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Retail POS Terminals Market to surpass $60 Bn by 2030

  • Published Date: September 7, 2022

Retail POS Terminals Market size is poised to cross USD 60 billion by 2030, according to the latest research report by Global Market Insights Inc.

The flourishing stance of the global retail sector as a leading factor driving the demand for retail POS terminals between 2022 and 2030. The rapid growth of the retail industry has encouraged retailers to deploy efficient systems to simplify payment methods, streamline the buying process, and enhance the overall customer experience while deploying advanced technologies to modernize operations.

The rising concerns about increasing customer data security while reducing waiting times may push product adoption across multiple sales channels., strengthening the retail POS terminals market outlook. The US Census Bureau of the Department of Commerce estimations reveal that the retail and e-commerce sales in the country increased by 7.2% and 6.8%, respectively, in Q2 2022 from Q2 2021. Besides, the growing popularity of digital or e-wallet applications may help the industry gain momentum by 2030.

Global Retail POS Terminals  Market Size, By Component

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Increasing deployments of POS terminals across retail stores

The mobile retail POS terminals market segment accounted for worldwide sales of about 5,200 units in 2021 and is expected to register further progression over the projection period. These terminals deliver a spectrum of benefits, including reduced customer shopping time, easy accessibility, free floor space, and paper-free receipt services, supporting the deployment of these devices. A considerable rise in the number of retailers accepting payments through mobile payment applications, such as Google Pay, Apple Pay, and Samsung Pay, will foster product use in the years ahead.

Collaborative efforts by major vendors and software developers

The software industry held a noticeable valuation in 2021 and is speculated to expand at over 18% CAGR from 2022 to 2030. The segmental expansion is backed by the flowing number of vendors focusing on offering solutions that can easily be integrated with hardware such as payment devices and mobile printers. The consistent efforts by leading software developers to create mobile apps, software, and storage mechanisms leveraging advanced functionalities to streamline business operations, will change the market dynamics.

Surging cashless payments to drive the product demand

The integration of retail POS terminals in these facilities simplifies in-store transactions, reduces checkout time, and helps the customer make a purchase without waiting in a queue. The rising holiday season trends and increasing footfalls in departmental stores have resulted in increasing deployments of these payment solutions to enable faster and more secure payments. A rapid upsurge in the number of people making cashless purchases and the rising concerns about elevating the overall shopper experience will foster retail POS terminals market adoption.

Browse key industry insights spread across 525 pages with 452 market data tables and 32 figures & charts from the report “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” in detail along with the table of contents

Booming technological advancements in North America

The North America retail POS terminals market recorded a  valuation worth more than USD 6.3 billion in 2021 and is anticipated to attain appreciable gains through 2030. The advanced technological landscape in the region has led to quick growth in cashless payments, creating new growth prospects for the retail POS terminal industry. The significant number of public-private investments focused on expanding the digital infrastructure, eliminating long customer queues, and facilitating faster checkouts will help fuel the regional landscape.

Strategic collaborations to define the competitive landscape

Prominent companies having a major shareholding in the retail POS terminal industry include 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. These firms are implementing several growth measures such as M&As, collaborations, partnerships, and new product development to expand their global footprints.

For instance, in January 2022, NCR Corporation extended its strategic alliance with Google Cloud to rev cloud-driven transformation in the retail sector. The partnership is aimed at supporting the firm in developing solution offerings and enhancing its expertise in delivering cloud-enabled solutions to retailers in Italy.

Authors: Preeti Wadhwani, Smriti Loomba