Retail POS Terminals Market Size By Product (Mobile, Fixed), By Component (Software, Hardware, Services [Professional Services, Support & Maintenance, Training]), By Application (Department Stores, Supermarkets/Hypermarkets, Warehouse, Convenience Stores, Discount Stores, Specialty Stores), Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2017 – 2024

Published Date: Oct 2017  |  Report ID: GMI291  |  Authors: Ankita Bhutani, Pallavi Bhardwaj

Report Format: PDF   |   Pages: 229   |   Base Year: 2016




Summary Table of Contents Industry Coverage Methodology

Industry Trends

Retail POS Terminals Market size estimated at over USD 15 billion in 2016 and is predicted to grow at 12% CAGR from 2017 to 2024.
 

UK retail POS terminals market size, by application, 2016 & 2024 (USD Million)

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Increasing technological advancements and innovations in Point-of-Sale (POS) solutions are encouraging major retail players to modify their traditional payment & billing solutions, driving the retail POS terminals market revenue. The manufacturers are engaged in the development of advanced one-stop solutions for integrating different functions of retail stores such as sales & order management, staff management, and warehouse management. Moreover, manufacturers are also focused on developing solutions based on business size and requirement. For instance, Retail Pro International (RPI) is offering POS solutions in three business categories, global enterprise, chain store, and small business. Such business-specific solutions allow enterprises to perform business functions effectively with the integration of cost-effective technologies.
 

These systems allow retailers/businesses to obtain a customer-centric approach that will enable it to add value and differentiate themselves from the existing players in the global retail POS terminals market. Retail POS vendors offer a flexible and fixed paying plan to their customers. For instance, Square offers a 2.75% pricing rate per usage allowing businesses with a lower performance to still afford the system and utilize their services. The end users who find applications for these systems include shop owners, restaurants, discount stores, specialty stores, department stores, and others. Discount and convenience stores require sound POS terminals with advanced functions to manage varying prices, offered discounts, and track data. These high-pressure environments require flexibility and accuracy to manage a variety of functions such as customizable menu items, split checks, and seating order management.
 

Retail POS Terminals Market Report Coverage
Report Coverage Details
Base Year: 2016 Market Size in 2016: 15 Billion (USD)
Historical Data for: 2013 to 2016 Forecast Period: 2017 to 2024
Forecast Period 2017 to 2024 CAGR: 12% 2024 Value Projection: 40 Billion (USD)
Pages: 229 Tables, Charts & Figures: 347
Geographies covered (13): U.S., Canada, Germany, UK, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Mexico
Segments covered: Product, Component and Region
Companies covered (11): Cisco Systems Inc., Epicor Software Corporation, Hewlett-Packard Company, Ingenico Group, Micros Systems Inc., NCR Corporation, Panasonic Corporation, PAX Technology Inc., Samsung Electronics Co. Ltd., Toshiba Corporation, VeriFone Systems Inc.
Growth Drivers:
  • Increase in cashless transactions in Asia Pacific and Europe
  • Emerging demand for mobile POS terminals (mPOS) in Europe
  • Increasing penetration across several retail channels in the U.S.
  • Demand for cloud-based systems in North America
  • Migration to EMV cards in the U.S and Asia Pacific
  • Rising trend of self-checkout technology in North America and Europe
  • Demonetization effect in India
Pitfalls & Challenges:
  • Need for data security
  • Costly software upgrades

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By Product

In the retail sector, the mobile POS terminals market is anticipated to expand at 17% CAGR over the forecast timespan. Smartphones/tablets can be converted into payment terminals by using Mobile POS card reader accessories (sleeves) or dongles for card swipe and a downloadable mobile app. The demand for efficient line-busting technology in the retail sector has driven the demand for scalable, effective, and speedier checkout solutions leading to the adoption of mPOS terminals. The surging trend of BYOD and the proliferation of retail mobile apps have further accelerated the demand for sophisticated software platforms supporting the needs of POS processing. The acquisition of specialist software vendors by mPOS terminal suppliers indicates the consolidation and integration of market players into homogeneous solution providers. For instance, in February 2016, Verifone Systems acquired AJB Software Design, a payment gateway & switching solutions provider for large merchants in the North American region, to offer an end-to-end payments solution.
 

 By Component

Asia Pacific retail POS terminals market size, by component, 2016
Asia Pacific retail POS terminals market size, by component, 2016

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Software developers, such as QVS Software, Inc., eMobilePOS, and AccuPOS, are focusing on developing mobile apps and software in addition to the functionalities such as sales transaction control, inventory management, managing & reporting of consumer data, and cloud data backup. The advancements in cloud computing are driving the adoption of Software-as-a-Service (SaaS) platform-based POS systems. These systems can be integrated with barcode scanners and other POS devices to provide data restoring & backup features. Moreover, the growing adoption of NFC-enabled smartphones and the emergence of mobile wallet services will positively impact the retail POS terminals market. NFC technology enables the contactless method of data transmission for mobile phones, tablets, laptops, and personal computers. The integration of this technology into smartphones for online payment services allows the customers to use their wallet for payments. Several companies are developing their applications for supporting this technology.
 

By Application

Implementation of POS terminals helps store owners reduce the operating expense, resulting in increased overall profit margins. These systems provide efficiencies in store operations, visibility, and stock control. To remain competitive in the market, department stores are focusing on upgrading their systems with advanced technology to attract more customers. The adoption of mobile POS terminals is increasing among store owners to improve flexibility and deliver personalized & convenience shopping experience to customers. The increased payment security offered by these terminals is another factor for the rise in the adoption rate. In addition, these systems help the store owners to offer promotions, deals, and discounts to attract customers. The need for efficient operational management and increasing focus on enhancing customer experience is resulting in high demand for POS terminals in department stores.
 

By Region

Europe retail POS terminals industry size, by country, 2024
Europe retail POS terminals industry size, by country, 2024

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In Europe, the EMV based mobile POS terminals segment is expected to grow with the increasing penetration of EMV chip card technology for credit and debit card payments. In 2017, Europe accounted for around 30% of the retail POS terminals market share. The technology provides secure & safe transactions and minimizes the chances of fraud with customers. A rise in the adoption of the technology as a global standard for card payments is being witnessed. It features payment instruments including cards and mobile phones with microprocessor chips embedded to store and protect the cardholders’ data. Moreover, the strong presence of global players is predicted to drive the adoption of these systems. These solutions help the staff to manage customers better, especially during sales. Several retail companies are improving the shopping experience of their customers, thus aiding them to attract more customers to their stores. Fast checkout lanes and flexible payment options are the major areas of focus for the companies to improve their business sales and profitability.
 

Competitive Market Share

Key players operating in the retail POS terminals market include NEC Corporation, Hewlett-Packard Company, Ingenico Group, Micros Systems, Inc., NCR Corporation, Pax Technology Inc., Panasonic Corporation, Revel Systems, Samsung Electronics Co., Ltd., and VeriFone Holdings, Inc. Other small players and new entrants are mostly technology disruptors who offer software solutions such as mobile apps. Manufacturers are focusing on product differentiation through design, pricing, and advanced features such as smartphone integration, NFC, and RFID. The products are being designed to include the latest features with multi-lingual support for global clients with lesser complexity. With intensifying competition among market players, significant investments in research & development create the most advanced solutions to meet the diverse application needs.
 

 Industry Background

Major retail players, such as Walmart, Inc. and Costco Wholesale Corporation, are investing highly to incorporate modern POS solutions in their retail outlets. For instance, in November 2018, Walmart equipped its staff with mPOS solutions in more than 3,000 stores in the U.S. to speed up its checkout process. The associates are equipped with Bluetooth printers and cellular devices to scan the items, accept payments, and printout the payment receipts. The company is expanding its “Check Out with Me” service in all its stores to provide convenient payment solutions to its staff, enhancing the customer retail experience. Similarly, Costco implemented Apple Pay in its retail outlets for providing simple and convenient payment options to its customers. The retail companies are focused on providing advanced services that are expected to drive the demand for POS terminals.


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