The global retail POS terminals market is set on a path of substantial growth and is estimated to reach USD 120 billion by 2028 registering a CAGR of 14% during the projected timeline, 2021-2028. This rapid escalation in growth can be attributed to the growing preferences of individuals to carry out cash-less transactions along with the increasing data visibility provided by cloud POS systems and improved service delivery output. Cashless transactions have grown more prominently in recent years. However, data security concerns associated with elevated risks of security vulnerability poses a major challenge hindering the growth trajectory of retail point of sale (POS terminals). Expansion in the care delivery models along with decent adoption of digital payment solutions in the hospitality sector of emerging economies to pave brisk opportunities for retail point of sale (POS terminals) market in the coming years.
Point of sales refers to the stage in retail where the transaction is completed. It is the time in trade or supply chain when the customer is expected to pay the desired amount for commodity or services purchased. Point of sales is a critical step which needs to be full proof and efficiently conducted. During this point, merchants prepare an invoice consisting of the exact calculations within a transaction, pricing each commodity and reflecting the total amount to be paid by the customer offering a bunch of payment options after which a receipt is generated as a record for the transaction completion. POS terminals are widely used in inventory management, as a part of loyalty programs, printings bills, and payments.
The global retail point of sale (POS terminals) market players have a commendable despite swift penetration of newcomers. The primary goals of modernizing the retail point of sale industry are to replace conventional retail operational systems with cutting edge technology to effectively simplify critical transactional operations. The increasing threat proposed by new market players challenging the historic establishments with conservative practices coupled with advancements in the retail industry and POS terminal technologies are expected to strengthen the market significantly.
The major players of the global retail POS terminals market are Shopify, Diebold Nixdorf, NCR Corporation, Toshiba Tech, Ingenico, SAP, HP, Epicor, Intuit, PAX Technology, Clover, New POS Technology, Lightspeed, Revel System, Zebra Technologies, Samsung Electronics, VeriFone Systems, Centerm, Cegid Grou, Square and Vend. The retail point of sale market encompasses a broad spectrum of local players with a robust business foundation and globally connected players. The determined market players are coming up with propositions of innovative product services to sustain in the global competition.
Retail POS Terminals Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2028||USD 120 billion|
|Growth Rate||CAGR of 14% during 2021-2028|
|Segment Covered||Type, Component, End-User, Regions|
|Regions Covered||North America, Europe, Asia Pacific, Middle East and Africa, South America|
|Key Players Profiled||Shopify, Diebold Nixdorf, NCR Corporation, Toshiba Tech, Ingenico, SAP, HP, Epicor, Intuit, PAX Technology, Clover, New POS Technology, Lightspeed, Revel System, Zebra Technologies, Samsung Electronics, VeriFone Systems, Centerm, Cegid Grou, Square and Vend.|
Key Segments of the Global Retail Point of Sale Market
Component Overview, 2018-2028 (USD Billion)
- Support & Maintenance
- Employment & Integration
Type Overview, 2018-2028 (USD Billion)
- Fixed POS
- Mobile POS
End-User Overview, 2018-2028 (USD Billion)
- Specialty stores
- Grocery stores
- Gas stations
- Convenience Stores
- Discount Stores
Regional Overview, 2018-2028 (USD Billion)
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America
Middle East & Africa
Reasons for the market study
- Primary goal of the market study is to deliver a high-end, well documented research thoroughly defining the global retail point of sales market allowing you to scale up the market understanding
- Ensure you gain a competitive advantage with holistic view into the market driven by the constant developments and innovations spearheaded by key players.
What does the report include?
- The market analysis of global retail POS terminals market provides holistic composition of key industry aspects focusing on qualitatively significant factors including drivers, restrains and opportunities
- The study report is fully inclusive of current trends and innovations parallelly assessed along with the competitive ecosystem of the global retail POS terminals market identifying the major players and their strategic initiatives enhancing the product development
- The study delivers a compartmentalized overview of the market segmenting it into component, type, end-use and region. Analysis of all the segments is backed by thorough evaluation standards ensuring quantitative and qualitative data
- Accurate market sizes across all the mentioned segment along with market share has been provided.
Who should buy this report?
- The report on the global retail POS terminal market provides a valuable repository of data analysis compiling actional information for industry participants including retailers, providers, vendors, suppliers, and consumers
- Business investors, capitalists and explorers requiring authentic and accurate information of the future outlook of the global retail POS terminals market
- Consultants, traders, managers, and analysts seeking valuable insights shaping the global retail POS terminals market.
Catalyzing shift in cash-less transaction preferences owing to the multiple benefits associated with this particular form of transactions such as elevated consumer safety, improved flexibility and effective money management are collectively driving the demand for retail point of sale terminals across the retail sector. Rapid growth in digital transformation within the retail industry has led to rising need for effective systems to accurately track and streamline business operations and ultimately offer non-cash payment options.
Surge in the adoption of technologically advanced devices such as smartphones has further offered lucrative opportunities for the cashless transaction technology industry to introduce advanced services and solutions that offer a “one-click away” transaction system thus boosting the growth of the retail POS terminals market growth over the forecast period. In addition, adoption of technologies such as the Near Field Communication (NFC) system or the Radio Frequency Identification (RFID) technology are enhancing the avenues, offering higher reliability for users and enhanced security of customers thus anticipating remarkable growth of the retail point of sale market over the forecast period.
In terms of component, the market is distinguished into software, hardware and services which is then categorized into employment & integration, and support & maintenance. The software segment is estimated to witness substantial growth and is likely to hold a dominating market size during the forecast years owing to the consistent escalation in adoption of cloud-based retail POS system. The cloud -enabled POS software is cost-effective and offers merchants the convenience of remote access of customer data with an ideal internet connection.
Based on the type, the market is sectioned into fixed point of sale and mobile point of sale technology. In the previous times, the fixed POS segment led the market accounting for the largest market revenue. The dominant hold of the segment in the past is due to it higher rate of adoption among large-scale vendors as the costs associated with procurement and installation are relatively higher. The mobile POS segment is likely to register the fastest CAGR growth over the forecast years as higher levels of portability and enhanced accessibility continue to expand the exploitation of mPOS.
In terms of end-user, the market is fragmented into specialty stores, grocery stores, gas stations, supermarkets/hypermarkets, convenience stores, discount stores and others. The grocery stores segment is estimated to account for the largest market size over the forecast years with early adoption of advanced technologies by larger chains of grocery stores to enhance productivity. Well-established grocery stores are increasingly integrating POS terminals to improve organization and conduct time-saving checkouts. Convenience stores segment is also considered to experience optimum growth due to the ease of tasks such as data entry, cash management, price updates and billing.
North America houses a well-flourished and technologically equipped retail marketspace with the presence of massive supermarkets and chains of grocery and retail stores. Some of the largest retail giants are placed in the region accelerating innovations and advancing the scope for growth and development of the retail POS terminals market. one of the leading economies of the region, the U.S. comprises of a robust environment consisting of major vendors driving the growth of the retail POS terminals market during the forecast years. Asia Pacific is also estimated to register an exponential growth rate over the forecast due to the surging investments by the developing economies of the region in retail POS projects.