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Global Retail Point of Sale (POS) Terminal Market.

Posted on by darion

Dublin, May 22, 2024 (GLOBE NEWSWIRE) — “Global Retail Point of Sale Terminals Market by Product, by Component, by Industry, by Region – Market Size, Industry Dynamics, Opportunity Analysis and Forecast 2024-2030” report was released added to ResearchAndMarkets.com offering.

The global retail point of sale (POS) terminal market is a dynamic and rapidly growing sector that plays a key role in the retail and hospitality industry.

This market has experienced significant growth due to several factors, including the increasing digitization of retail operations, the growth of e-commerce, and the shift in consumer payment preferences towards cashless transactions. POS systems are becoming more sophisticated and use advanced technologies such as cloud computing, IoT (Internet of Things) and mobile connectivity. This evolution enables retailers to offer better customer service, better inventory management and improve overall operational efficiency.

People influencing development

The shift to digital payment methods is significantly changing the way POS systems are used. By necessity, payment acceptance approaches and strategies are at the forefront of business model considerations, impacting more than just cash flow and working capital forecasts. Today, POS terminals go beyond traditional checkout stations; 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 development of card acceptance infrastructure in developing and less developed countries increases the feasibility of contactless payments.

Over the past five years, the demand for convenient payment options that are available anytime, anywhere has increased significantly. This growth is driven by increasing Internet access and the attractiveness of non-physical payment interfaces, which are driving demand for POS terminals in the retail sector. Merchant acquisition is quickly becoming one of the most expansive sectors in the payments industry. Retailers are eager to invest in tools and services that not only increase revenue, but also increase customer retention.

The implementation of POS machines in retail outlets significantly helps in reducing cash handling and increasing sellers’ revenues through wider spending options. As a result, the increasing prevalence of card payments and online sales channels is driving the adoption of POS terminals in retail environments.

Moreover, with the rapid development and evolution of the retail industry, retailers find it essential to implement centralized inventory management systems in their stores. Such systems facilitate efficient handling of mass payments and product management. This need has further increased the demand for POS terminals in retail outlets. A POS inventory management system allows business owners to operate multiple points of sale and monitor inventory at each one without the need for a physical presence. Such systems are crucial in retail as they ensure that customer requirements are met on time, which is crucial to customer satisfaction and experience.

Most POS inventory management software can be integrated with other similar systems. POS devices offer interactive features such as real-time inventory updates, low-stock notifications and reorder triggers for each product, as well as other reporting tools that prevent inventory mismanagement and undersupply of products. Inventory is retailers’ largest expense, and every dollar earned is supported by $1.35 in inventory. A significant number of companies invest heavily in inventory, allocating from 20% to 60% of their resources to this aspect, which highlights its significant impact on company costs, brand value and customer experience. Robust inventory management via POS systems is therefore crucial to maintaining efficiency and competitiveness in the retail sector.

Segment overview

  • Product
    • Fixed POS terminal
    • Portable POS terminal
    • Self-service kiosks
  • ingredients
    • Hardware
    • Software
      • Cloud-based POS system
      • Local POS system
  • Industry
    • Entertainment
    • Hospitality
      • Hotels
      • Restaurants and cafes
      • QSR
    • Retail sales
      • Supermarkets/hypermarkets
      • Grocery stores
    • Healthcare
    • e-commerce

Market segmentation insights

In 2023, portable POS terminals accounted for a significant share of 57.95% in the global retail point of sale (POS) terminal market and is expected to grow at the fastest CAGR during the forecast period. The popularity of these terminals is due to the increasing adoption of wireless payment solutions by retailers, the widespread use of EMV cards (EuroPay, MasterCard and Visa), the increase in e-commerce activity, the increase in cashless transactions in various countries and the wider integration of wireless technology in devices such as phones mobile phones and wearable devices. The increase in demand for these terminals is also due to the affordability of wireless communication technology, which is used to facilitate payments in places ranging from restaurants to taxi services.

In 2023, software dominated the market component segment, 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 hardware components are included in stationary POS terminals, making it easier to manage daily operations. The software segment is expected to record the fastest growth rate in the coming years due to its key role in sales analytics, versatility and support functionality. For example, retail point of sale software offers features such as transaction alerts, accounting, and inventory management, supported by systematic software integration that enhances functionality such as backup and restoration.

By industry, retail accounted for 38.36% of the market in 2023. Many retailers are moving towards simpler transaction methods to avoid long lines and transaction delays, integrating POS systems with inventory, merchandising, marketing and CRM data to creating personalized, interactive, and distinctive customer experiences. The supermarket/hypermarket retail segment is expected to grow at the highest CAGR as large grocery chains use technology to streamline operations and improve management efficiency, despite fierce competition. POS systems help you speed up checkout and effectively manage grocery store operations, helping you quickly meet customer expectations.

Regional overview

Based on region, the market is segmented into North America, Europe, Asia-Pacific, Latin America and Middle East & Africa.

In recent decades, the Asia-Pacific region has experienced extraordinary economic growth, especially in countries such as China and India. This economic expansion has resulted in increased consumer spending and led to explosive growth in the retail and hospitality sectors, which rely heavily on point-of-sale (POS) systems to efficiently manage transactions and serve customers. Moreover, the huge population of the region, where China and India make up a significant share of the world’s population, creates high demand for retail services. This requires the use of POS terminals capable of effectively handling large numbers of transactions.

At the same time, significant urbanization has led to an increase in the number of retail outlets in emerging cities and shopping malls, increasing the need for sophisticated POS systems that can support a range of retail activities, from large supermarkets to smaller boutiques. Moreover, new technologies such as mobile payments and e-commerce are being rapidly adopted across the region, making the integration of POS systems with modern payment solutions crucial for retailers looking to remain competitive and meet changing consumer expectations. . This shift towards digitalization requires continuous updates and improvements to POS technology, thus driving continuous market development.

Competitive environment

The competitive landscape of the retail point of sale (POS) terminal market is characterized by the presence of many significant players driving growth. Key players include Stanley Black & Decker, Verifone, Ingenico, BBPOS and PAX. Together, these companies have approximately 47% market share, which indicates intense competition in the sector. Moreover, many players are actively engaging in R&D activities, partnerships and collaborations to expand their market presence and offerings.

For example, in 2021, Shopify introduced new POS Pro software for Android devices and also launched integrated hardware solutions for retailers in Germany and New Zealand. Then in 2022, PayPal’s small business POS brand Zettle rolled out POS software (softPOS) for merchants in the Netherlands and the UK. This softPOS technology enables merchants to process contactless payments using existing hardware, adapting to consumers’ changing payment preferences while avoiding the costs associated with purchasing new hardware.

The list of companies mentioned in this report includes:

  • Shopify Inc.
  • PayPal Zettle
  • Square
  • Speed ​​of light
  • Clover
  • Summarize
  • Aptos (Goldman Sachs Merchant Banking Division)
  • Cegid Group
  • Ctac NV
  • NCR company
  • Flood
  • Diebold Nixdorf
  • Fujitsu limited liability company
  • Infor Inc.
  • NEC company
  • Qashier PTE limited liability company
  • Samsung Electronics Co. Ltd.
  • Toshiba Corporation
  • VeriFone, Inc.

Key features

Report attribute Details
number of pages 316
Forecast period 2023-2030
Estimated market value (USD) in 2023 $467.8 billion
Projected market value (USD) until 2030 $847.4 billion
Compound annual growth rate 9.1%
Regions covered Global

More information about this report can be found at https://www.researchandmarkets.com/r/8dh66x

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  • Global Retail Point of Sale Terminals Market