Pune, Sept. 15, 2023 (GLOBE NEWSWIRE) -- The SNS Insider report indicates that the Retail Point-Of-Sale Terminals Market reached a value of USD 20.44 billion in 2022, with projections suggesting it will expand to USD 58.71 billion by 2030, experiencing a compound annual growth rate (CAGR) of 14.1% during the forecast period from 2023 to 2030.
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Market Overview
In the fast-paced world of retail, efficiency and accuracy are paramount. This is where Retail Point-of-Sale (POS) terminals come into play, transforming the way businesses handle transactions and interact with customers. Retail POS terminals are sophisticated, multifunctional devices that serve as the epicenter of a retail establishment's operations, combining hardware and software to streamline the entire sales process.
Retail Point-Of-Sale Terminals Market Overview & Scope:
| Report Attributes | Details |
| Market Size in 2022 | USD 20.44 billion |
| Market Size by 2030 | USD 58.71 billion |
| CAGR | CAGR of 14.1% From 2023-2030 |
| Key Segments | By Product (Fixed, Mobile) By Component (Hardware, Software, Services) By End User (Supermarkets/Hypermarkets, Grocery Stores, Specialty Stores, Convenience Stores, Gas Stations, Discount Stores, Other End Users) |
| Key Market Players | Acrelec, AURES Group, HM Electronics, Hewlett Packard Development LP, NCR Corp., Oracle, Presto Group, Quail Digital, Revel Systems, Toast, Inc., Toshiba Corp., TouchBistro, Xenial, Inc. and other players |
| 20% free customization scope (equivalent to 50 analyst working hours) | If you need specific information as per your business requirement, which is not currently within the scope of the report, we will provide it to you as a part of customization. |
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Market Analysis
The retail point-of-sale terminals market is a dynamic and ever-evolving industry that plays a critical role in the retail sector. The ongoing digital transformation in the retail industry is a significant driver for the POS terminals market. Retailers are increasingly adopting advanced POS solutions to enhance customer experiences, streamline operations, and collect valuable data for better decision-making. With consumers demanding seamless shopping experiences both in-store and online, retailers are investing in versatile POS systems that can handle orders, inventory management, and customer data across various channels. This trend has driven the demand for integrated and cloud-based POS solutions. The rise of e-commerce has pushed brick-and-mortar retailers to integrate their online and offline operations. Modern POS terminals play a crucial role in facilitating this integration by allowing retailers to synchronize inventory, manage orders, and offer click-and-collect services.
Key Takeaway from Retail Point-Of-Sale Terminals Market Study
- In the ever-evolving landscape of retail, supermarkets and hypermarkets have consistently held a dominant position, and this trend is set to extend its reach into the market. Supermarkets and hypermarkets typically offer a wide array of products spanning various categories, including groceries, electronics, clothing, and household items. As a result, they require versatile POS systems capable of accommodating diverse product types and handling complex inventory management.
- The software segment is poised to dominate the market due to several compelling reasons. Retailers increasingly demand POS software that can be tailored to their specific needs. Software solutions offer the flexibility to customize the user interface, workflows, and reporting capabilities, ensuring a seamless fit with a retailer's unique requirements.
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Recent Developments
- Pine Labs, a leading provider of payment and merchant commerce solutions, has joined forces with ICICI Bank, one of India's largest private sector banks, to introduce a groundbreaking innovation in the world of digital payments - the Digital Rupee on Point of Sale (PoS) terminals.
- PopID, a leader in facial recognition technology, has joined forces with Toshiba to pioneer innovative Point-of-Sale (POS) systems that promise to revolutionize the way businesses interact with customers. This partnership brings together PopID's cutting-edge facial recognition software and Toshiba's expertise in hardware solutions to create a seamless and secure payment experience for customers and businesses alike.
Market Dynamics Analysis
The dynamics of the retail point-of-sale terminals market are characterized by a multifaceted interplay of drivers, restraints, challenges, and threats. On the driver's side, the market is propelled by the relentless push for digitalization within the retail sector, as businesses seek to streamline operations and enhance customer experiences. Additionally, the growing demand for contactless payment options and the integration of advanced technologies like NFC and QR codes have significantly boosted the adoption of POS terminals. However, this surge in demand is not without its restraints and challenges. High initial costs for implementing advanced POS systems can act as a barrier for small businesses, and the ongoing need for software updates and cybersecurity measures adds to the overall cost of ownership. Furthermore, the increasing threat of cyberattacks on retail systems poses a significant risk to both businesses and consumers, necessitating constant vigilance and investment in cybersecurity measures.
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Key Regional Developments
North America remains a dominant force in the global retail point-of-sale terminals market due to its large retail sector and technological advancements. The region is characterized by a high adoption rate of EMV (Europay, Mastercard, and Visa) chip-based cards, which has driven the demand for EMV-compliant POS terminals. Europe is a mature market for retail POS terminals, with a strong emphasis on data security and compliance with GDPR (General Data Protection Regulation). The region is witnessing a shift towards cloud-based POS systems, offering scalability and flexibility to retailers. The Asia-Pacific region is experiencing robust growth in the retail POS terminal market, primarily driven by the rapid expansion of the retail industry in countries like China and India.
Impact of Recession
During a recession, consumers tend to tighten their belts and reduce discretionary spending. This directly affects the retail industry, as consumers become more cautious with their purchases. As a result, retailers may delay or scale back investments in new POS terminals or related technology upgrades to cut costs. Retailers may prioritize efficiency and cost savings during a recession. This can lead to a greater emphasis on data analytics and inventory management capabilities within POS systems to reduce wastage, optimize stocking levels, and identify sales trends. Government stimulus packages and economic recovery initiatives can also influence the retail point-of-sale terminals market. Subsidies or incentives for technology investments may stimulate demand among retailers.
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