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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), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2022 – 2030

  • Report ID: GMI291
  • Published Date: Aug 2022
  • Report Format: PDF

Retail POS Terminals Industry Analysis

Retail POS Terminals Market size surpassed USD 22 billion in 2021 and is expected to expand at more than 12% CAGR between 2022 and 2030. Significant rise in the espousal of EMV cards along with subsequent rise in the number of EMV-enabled POS terminals is likely to boost the industry growth.
 

The rapid increase in the number of fraudulent activities has pushed the requirement to keep personal data and information safe from hackers and unethical sources, driving product demand. According to EMVCo estimations, the percentage of card-present EMV chip transactions globally rose from 88.55% in 2020 to 90.44% in 2021. EMV-enabled POS terminals support contact and contactless transactions, relieving merchants from the audit prerequisite for PCI compliance. In addition, the increasing internet penetration and rising digital literacy may provide opportunities for the market.
 

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Deployments of fixed POS terminals across conventional retail stores

The fixed retail point of sale terminals market segment dominated with over 65% of the revenue share in 2021 and is anticipated to grow substantially from 2022 to 2030. Increasing popularity of fixed POS solutions in traditional brick-and-mortar retail stores due to their adequate inventory management and cost-effective features will fuel the segment share. These have emerged as a more robust management solution as they offer a range of benefits, including employee time clocks, a cash drawer, and the ability to manage gift cards and loyalty programs.
 

Rising energy efficiency concerns to drive the growth of hardware components

The hardware component segment captured nearly 46% of the market share in 2021  . The growth of hardware sector is driven by ongoing transition in EMV liability and the surging requirement to upgrade the existing payment solutions. Moreover, the proliferating demand for energy-efficient devices, leading to the constructive efforts of major product manufacturers toward developing POS terminal hardware with low power consumption capabilities, may strengthen the industry outlook.
 

Growing customer data security concerns across supermarkets/hypermarkets

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In terms of application, the supermarkets/hypermarkets segment recorded an appreciable valuation in 2021 and is set to exhibit around 18% gains through 2030. The segmental expansion is backed by the fast-paced deployment of POS software in these establishments to maintain transparency in any transaction and ensure faster checkouts, elevating the overall customer experience. Equipped with a tracking facility, retail POS solutions help retailers and supermarket owners track their numerous stores inventory  in different locations. The growing emphasis on assuring customer data security and speeding up the product return processes will create new growth avenues.
 

Flourishing retail sector in APAC

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The Asia Pacific retail point of sale terminals market size is projected to depict about 14% growth rate through 2030. The regional business development is led by supportive government initiatives focusing on building a digital economy and the progressive stance of the retail industry in countries such as China and India. RBI estimates reveal that the revenue share of digital or online transactions in the total volume of non-cash retail payments surged from 98.8% in 2021 to almost 99.3% in 2022. The increasing number of cashless transactions coupled with rising disposable incomes, strong economic growth, and transforming demographics will augment the industry share.
 

Technological developments to aid the competitive outlook

Some of the key companies partaking in retail point of sale terminals market are NEC Corporation, TOSHIBA Global Commerce Solutions, NCR Corporation, Ingenico Group (Wordline), Panasonic Corporation, Pax Technology Inc., VeriFone Holdings, Inc., Diebold Nixdorf, Incorporated, and Hewlett Packard Enterprise Company. The competitive landscape includes significant vendors focusing on leveraging the omnipresence of wireless networks to develop devices with superior capabilities and offer exceptional value-added services. Several banks, mobile operators, and financial institutions have also infiltrated the industry with technological breakthroughs, thus impacting product usage.
 

For instance, in April 2022, Square, Inc. rolled out the latest version of Square Stand, using advanced hardware and software components to help customers run their entire business from a unified platform. The move is intended to emphasize the company's objective to offer a range of intuitive solutions to the end-user.
 

Impact of COVID-19 on retail point of sale industry

The COVID-19 pandemic positively impacted the retail POS terminals market. The imposition of strict lockdown mandates because of the surging number of infections during the initial waves of the virus outbreak resulted in the closure and avoidance of retail stores in several economies. These restrictions, together with the growing need to pay and accept payments securely with minimum efforts, encouraged the transition of retail outlets towards e-commerce or web shops, leading to a major rise in cashless payments. The product manufacturers worldwide improved the technological abilities of point-of-sales systems to enable faster payments further augmenting industry statistics.
 

This market research report on retail point of sale (POS) terminals includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD and shipments in thousand units from 2018 to 2030 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)
    • Southeast Asia
  • South America
    • Brazil
    • Argentina
    • Chile
    • Colombia
  • MEA
    • UAE
    • Saudi Arabia
    • South Africa

 

Authors: Preeti Wadhwani, Smriti Loomba

Frequently Asked Questions (FAQ) :

The market size of retail POS terminal crossed USD 22 billion in 2021 and is anticipated to grow at over 12% CAGR from 2022 to 2030 driven by increased EMV card adoption and a rapid rise in the number of digital payments.
The fixed retail POS terminals segment held more than 65% of the market share in 2021 and may witness substantial growth by 2030 due to increasing deployments across traditional brick-and-mortar retail stores.
The hardware component captured around 46% of revenue share in 2021 and is set to witness prominent growth owing to increasing demand for energy-efficient devices and the growing requirement to update existing payment solutions.
The supermarkets/hypermarkets application of retail POS terminalis speculated to attain over 18% gains through 2030, propelled by rising emphasis on maintaining transparency in any transaction and ensuring faster checkouts.
The Asia Pacific held appreciable revenues in 2021 and is expected to observe more than 14% growth rate till 2030 because of the strong economic outlook, rapid growth in cashless transactions, and improving disposable incomes.

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Premium Report Details

  • Base Year: 2021
  • Companies covered: 20
  • Tables & Figures: 457
  • Countries covered: 22
  • Pages: 525
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