Retail POS Terminals Market Size By Product (Mobile, Fixed), By Component (Software, Hardware, Services [Professional, Support & Maintenance, Training]), By Application (Department Stores, Supermarkets/Hypermarkets, Warehouses, Convenience Stores, Discount Stores, Specialty Stores), Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2020 – 2026

Published Date: Jul 2020  |  Report ID: GMI291  |  Authors: Preeti Wadhwani, Saloni Gankar

Report Format: PDF   |   Pages: 300   |   Base Year: 2019




Summary Table of Contents Industry Coverage Methodology

Industry Trends

Retail POS Terminals Market size surpassed USD 20 billion in 2019 and is estimated to grow at a CAGR of 11% from 2020 to 2026. The global industry shipments are anticipated to reach 60 million units by 2026. Growing focus on contactless payments coupled with increased adoption of in-store mobile payments will drive the industry growth.
 

Several government administrations globally are placing high focus on transition toward a cashless society. This trend has encouraged retailers to focus on accepting cashless payments in stores. For instance, in February 2019, IKEA, a furniture retail company, announced to experiment cashless payment in its store in Gavle, Sweden. Reduced costs, increased penetration of wireless internet connectivity, and expansion of telecommunication and broadband network coverage are facilitating the market growth.
 

Retail POS Terminals Market
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The changing customer preferences for non-cash transactions along with increased adoption of in-store mobile payments will surge the retail POS terminals market demand. According to the U.S. Payments Forum, over 50% of transactions are held at contactless payment-enabled merchants. These payments enable easy, fast, and secure transactions through mobile phones and retail POS terminals. Growing adoption of digital payments has encouraged retailers to implement technologies that accept contactless payments and mobile solutions. NFC-enabled retail POS terminals allows retailers to accept payments through mobile wallets including Samsung Pay, Google Pay, and Apple Pay.
 

Increasing competition among retailers globally will support the adoption of retail POS terminals for enhancing customer experience and increasing sales revenue. The customers are increasingly demanding personalized and tailored services from traditional retailers. According to a survey conducted by Accenture PLC and Retail Industry Leaders Association (RILA) in 2018, 63% of consumers were interested in personalized recommendations such as coupons & loyalty points, special offers, and access to exclusive deals.
 

The ongoing coronavirus (COVID-19) pandemic has severely impacted the retail sector globally. The measures aimed at preventing the spread of virus has directly impacted the supply, demand, and operations of the retail industry. The restriction for in-store purchases and increased online shopping trends will further negatively impact the retail POS terminals market size. In the current scenario, the global population is focusing more on purchasing necessary products online, resulting in declining sales for brick-and-mortar retailers. However, the increasing trend toward contactless payments will boost the demand for POS terminals among retailers to accept contactless card payments by the first quarter of 2021.
 

Retail POS Terminals Market Report Coverage
Report Coverage Details
Base Year: 2019 Market Size in 2019: 20 Billion (USD)
Historical Data for: 2016 to 2019 Forecast Period: 2020 to 2026
Forecast Period 2020 to 2026 CAGR: 11% 2026 Value Projection: 45 Billion (USD)
Pages: 300 Tables, Charts & Figures: 526
Geographies covered (22): U.S., Canada, Mexico, UK, Germany, France, Italy, Spain, Russia, China, India, Japan, South Korea, Australia & New Zealand (ANZ), South East Asia, Brazil, Argentina, Chile, Colombia, UAE, Saudi Arabia, South Africa
Segments covered: Product, Component, Application and Region
Companies covered (18): AURES Technologies SA, BBPOS Limited, Cisco Systems Inc., Hewlett Packard Enterprise Company, Ingenico Group, Micros Systems, Inc., NCR Corporation, NEC Corporation, New POS Technology Limited, Newland Payment Technology, Panasonic Corporation, Pax Technology Inc., Posiflex Technology, Inc., Samsung Electronics Co. Ltd., Toshiba Corporation, Touch Dynamic, VeriFone Holdings, Inc., Squirrel Systems
Growth Drivers:
  • Penetration of EMV compliant POS terminals in the U.S.
  • Increasing penetration of mobile POS across several channels
  • Increase in NFC and contactless payments in Europe and Asia Pacific
  • Demonetization effect in India
  • Inclination towards online payments in Europe & North America
  • Infrastructure development in South America
  • Flourishing retail industry vertical in the Middle East & Africa
Pitfalls & Challenges:
  • Lack of reliable and advanced infrastructure
  • Data security concerns

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Demand for robust, portable, and easy to use payment systems will support retail POS terminals market growth

The U.S. retail mPOS terminals market is poised to witness growth of over 15% through 2026. The increased trend of online shopping among consumers in the U.S. coupled with expansion of retail players is positively influencing the market demand. Major retail players, such as Walmart, Inc., and Costco Wholesale Corporation, are investing highly to incorporate modern POS solutions in their retail outlets.
 

Retailers are using mobile POS software applications to access their stores remotely and minimize the causes of declining revenues in the absence of supervision. The software provides owners with regular updates of tasks performed inside retail outlets. It also enables tracking and sorting of products in online and physical stores. Industey players have launched retail POS terminals software that are compatible with EMV compliance and NFC payments, enabling secure and faster payments for customers. NCR Corporation offers a cloud-based POS software that enables access to payment information from any connected device.
 

Demand for retail POS terminals integrated with advanced technologies will boost the China market growth

China Retail POS Terminals Market

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The China retail POS terminals market is predicted to expand at more than 18% CAGR during the forecast timespan. Hardware manufacturers in the country are partnering with software developers to provide customers with one-stop solution for their business operations. For instance, Elo Touch Solutions, Inc. has a large partner network that offers different hardware and software technologies to be integrated into the market players’ product offerings.
 

Companies globally are focusing on offering POS hardware compatible with advanced features such as USB, Bluetooth, Ethernet, and wireless connectivity. They are offering Bluetooth barcode scanners that enable connectivity to tablet for helping retailers in inventory management.
 

The growing trend of retail automation will surge the demand for advanced digital solutions to enhance customer satisfaction

The hypermarkets/supermarkets face intense competition from online grocery retailers. The competition for attracting more customers has encouraged brick-and-mortar grocers to adopt POS terminals. These devices help in enhancing customer shopping experience by providing faster and easier checkout process. Several leading retail brands have deployed mobile POS terminals in their stores for providing customers a smooth shopping experience.
 

Supermarket and hypermarkets are increasingly deploying POS terminals to automate employee, inventory, and customer management. For instance, The Kroger Company, one of the largest supermarket chains in the U.S., partnered with OneView Commerce, a digital store platform provider, to develop a next-generation POS solution. The integration of OneView’s cloud-based technology has enabled the company to deploy sales and service functions, such as checkout, targeted discounts, and inventory checks, into a single user interface. Additionally, independent stores, such as small shops, present at a single location are highly adopting retail POS terminals for providing customers with digital payment services.
 

Growing adoption of digital payments coupled with the advanced retail sector will boost the European market growth

Europe Retail POS Terminals Market

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In 2019, European retail POS terminals market revenue was over USD 7 billion owing to growing adoption of automation across the retail sector in Europe. The trend of self-check-out in supermarkets in France is enabling owners to keep supermarkets open in the absence of cashiers. In the wake of ongoing COVID-19, retailers are also increasingly implementing non-contact payment technology to prevent the spread of virus.
 

Increasing usage of smart cards and mobile wallets in Europe will drive the industry growth. In December 2018, Apple Pay was launched in Germany, enabling iOS users to add supported debit or credit cards to the payment application. The launch of these payment applications has enabled consumers to have fast check out and a secure payment option. The increasing utilization of mobile wallets will encourage retailers to implement POS terminals to improve the customer experience by speeding up service and offering multiple payment options.
 

New product launches to strengthen market position form a key strategy among players in the retail POS terminals industry

Players are focusing on launching innovative products to cater to the growing demand for advanced POS solutions. In January 2020, Diebold Nixdorf launched its all-in-one POS system, Beetle A1150 based on a scalable and modular design to expand its product portfolio. The product features the use of energy-saving technologies. Increasing competition among players to introduce new advanced solutions will drive market growth.
 

Key players operating in the market are Ingenico Group, NCR Corporation, Micros Retail Systems Inc., Panasonic Corporation, Pax Technology Inc., Samsung Electronics Co. Ltd., Toshiba Corporation, Hewlett Packard Enterprise Company, and Epicor Software Corporation.
 

The retail POS terminals market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD and shipments in units from 2016 to 2026 for the following segments:

Market, By Product

  • Mobile
  • Fixed

Market, By Component

  • Software
  • Hardware
  • Services
    • Professional services
    • Support & maintenance services
    • Training services

Market, By Application

  • Department stores
  • Supermarkets/Hypermarkets
  • Warehouse
  • Convenience
  • Discount stores
  • Speciality stores
  • Others

The above information has been provided for the following regions and countries:

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • UK
    • Germany
    • France
    • Italy
    • Spain
    • Russia
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Australia & New Zealand (ANZ)
    • South East Asia
  • South America
    • Brazil
    • Argentina
    • Chile
    • Colombia
  • MEA
    • UAE
    • Saudi Arabia
    • South Africa

 

Frequently Asked Questions (FAQ) :

The market size of retail POS terminals surpassed USD 20 billion in 2019.
The industry share of retail POS terminals is estimated to grow at a CAGR of 11% from 2020 to 2026.
The market for retail POS terminals will gain momentum as retailers implement contactless payment technologies during the COVID-19 pandemic to prevent the risk of the virus spreading.
Increased preference for contactless payment options and a higher acceptance of in-store mobile payments will foster the global deployment of retail POS terminal solutions.
China market share is projected to register over 18% CAGR through 2026, as hardware and software providers collaborate to provide one-stop solutions for business owners.
Increasing adoption of retail automation technologies and emerging trends like self-checkout options will drive the European market, which was valued at USD 7 billion in 2019.
The U.S. market will record nearly 15% CAGR up to 2026 as retailers are deploying mobile POS software applications for remote monitoring of stores and a high rate of online shopping.
Samsung Electronics, Hewlett Packard Enterprise Company, Micros Retail Systems Inc., Pax Technology Inc., NCR Corporation, Ingenico Group and Toshiba Corporation are a few key market players.

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Premium Report Details

  • Published Date: Jul 2020
  • Pages: 300
  • Tables: 500
  • Charts / Figures: 26
  • Companies covered: 18
  • Countries covered: 22

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