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Global Retail Point-of-Sale Terminals Market Size was valued at USD 22.4 Billion in 2022. The Retail Point-of-Sale Terminals market Technology is projected to grow from USD 25.4 Billion in 2023 to USD 68.6 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 12.80% during the forecast period (2023 - 2032). The need for non-cash transactions among consumers is growing, and cloud POS solutions have increased data visibility, are the key market drivers enhancing the market growth.
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Source: Secondary Research, Primary Research, RESEARCH LAYER Database and Analyst Review
The dramatic increase in fraudulent activities that has fueled product demand has pushed the need to protect personal data and information from hackers and unethical sources. EMVCO expects that the proportion of card-present EMV chip transactions increased from 88.55% in 2020 to 90.44% in 2021. EMV-enabled POS machines handle both contact and contactless transactions, relieving shops of the audit requirement for PCI compliance. The sector can also gain from the rising levels of internet usage and digital literacy.
As a result of expanding consumer demand, there is an increased requirement for suitable wireless communication technologies. POS systems use wireless devices to facilitate payments for goods and services. Many processes are simplified by wireless technology, from dining establishments to taxi services. Companies in the retail and hospitality sectors utilize POS terminals for remittance in addition to other operational tasks including accounting, sales tracking, and inventory management. Restaurants, bars, and food service providers, for instance, rely on POS systems to track sales, operations, operations, items, and stocks. The market concept comprises equipment and displays that allow customers to make purchases online while using computers, cash registers, and barcode scanners. The industry is also developing as a result of the rising use of mobile POS terminals, developments in payment technology, acceptance of Europay, Mastercard, and Visa (EMV) cards, and market expansion in the retail and e-commerce sectors.
The market is also paying attention due to concerns about security and privacy related to data breaches. As the modern drive-thru has evolved, so has the demand for POS terminals. Various businesses began integrating POS systems to link their drive-thru line, kitchen, and back-office operations for a seamless delivery and order procedure. For instance, some of the drive-thru locations of fast-casual eateries like Panera, Starbucks, and Chipotle now have drive-thru features. The popularity of mobile POS terminals is growing, creating new market expansion potential.
The market was benefited by these technologies' capacity to offer a higher return on investment (ROI). The rising demand for inventory management, combining in-store and online sales, and managing customers and employees through tablets has further increased product adoption. The demand is particularly exacerbated by the expanding near-field communication (NFC) technology market and the contactless payment trend. Remittance service providers are putting out fresh ideas for certain industrial usage in an effort to boost profitability. Retailers can manage their business processes and inventory storage thanks to the market, which promotes industry growth. Thus, driving the Retail Point-of-Sale Terminals market revenue.
The global Retail Point-of-Sale Terminals market segmentation, based on Product, includes mobile and fixed. The fixed segment dominated the global market in 2022. The fixed POS sector includes kiosks and other equipment. Large-scale vendors chose fixed POS terminals due to prohibitive procurement and installation costs, which at the time supported the segment's growth. Another practice among end users who are aware of cloud data storage is the installation of fixed POS terminals for data storage with the on-premises server. Bill printing, customer relationship management (CRM), inventory management, and device support for payments are examples of applications for these systems.
The global Retail Point-of-Sale Terminals market segmentation, based on Components, includes software, hardware, and services. The hardware segment dominated the global market in 2022. The category is predicted to have a consistent CAGR during the projection period. Hardware components are those that record transactional information through interfaces or other mechanisms. EFT-POS machines, network gadgets, barcode scanners, cash registers, receipt printers, tablets, and monitors are some examples. The fixed POS terminal houses the majority of the system's hardware components, which also makes managing daily activity utilizing the system simpler.
The global Retail Point-of-Sale Terminals market segmentation, based on Application, includes department stores, supermarkets/hypermarkets, warehouse, discount stores, specialty stores, and others. The supermarkets/hypermarkets segment dominated the global Retail Point-of-Sale Terminals market in 2022. Many stores are converting to a straightforward method of transactions to avoid large waiting lines and transaction delays. Merchants are now fusing the POS system with inventory, merchandising, marketing, and Customer Relationship Management (CRM) data to offer a tailored, interactive, and unique customer experience. Other segments of the retail industry include supermarkets and hypermarkets, convenience stores, food stores, specialty stores, and gas stations.
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Source: Secondary Research, Primary Research, RESEARCH LAYER Database and Analyst Review
Insights into the markets in North America, Europe, Asia-Pacific, and the rest of the world are provided by the study. In 2022, this market was headed by the North America Retail Point-of-Sale Terminals Market (45.80%). This region is being driven by the expanding use of cloud solutions by small and medium-sized organizations. The big corporations' increased development of cloud-based POS solutions to meet the need of the rising restaurant and retail sectors has propelled the market expansion. Further, In the North American area, the U.S. Retail Point-of-Sale Terminals market had the biggest market share, while the Canada Retail Point-of-Sale Terminals market had the quickest rate of expansion.
Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
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Source: Secondary Research, Primary Research, RESEARCH LAYER Database and Analyst Review
In 2022, the Europe market for retail point-of-sale terminals held a sizable market share. The growth of cloud-based point-of-sale systems among retailers in the United Kingdom and the spread of comparable platforms across Europe are driving this market. Further, In the European region, the German Retail Point-of-Sale Terminals market had the biggest market share, and the U.K. Retail Point-of-Sale Terminals market had the quickest rate of growth.
From 2023 to 2032, the Asia Pacific Retail Point-of-Sale Terminals market is anticipated to grow significantly. Growing mPOS opportunities have been developed in countries like China, Japan, and India thanks to the area's growing usage of digital payment technologies. However, the need for fixed POS terminals from large companies to protect their corporate information and ensure the processing of enormous volumes of customer data is fostering market expansion. Moreover, In the Asia-Pacific region, the Indian Retail Point-of-Sale Terminals market had the quickest rate of growth while China's Retail Point-of-Sale Terminals market had the greatest market share.
Leading industry companies are making significant R&D investments in order to diversify their product offerings, which will drive the Retail Point-of-Sale Terminals market's expansion. Important market developments include new product releases, contractual agreements, mergers and acquisitions, greater investments, and collaboration with other organizations. Market participants are also engaging in a number of strategic actions to increase their global footprint. The Retail Point-of-Sale Terminals sector needs to provide affordable products if it wants to grow and thrive in a more competitive and challenging market environment.
One of the primary business strategies employed by manufacturers in the worldwide Retail Point-of-Sale Terminals industry to assist customers and expand the market sector is local manufacturing to reduce operational costs. Some of the biggest benefits to medicine have recently come from the Retail Point-of-Sale Terminals sector. Major players in the Retail Point-of-Sale Terminals market, including Acrelec, AURES Group, HM Electronics, Hewlett Packard Development LP, NCR Corp., Oracle, Presto Group, Qu, Inc., Quail Digital, Revel Systems, Toast, Inc., Toshiba Corp., TouchBistro, and Xenial, Inc., are attempting to increase market demand by investing in research and development operations.
Presto Automation Inc. blends cutting-edge digital technologies with the real world. It provides a state-of-the-art solution that uses artificial intelligence to automate voice recognition for drive-through windows at restaurants. In September 2021, Presto launched Presto Flex, their next-generation platform. This device is a multipurpose tablet computer that was designed specifically for the hospitality industry.
GK Software SE provides standardized software for the retail sector. Mobile Customer Experience, GK-in-the-Cloud, SAP Store Solutions by GK, and numerous other solutions are among its offerings. Its geographical segments include the Americas, the EMEA region, and other business activities. The company generates the majority of its revenue in the EMEA region. Beginning in August 2022, The Schwarz Group and GK Software will continue to collaborate on the migration of The Schwarz Group's point-of-sale software to the CLOUD4RETAIL open platform.
· Acrelec
· AURES Group
· HM Electronics
· Hewlett Packard Development LP
· NCR Corp.
· Oracle
· Presto Group
· Qu, Inc.
· Quail Digital
· Revel Systems
· Toast, Inc.
· Toshiba Corp.
· TouchBistro
· Xenial, Inc.
September 2022: Newland Payment Technology, a leading provider of payment terminal solutions, showcased its selection of SmartPOS and traditional payment devices at Paris Retail Week 2022. By taking this action, the company demonstrated its commitment to encouraging innovation at the point of engagement.
May 2022: To provide integrated point-of-sale and payment systems for restaurants, Lavu and Verifone cooperated. By strategically collaborating, Verifone and Lavu were able to offer customers a first-rate, integrated point of sale (POS) and payment experience, which benefited the restaurant industry.
June 2022: The official point-of-sale (POS) for the food and music festival GastroBeats 2022 was provided by Qashier. With this move, the Singaporean FinTech startup enters the market for event payment solutions. In order to enable contactless ordering and payments during the whole event, Qashier teamed up with GastroBeats, guaranteeing a secure and convenient experience for everyone.
· Mobile
· Fixed
· Software
· Hardware
· Services
· Department Stores
· Supermarkets/Hypermarkets
· Warehouse
· Discount Stores
· Specialty Stores
· Others
· North America
- US
- Canada
· Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
· Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Australia
- Rest of Asia-Pacific
· Rest of the World
- Middle East
- Africa
- Latin America
|
Report Attribute/Metric |
Details |
|
Market Size 2022 |
USD 22.4 Billion |
|
Market Size 2023 |
USD 25.4 Billion |
|
Market Size 2032 |
USD 68.6 Billion |
|
Compound Annual Growth Rate (CAGR) |
12.80% (2023-2032) |
|
Base Year |
2022 |
|
Market Forecast Period |
2023-2032 |
|
Historical Data |
2018- 2022 |
|
Market Forecast Units |
Value (USD Billion) |
|
Report Coverage |
Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
|
Segments Covered |
Product, Component, Technology, Application, and Region |
|
Geographies Covered |
North America, Europe, Asia Pacific, and the Rest of the World |
|
Countries Covered |
The U.S., Canada, German, France, U.K, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
|
Key Companies Profiled |
Acrelec, AURES Group, HM Electronics, Hewlett Packard Development LP, NCR Corp., Oracle, Presto Group, Qu, Inc., Quail Digital, Revel Systems, Toast, Inc., Toshiba Corp., TouchBistro, and Xenial, Inc. |
|
Key Market Opportunities |
Rising penetration of eCommerce platforms |
|
Key Market Dynamics |
Growing interest in non-cash transactions among consumers and increased data visibility through cloud POS systems |
The global Retail Point-of-Sale Terminals Market was valued at USD 22.4 billion in 2022, and it is estimated to reach USD 68.6 billion by 2032.
The global market is projected to grow at a CAGR of 12.80% during the forecast period, 2023-2032.
North America had the largest share in the global market
The key players in the market are Acrelec, AURES Group, HM Electronics, Hewlett Packard Development LP, NCR Corp., Oracle, Presto Group, Qu, Inc., Quail Digital, Revel Systems, Toast, Inc., Toshiba Corp., TouchBistro, and Xenial, Inc.
The Fixed Product dominated the market in 2022.
The Hardware Component had the largest share in the global market.
Report Code :
RL65172
Published on :
Sep 2023
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