Advanced capabilities of POS terminals such as efficient employee management, inventory management are expected to expand the opportunities for the retail POS terminals market
The retail point of sale industry offers an array of hardware and software solutions which have undergone continuous improvisation and upgradation to offer modified benefits such as thoroughly reliable and secure money transactions coupled with better portability. Owing to the decade long developments and initiatives the retail point of sale market is proposing a substantial rise in CAGR estimated to value 14%, with the retail point of sale market size worth 120 billion.
POS terminals are widely sued in the retail industry to streamline the transaction step of a trade between merchant and customers. Point of sales allows improved traceability enabling merchants to maintain a thorough record of transaction history. During a debit/credit card-enabled transaction, point of sale terminal plays a very crucial role in reading the magnetic strip to see whether sufficient funds are available prior to transferring the money to the merchant.
Comparative analysis of the growth scales and patterns within the current market as well as the future growth trends of the retail POS terminals market. crucial growth derivatives are identified focusing of the retail POS terminals market opportunities over the forecast period. Factors such as rapidly evolving digital retail operational models and rising investments in maximising productivity and enhancing the efficiency of transactions across the retail sector are among the key drivers boosting the growth of the retail POS terminals market. the role of POS terminals in supporting government’s efforts to deploy cashless transactions across all industries and activities is expected to drive the adoption of POS terminals by retail companies both small as well as large scale. Proliferation of smartphones is further encouraging the adoption of easy transaction services and software.
Adroit Market Research report on the retail POS terminals market provides exhaustive outlook of the market throughout the years 2018 to 2028, emphasizing on some of the key factors including the market drivers, restrains, trends, opportunities and challenges. The market analysis and insights have been provided for historic years 2018 to 2020. 2020 is considered as the base estimation year followed by the forecast period from 2021 to 2028. The report prominently highlights the existing market dynamics coupled with the future market trends. The study evaluates the market scenario based on a SWOT and Porter’s five forces analysis followed by positioning of key market players with parameters such as their revenue patterns, market identity, competitive advantage and strategic initiatives and product portfolio.
The retail POS terminals market is composed of a solid competitive ecosystem with well-known and robust industry players alongside young market entrants. Also, the retail POS terminals market players are seeking out new avenues for business expansion tapping into potential markets for gaining a significant competitive advantage among other players by initiative strategic business development initiatives such as acquisitions and mergers particularly seizing start-ups and smaller companies expanding the business presence and advancing product portfolio.
Based on the type, the market is compartmentalised into fixed POS and mobile POS/mPOS segment. While the fixed POS largely dominated the market in the past due to its desired capabilities Catering to the needs of large-scale vendors and as the affordability window primarily allowed only specific customers. The mobile POS segment on the other hand is expected to register faster CAGR hike through the forecast years.
North America has spearheaded the retail point of sale (POS terminals) market in the past and is anticipated to follow a sustainable growth trajectory over the forecast span as well. With developed countries like the U.S. leading the technology world highly advanced retail operational systems have been introduced by some of the largest POS terminals vendors. The region is likely to experience a substantial rise in demand for POS terminal product services amidst the extensively expanding retail industry across North America.
The major players of the 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 POS terminals market comprises of local and international market players with respective core strengths associated with geographic placement. The recognized industry players are putting forward impressive novel strategies and advanced services to stay competitive in the global market.
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