Overview and Scope
Retail POS terminals refer to the hardware and software that accepts credit cards at retail outlets to make sales, accept payments, and check out customers.
Sizing and Forecast
The retail pos terminals market size has grown rapidly in recent years. It will grow from $24.12 billion in 2023 to $27.17 billion in 2024 at a compound annual growth rate (CAGR) of 12.7%. The growth in the historic period can be attributed to cost reduction and affordability, enhanced analytics and reporting, retail industry evolution, integration of mobile devices, emergence of cloud-based solutions..
The retail pos terminals market size is expected to see rapid growth in the next few years. It will grow to $42.63 billion in 2028 at a compound annual growth rate (CAGR) of 11.9%. The growth in the forecast period can be attributed to enhanced user experience, e-commerce and in-store integration, adoption of subscription-based models, compliance with security standards, data analytics and personalization.. Major trends in the forecast period include mobile pos expansion, subscription-based services, contactless payments, omnichannel capabilities, customization and flexibility..
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Segmentation & Regional Insights
The retail pos terminals market covered in this report is segmented –
1) By Component: Services, Software, Hardware
2) By Product: Fixed POS Terminal, Portable POS Terminal, Self-Service Kiosks
3) By Application: Department Stores, Warehouse, Discount Stores, Supermarkets Or Hypermarkets, Convenience, Speciality Stores
North America was the largest region in the retail POS terminals market in 2023. The regions covered in the retail pos terminals market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
Surging cashless payments is significantly contributing to the growth of the retail POS terminals market going forward. Cashless payments refer to payments made or accepted without the use of hard cash such as payments made via credit/debit cards, cheques, demand draft, national electronic funds transfer, real-time gross settlement, or any other form of online payment. In retail stores, POS terminals are used to process cashless payments such as credit and debit cards using software to read magnetic strips on the cards and process other cashless payments like mobile payments. For instance, according to an article published by Finaria, a UK-based finance and investment company, the value of digital payments increased by 22 percent from $5.4 trillion in 2020 to $6.6 trillion in 2021. Therefore, surging cashless payments is driving the retail POS terminals market.
Key Industry Players
Major companies operating in the retail POS terminals market are focused on developing innovative products, such as handheld POS, to gain a competitive edge in the market. A handheld POS (point-of-sale) system is a mobile device that allows businesses to accept payments and manage sales transactions on the go. For instance, in September 2022, Shopify Inc., a Canada-based e-commerce company, launched POS Go with a built-in barcode scanner, card reader, and inventory tracker for in-person retailers. POS Go is designed for small and medium-sized businesses (SMBs) that want a simple and affordable way to accept payments and manage inventory. It is also a good option for businesses that need a POS system that is portable and can be used anywhere in the store. It also runs Shopify’s POS software, which allows merchants to manage businesses from a single platform.
The retail pos terminals market report table of contents includes:
1. Executive Summary
2. Retail POS Terminals Market Characteristics
3. Retail POS Terminals Market Trends And Strategies
4. Retail POS Terminals Market – Macro Economic Scenario
5. Global Retail POS Terminals Market Size and Growth
…
31. Global Retail POS Terminals Market Competitive Benchmarking
32. Global Retail POS Terminals Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Retail POS Terminals Market
34.Retail POS Terminals Market Future Outlook and Potential Analysis
35. Appendix
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