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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

  • Report ID: GMI291
  • Published Date: Jul 2020
  • Report Format: PDF

Industry Trends

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

Retail POS Terminals Market Overview

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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. Additionally, reduced costs, increased penetration of wireless internet connectivity, and expansion of telecommunication and broadband network coverage are facilitating the industry growth.

The changing customer preferences for non-cash transactions coupled with increased acceptance of in-store mobile payments will surge the demand for retail POS terminals. 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 Point of Sale terminals. Growing acceptance of digital payments has encouraged retailers to implement technologies that accept contactless payments and mobile solutions. NFC-enabled retail Point of Sale 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 usage of retail POS terminals for enhancing customer experience and increasing sales revenue. The customers are increasingly demanding personalized and tailored services from traditional retailers. The retailers are implementing retail POS terminals for providing personalized service and seamless shopping experience to customers.

The ongoing coronavirus (COVID-19) pandemic has severely impacted the retail sector globally. The measures aimed at preventing the spread of virus has directly affected the supply, demand, and operations of the retail industry. The restriction for in-store purchases and increased online shopping trends will further impact the retail Point of Sale terminals. 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 market expansion for retail Point of Sale terminals among retailers to accept contactless card payments by the first quarter of 2021.

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

The U.S. retail mPOS terminals market will expand at 15% growth rate through 2026. The increased trend of online shopping among consumers in the U.S. coupled with expansion of retail players is positively influencing the industry demand. Major retail participants, 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. Market leaders 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 foster the China market revenue

Retail POS Terminals Market Size

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China retail POS terminals market is poised to attain a CAGR of 18% by 2026. Hardware manufacturers in the country are partnering with software developers to provide customers with one-stop solution for their business operations.

Some of the major market leaders partners of Elo Touch are MobilePOS, Bite, Zuza, Ingenico Group, among others. The partnerships in the China market are growing rapidly with increasing collaborations of POS manufacturers and technology providers with banks, government bodies, and other regulatory authorities.

Players globally are also 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 accelerating 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.

Rising adoption of digital payments coupled with the advanced retail sector will fuel the growth for European region

Europe Retail POS Terminals Market

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Europe retail POS terminals market size was over USD 7 billion in 2019 led by the growing acceptance 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 foster the industry revenue. The growing 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 industry

Key companies 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. Participants are focusing on launching innovative products to cater to the growing demand for advanced POS solutions.

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
Authors: Preeti Wadhwani, Saloni Gankar

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.

Key players operating in the market include Samsung Electronics, Hewlett Packard Enterprise Company, Micros Retail Systems Inc., Pax Technology Inc., NCR Corporation, Ingenico Group and Toshiba Corporation.

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Premium Report Details

  • Base Year: 2019
  • Companies covered: 18
  • Tables & Figures: 526
  • Countries covered: 22
  • Pages: 300

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