Dublin, May 22, 2024 (GLOBE NEWSWIRE) -- The "Global Retail Point-Of-Sale Terminal Market, By Product; By Components; By Industry; By Region - Market Size, Industry Dynamics, Opportunity Analysis and Forecast for 2024-2030" report has been added to ResearchAndMarkets.com's offering.
The Global Retail Point-of-Sale (POS) Terminal Market is a dynamic and rapidly evolving sector that plays a critical role in the retail and hospitality industries.
This market has experienced substantial growth due to several factors, including the increasing digitization of retail operations, the rise of e-commerce, and changing consumer payment preferences towards cashless transactions. POS systems are increasingly becoming sophisticated, incorporating advanced technologies such as cloud computing, IoT (Internet of Things), and mobile connectivity. This evolution enables retailers to offer enhanced customer service, better manage inventory, and improve overall operational efficiency. 
Growth Influencers
The shift toward digital payment methods is significantly changing how POS systems are used. As a necessity, the approaches and strategies for accepting payments are at the forefront of business model considerations, influencing more than just cash flow and working capital projections. Today, POS terminals extend beyond traditional check-out stations; they now include mobile phones, smartwatches, and retail kiosks. With the rapid global adoption of digital payments, the role of POS system terminals is evolving. Additionally, the increase in card acceptance infrastructure in developing and less developed nations is enhancing the feasibility of contactless payments.
The demand for convenient payment options that are accessible anytime and anywhere has surged notably over the last five years. This increase is fueled by growing internet access and the appeal of non-physical payment interfaces, thereby boosting the demand for POS terminals in the retail sector. Merchant acquisition is rapidly becoming one of the most expansive sectors within the payment industry. Merchants are keenly investing in tools and services that not only increase revenue but also enhance customer retention.
The implementation of POS machines at retail locations significantly aids in reducing cash handling and boosting merchant revenues through broader spending options. Consequently, the increasing prevalence of card payments and online sales channels is driving the adoption of POS terminals in retail environments.
Moreover, with the swift expansion and evolution of the retail industry, retailers find it essential to implement centralized inventory management systems in their stores. Such systems facilitate the efficient handling of bulk payments and product management. This need has further escalated the demand for POS terminals at retail outlets. A POS inventory management system enables business owners to operate multiple sales points and monitor inventory at each without needing to be physically present. Such systems are critical in retail as they ensure timely fulfillment of customer demands, which is vital for customer satisfaction and experience.
Most POS inventory management software can integrate with other similar systems. POS devices offer interactive features such as real-time inventory updates, low stock alerts, and reorder triggers for each product, alongside other reporting tools that prevent inventory mismanagement and insufficient product supply. Inventory represents the largest expense for retailers, with every dollar earned backed by $1.35 in stock. A significant portion of companies invest heavily in inventory, allocating between 20% to 60% of resources to this aspect, underscoring its substantial impact on company costs, brand value, and customer experience. Robust inventory management via POS systems is thus crucial for maintaining efficiency and competitiveness in the retail sector.
Segmental Overview
- Product
- Fixed POS Terminal
- Portable POS Terminal
- Mobile POS (mPOS)
- Self-Service Kiosks
- Components
- Hardware
- Software
- Cloud-based POS System
- On-Premise POS System
- Industry
- Entertainment
- Hospitality
- Hotels
- Restaurants & Cafes
- QSR
- Retail
- Supermarkets /Hypermarkets
- Convenience Stores
- Healthcare
- Hospitals
- Pharmacy
- e-Commerce
Market Segmentation Insights
In 2023, Portable POS Terminals held a significant 57.95% share of the global retail Point-Of-Sale (POS) terminal market and are projected to grow at the fastest CAGR during the forecast period. The popularity of these terminals is fueled by the increasing adoption of wireless payment solutions by retailers, the widespread use of EMV (EuroPay, MasterCard, and Visa) cards, a rise in e-commerce activities, growth in cashless transactions across various countries, and the broader integration of wireless technology in devices such as mobile phones and wearables. The surge in demand for these terminals is also driven by the affordability of wireless communication technology, which is being used to facilitate payments in diverse settings, from restaurants to taxi services.
Software dominated the components segment of the market in 2023, accounting for 72.69% of the share, driven by its role in managing transaction details through various devices such as displays, tablets, receipt printers, barcode scanners, and network devices. Most of the hardware components are part of stationary POS terminals, which simplify the management of daily operations. The software segment is also expected to experience the fastest growth rate in the coming years, thanks to its critical role in sales analysis, its versatility, and its support functionality. Retail POS software, for example, offers features like transaction alerts, accounting, and inventory management, supported by systematic software integration that enhances functionalities like data backup and restoration.
In the industry breakdown, retail represented 38.36% of the market in 2023. Many retailers are moving towards simpler transaction methods to avoid long queues and transaction delays, integrating POS systems with inventory, merchandising, marketing, and CRM data to create personalized, interactive, and distinctive customer experiences. The supermarket/hypermarket segment within retail is expected to grow at the highest CAGR, as large grocery chains utilize technology to streamline operations and improve management efficiency, despite stiff competition. POS systems help speed up checkouts and manage grocery store operations effectively, helping to meet customer demands promptly.
Regional Overview
Based on Region, the market is divided into North America, Europe, Asia Pacific, Latin America and Middle East and Africa.
The Asia Pacific region has experienced remarkable economic growth over recent decades, particularly in countries like China and India. This economic expansion has fueled increased consumer spending and led to a surge in the retail and hospitality sectors, both of which rely heavily on Point-Of-Sale (POS) systems for efficient transaction management and customer service. Additionally, the region's vast population, with China and India making up a significant share of the global population, has driven a strong demand for retail services. This necessitates the use of POS terminals capable of handling a high volume of transactions effectively.
Concurrently, significant urbanization has led to the proliferation of retail outlets across emerging cities and commercial centers, increasing the need for sophisticated POS systems that can cater to a range of retail activities, from large-scale supermarkets to smaller boutiques. Moreover, there is a swift adoption of new technologies, such as mobile payments and e-commerce across the region, making the integration of POS systems with these modern payment solutions critical for retailers aiming to stay competitive and meet evolving consumer expectations. This shift towards digitalization necessitates ongoing updates and enhancements in POS technology, thereby stimulating continuous growth in the market.
Competitive Landscape
The competitive landscape of the Retail Point-Of-Sale (POS) Terminal market is characterized by the presence of numerous prominent players driving growth. Key players are Stanley Black & Decker, Verifone, Ingenico, BBPOS, and PAX. These companies collectively account for approximately 47% of the market share, indicating robust competition within the sector. Furthermore, many players are actively engaged in research and development activities, partnerships, and collaborations to enhance their market presence and offerings.
For instance, in 2021, Shopify introduced its new POS Pro software designed for Android devices and also launched integrated retail hardware solutions for merchants in Germany and New Zealand. Following this, in 2022, PayPal's Zettle, a brand focused on small-business POS solutions, rolled out a software POS (softPOS) for merchants in the Netherlands and the United Kingdom. This softPOS technology allows merchants to process contactless payments using their existing hardware, adapting to evolving consumer payment preferences while avoiding the costs associated with new hardware acquisition.
A selection of companies mentioned in this report includes, but is not limited to:
- Shopify Inc.
- PayPal Zettle
- Square
- Lightspeed
- Clover
- Sumup
- Aptos (Goldman Sachs Merchant Banking Division)
- Cegid Group
- Ctac N.V.
- NCR Corporation
- Flooid
- Diebold Nixdorf
- Fujitsu Ltd.
- Infor Inc.
- NEC Corporation
- Qashier PTE Ltd.
- Samsung Electronics Co. Ltd.
- Toshiba Corporation
- VeriFone, Inc.
Key Attributes
| Report Attribute | Details |
| No. of Pages | 316 |
| Forecast Period | 2023-2030 |
| Estimated Market Value (USD) in 2023 | $467.8 Billion |
| Forecasted Market Value (USD) by 2030 | $847.4 Billion |
| Compound Annual Growth Rate | 9.1% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/8dh66x
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