New York, USA, July 12, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Research Report by Market Research Future (MRFR), Retail Point-of-Sale Terminals Market Information By Product, Component, Technology, Application, and Region - Forecast till 2032”, could thrive at a rate of 12.90% between 2023 and 2032. The market size will be reaching around USD 68.3 Billion by the end of the year 2032
Retail Point-of-Sale Terminals Market Scope:
A POS terminal is a payment processing system designed specifically for use in retail stores. The technology has software specifically designed to read the magnetic stripes used on credit and debit cards. The next generation of point-of-sale systems will consist of portable devices (rather than terminals tethered to a counter), either proprietary or third-party, with contactless capabilities for future kinds of mobile payments.
Retail Point-of-Sale Terminals Market Competitive Dynamics:
Key Companies in the Retail Point-of-Sale Terminals market include
- Acrelec
- AURES Group
- HM Electronics
- Hewlett Packard Development LP
- NCR Corp.
- Oracle
- Presto Group
- Qu, Inc.
- Quail Digital
- Revel Systems
- Toast, Inc.
- Toshiba Corp.
- TouchBistro
- Xenial, Inc.
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Scope of the Report – Retail Point-of-Sale Terminals Market:
| Report Metrics | Details |
| Market Size by 2032 | USD 68.3 Billion |
| CAGR during 2023-2032 | 12.90 % |
| Base Year | 2022 |
| Market Forecast | 2023-2032 |
| Key Market Opportunities | Rising penetration of eCommerce platforms |
| Key Market Dynamics | Growing interest in non-cash transactions among consumers and increased data visibility through cloud POS systems |
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Retail Point-of-Sale Terminals Market USP:
Market Drivers
Key market drivers boosting market expansion include rising consumer interest in non-cash transactions and more data visibility provided by cloud POS solutions. The dramatic increase in fraudulent activities has increased the need to safeguard sensitive data and information from hackers and dishonest third parties, driving product demand. Rising customer expectations have increased the need for reliable wireless communication systems. Point-of-sale (POS) systems utilize wireless devices to facilitate purchases.
From restaurants to taxi services, numerous industries have benefited from wireless technology's efficiency. Businesses in the retail and hospitality sectors rely on point-of-sale terminals for monetary transactions and back-office tasks including accounting, sales tracking, and inventory management. The electronic cash register, barcode scanner, and computer are all part of the market's virtual display tools. Market growth in the retail and e-commerce sectors as well as developments in payment technology, including the widespread adoption of Europay, Mastercard, and Visa (EMV) cards, are also fueling the industry's rise.
The market benefited from the increased ROI that these technologies could offer. Tablets are becoming more widely used because of the growing interest in utilizing them for stock-tracking, integrating offline and online sales, and managing both customers and employees. The growing popularity of contactless payments and NFC technologies have only heightened the demand in this area.
Retail Point-of-Sale Terminals Market Restraints
Due to the sensitive nature of the data used in point-of-sale systems, however, security continues to be a barrier to expansion. Because of their network and internet connectivity, POS terminals are just as susceptible to access manipulation attacks as any other unsecured machine.
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COVID-19 Analysis:
Several different types of businesses have been affected by the COVID-19 epidemic, which has drastically altered the way people shop. The COVID-19 epidemic had a profound effect on the retail sector. Social commerce, which includes shopping on various social media sites, has also seen an uptick in popularity among customers throughout the world. Other popular sales tactics include virtual consultations, contactless payment, curbside pickup, and online auctions. These movements have had an impact on the worldwide demand for POS terminals.
Retail Point-of-Sale Terminals Market Segmentation:
- By Product- In 2022, the worldwide market was dominated by the fixed segment. The fixed POS market encompasses both kiosks and other devices. Large-scale vendors opted for fixed POS terminals because of the high costs associated with procurement and installation, which at the time supported the segment's expansion.
- By Component- In 2022, the worldwide market was led by the By Component Hardware category. The category is expected to have a stable CAGR throughout the forecast horizon. Hardware can include things like interfaces or devices used to capture transaction details. Electronic point-of-sale systems, network gadgets, barcode scanners, cash registers, printers of receipts, tablets, and screens are all examples.
- By Application - In 2022, the retail POS terminals market was led by the grocery stores and hypermarkets sector. Many stores are adopting more streamlined methods of payment processing in an effort to reduce customer wait times.
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Retail Point-of-Sale Terminals Market Regional Analysis:
In 2022, 45.80% of all retail POS terminals sales were made in North America. This area is being propelled by the increasing adoption of cloud services by SMEs. Companies' increased development of cloud-based POS solutions to meet the need of the growing restaurant and retail sectors has contributed to the market's growth. In addition, the North American retail point-of-sale terminals industry was led by the United States and was expanding at a particularly rapid rate in Canada.
In 2022, Europe's retail POS terminal industry held a sizable share of the global market. The adoption of cloud-based point-of-sale systems by British retailers and the spread of comparable platforms across Europe are driving economic growth in the region. The retail point-of-sale terminals market in Europe was led by Germany, which also accounted for the highest share, while the UK led in growth.
Between 2023 and 2032, the market for retail POS terminals in Asia Pacific is projected to expand at a healthy clip. The expanding use of digital payment methods in the region has opened up promising new markets for mobile point-of-sale systems in countries like China, Japan, and India. But the need for secure processing of huge amounts of customer data and the protection of sensitive company information is driving demand for stationary POS terminals. In addition, the retail point-of-sale terminals market in China was the largest in the world, while the market in India was the fastest expanding in Asia.
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