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The SNS Insider report forecasts the Retail Point-of-Sale Terminals Market to reach USD 55.6 Billion by 2031, growing at a healthy CAGR of 7.5% from 2024-2031. and the Value of market was USD 31.1 Billion in 2023.
Market Growth Drivers
The Increasing Use of smartphones and tablets is Drive the adoption of Mobile POS (MPOS) terminals. MPOS systems offer a cost-effective and convenient solution for processing payments, managing transactions, and tracking inventory, Mobile POS systems offer numerous benefits, including increased flexibility, improved customer engagement, and efficient inventory management. They empower retailers to streamline operations, enhance customer interactions, and boost sales. The growing preference for wireless technology and online payment systems is fostering the growth of the retail POS terminals market. The Growing of e-commerce sector is driving the demand for POS terminals. Retailers require robust POS systems to manage online sales, track inventory across channels, and deliver a seamless customer experience. The Government initiatives promoting cashless transactions and digital payment systems are further accelerating the adoption of POS terminals among retailers.
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Top Companies Featured in Retail Point-Of-Sale Terminals Market Report:
- Acrelec
- AURES Group
- HM Electronics
- Hewlett Packard Development LP
- NCR Corp.
- Oracle
- Presto Group
- Quail Digital
- Revel Systems
- Toast Inc.
- Toshiba Corp.
- TouchBistro
- Xenial Inc
Recent Developments:
September 2022: Newland Payment Technology showcased its innovative SmartPOS and traditional payment devices at Paris Retail Week 2022, highlighting its commitment to fostering advancements at the point of sale.
May 2022: Lavu and Verifone collaborated to offer integrated POS and payment solutions specifically designed for restaurants. This strategic partnership provides restaurants with a comprehensive and user-friendly solution to manage their business operations.
April 2022: Square, Inc. launched the latest version of Square Stand, featuring advanced hardware and software designed to empower businesses to manage all aspects of their operations from a single platform.
Retail Point-Of-Sale Terminals Industry Segmentation as Follows:
By Product
- Fixed
- Mobile
The fixed POS terminals segment dominated the market in 2023, capturing a revenue share of 60%. This dominance can be attributed to the extensive functionalities offered by fixed POS solutions, including robust business features for managing finances, employee time clocks, loyalty programs, and gift cards. The mobile POS terminals segment is anticipated to exhibit significant growth due to its portability and cost-effectiveness.
By End User
- Supermarkets/Hypermarkets
- Grocery Stores
- Specialty Stores
- Convenience Stores
- Gas Stations
- Discount Stores
- Other End Users
The Supermarkets and hypermarkets segment held the largest revenue share of more than 45% in 2023. These establishments heavily Depend on reliable automated billing software for efficient inventory management, revenue tracking, and enhanced customer service.
By Component
- Hardware
- Software
- Services
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Impact of Global Disruptions
The war between Russia and Ukraine is expected to have a moderate impact on the global retail POS terminals market, increasing component costs may lead to price fluctuations for POS terminals. The long-term impact is expected to be minimal as the demand for advanced POS solutions remains strong. Economic slowdown can potentially Reduce the growth of the retail POS terminals market. Reduced consumer spending and business investment could lead to a temporary decrease in POS terminal adoption.
Key Regional Developments:
– The Asia Pacific Region Dominates the Market with Re venue share of more than 31% and is expected to register the highest CAGR during the forecast period. This growth is driven by the expanding retail sector and strategic initiatives undertaken by companies to broaden their customer base. Government support for digital payments and POS adoption in countries Such as China and India are Drive the market forward.
– The North America Region holds a significant market share due to the presence of major POS terminal providers Such as Toast, Inc., Lightspeed, and Touch Bistro. The easy availability of advanced POS solutions and the growing adoption of digital technologies across businesses are contributing to the regional market’s growth.
Key Takeaways:
- The retail POS terminals market is experiencing robust growth due to the growing adoption of mobile POS systems, the increasing preference for wireless technology and online payments, and the expansion of the e-commerce sector.
- Government initiatives promoting digital payments and supportive regulatory frameworks are further accelerating market growth.
- The Asia Pacific region is poised for significant growth due to its burgeoning retail sector and government support for digital.
Major Key Points from Table of Content
1. Introduction
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Retail Point-Of-Sale Terminals Market Segmentation, By Product
9. Retail Point-Of-Sale Terminals Market Segmentation, By Component
10. Retail Point-Of-Sale Terminals Market Segmentation, By End User
11. Regional Analysis
12. Company Profile
13. Competitive Landscape
14. USE Cases and Best Practices
15. Conclusion
Continued….
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