tablet computer that was especially created for the hospitality sector.

For the retail industry, GK Software SE offers standardised software. Its products include Mobile Customer Experience, GK-in-the-Cloud, SAP Store Solutions by GK, and many more. EMEA, the Americas, and other business activities are among its geographical segments. The EMEA region is where the corporation makes the most money. The Schwarz Group and GK Software will continue to work together to migrate the Schwarz Group's point-of-sale software to the CLOUD4RETAIL open platform starting in August 2022.

Key Companies in the Retail Point-of-Sale Terminals market include

• Acrelec


• AURES Group


• HM Electronics


• Hewlett Packard Development LP


• NCR Corp.


• Oracle


• Presto Group


• Qu, Inc.


• Quail Digital


• Revel Systems


• Toast, Inc.


• Toshiba Corp.


• TouchBistro


• Xenial, Inc.

Retail Point-of-Sale Terminals Technology Developments

September 2022: At Paris Retail Week 2022, Newland Payment Technology, a top supplier of payment terminal solutions, displayed its assortment of SmartPOS and conventional payment devices. By doing this, the business showed that it is dedicated to fostering innovation at the point of engagement.

May 2022: Lavu and Verifone collaborated to offer integrated point-of-sale and payment solutions for restaurants. By working together strategically, Verifone and Lavu were able to provide clients with a top-notch, integrated point of sale (POS) and payment experience, benefiting the restaurant business.

June 2022: The official point-of-sale (POS) for the food and music festival GastroBeats 2022 was provided by Qashier. With this move, the Singaporean FinTech startup enters the market for event payment solutions. In order to enable contactless ordering and payments during the whole event, Qashier teamed up with GastroBeats, guaranteeing a secure and convenient experience for everyone.

Retail Point-of-Sale Terminals Market Segmentation

Retail Point-of-Sale Terminals Product Outlook

• Mobile


• Fixed

Retail Point-of-Sale Terminals Component Outlook

• Software


• Hardware


• Services

Retail Point-of-Sale Terminals Application Outlook

• Department Stores


• Supermarkets/Hypermarkets


• Warehouse


• Discount Stores


• Specialty Stores


• Others

Retail Point-of-Sale Terminals Regional Outlook

• North America
  
  
  
  • US
  
  
  • Canada
  
  
  
  


• Europe
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Italy
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  


• Asia-Pacific
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • Australia
  
  
  • South Korea
  
  
  • Australia
  
  
  • Rest of Asia-Pacific
  
  
  
  


• Rest of the World
  
  
  
  • Middle East
  
  
  • Africa
  
  
  • Latin America