DUBLIN--(BUSINESS WIRE)--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.
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 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.
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.
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.
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.
Market Share & Growth: Portable POS terminals held a dominant 57.95% share of the global retail POS terminal market in 2023 and are projected to grow at the fastest CAGR during the forecast period.
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 | $847.4 Billion |
| Compound Annual Growth Rate | 9.1% |
| Regions Covered | Global |
Report Insights:
- The Global Retail POS Terminal Market is projected to reach a market size of approximately US$ 847.4 billion by 2030, with a compound annual growth rate (CAGR) of 9.1% from 2024 to 2030.
- POS terminals are increasingly incorporating advanced technologies such as cloud computing, IoT, and mobile connectivity, enhancing their capabilities in transaction management, inventory control, and customer service.
- There is a notable shift from traditional offline payment channels toward online and digital payment methods, significantly influencing the POS market dynamics and driving adoption.
- The Asia Pacific region is a major driver of market growth, thanks to rapid economic development, large population bases, and increasing digitalization and urbanization in countries like China and India.
Drivers of Popularity:
- Wireless Payment Adoption: The increasing adoption of wireless payment solutions by retailers is a key driver. Portable POS terminals support various wireless payment methods, including NFC (Near Field Communication) and contactless payments.
- EMV Cards: The widespread use of EMV cards (EuroPay, MasterCard, and Visa) has enhanced the demand for portable POS terminals, which are compatible with these secure payment methods.
- E-Commerce Growth: The rise in e-commerce activities has increased the need for versatile POS solutions that can handle transactions both online and in physical locations.
- Cashless Transactions: The global trend toward cashless transactions supports the growth of portable POS systems, which facilitate quick and secure payments in diverse settings, such as restaurants and taxis.
- Integration with Mobile Technology: The integration of wireless technology with mobile phones and wearables further drives the adoption of portable POS terminals. Affordable wireless communication technology has made these terminals accessible for various use cases.
Insights by Component
Software:
- Market Dominance: Software dominated the components segment in 2023, holding a significant 72.69% share.
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Role and Growth:
- Transaction Management: Software is crucial for managing transaction details across various devices, including displays, tablets, receipt printers, barcode scanners, and network devices.
- Functionality: Retail POS software offers features such as transaction alerts, accounting, and inventory management, enhancing operational efficiency. The versatility and systematic integration of POS software contribute to its significant market share and expected rapid growth.
- Integration: The ability of POS software to integrate with other business systems, such as CRM and marketing tools, supports its role in sales analysis and operational management. This integration also facilitates features like data backup and restoration, boosting its importance in the market.
Hardware:
- Market Presence: Although software leads in market share, hardware components are integral to stationary POS terminals, which play a critical role in daily operations.
- Components: Hardware components include devices such as receipt printers, barcode scanners, and network devices, which are essential for the functionality of stationary POS systems.
Insights by Industry
Retail:
- Market Share & Trends: Retail represented 38.36% of the market in 2023. Retailers are increasingly adopting POS systems to streamline transactions and improve customer experiences.
- Integration with Business Functions: POS systems are being integrated with inventory, merchandising, marketing, and CRM data to create personalized and interactive customer experiences.
- Supermarket/Hypermarket Segment: This segment is expected to grow at the highest CAGR. Large grocery chains utilize POS technology to enhance operational efficiency, manage inventory, and expedite checkouts. POS systems help supermarkets and hypermarkets address customer demands and manage large volumes of transactions effectively.
Other Sectors:
- Expanding Uses: Beyond retail, POS systems are being adopted in various sectors, including hospitality, healthcare, and entertainment, where they facilitate transaction processing and enhance customer service.
Summary
- Portable POS Terminals: Lead in market share and growth due to the shift towards wireless payments, the proliferation of EMV cards, and the integration with mobile technology.
- Software: Dominates the components segment and is expected to grow rapidly due to its crucial role in managing transactions, supporting sales analysis, and integrating with other business systems.
- Retail Sector: Continues to be a major contributor to the market, with a significant focus on supermarkets and hypermarkets, which leverage POS systems to enhance operational efficiency and customer service.
Company Profiles (Company Overview, Sales Composition Ratio, Key Product landscape, Key Personnel, Key Competitors, Contact Address, and Business Strategy Outlook)
- Shopify Inc.
- PayPal Zettle
- Square
- Lightspeed
- Clover
- Sumup
- Aptos (Goldman Sachs Merchant Banking Division)
- Cegid Group
- Ctac NV
- NCR Corporation
- Flooid
- Diebold Nixdorf
- Fujitsu Ltd
- Infor Inc.
- NEC Corporation
- Qashier PTE Ltd
- Samsung Electronics Co. Ltd
- Toshiba Corporation
- VeriFone, Inc.
For more information about this report visit https://www.researchandmarkets.com/r/kyuik3
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