Retail POS Terminal Market Size - By Product (Mobile, Fixed), By Component (Software, Hardware, Services), By Application (Department Stores, Supermarkets, Warehouses, Convenience Stores, Discount Stores, Specialty Stores) & Forecast, 2024 - 2032

Retail POS Terminal Market Size - By Product (Mobile, Fixed), By Component (Software, Hardware, Services), By Application (Department Stores, Supermarkets, Warehouses, Convenience Stores, Discount Stores, Specialty Stores) & Forecast, 2024 - 2032

Retail POS Terminal Market Size

Retail POS Terminal Market size was valued at USD 36.7 billion in 2023 and is estimated to register a CAGR of over 5.5% between 2024 and 2032.

The increasing use of mobile point-of-sale (mPOS) terminals in the retail industry is driving growth in the market. Due to their portability and user-friendliness, mPOS systems are especially appealing to small and medium-sized businesses, who are looking for affordable ways to increase operational efficiency and compete with larger merchants.

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For instance, in June 2023, Payabl., a renowned FinTech company known for its innovative payment solutions, introduced a novel point-of-sale (POS) system designed to facilitate the growth of European retailers. By addressing the opportunities and problems found in the European market, this Payabl. POS products have the potential to completely transform the retail sector.

In addition, a major factor propelling market expansion is the growing inclination of consumers for online payment methods and wireless technologies. Contactless payments, mobile wallets, and other digital payment methods are being widely used as consumers today demand quick, safe, and simple payment options. To meet customer expectations and maintain their competitiveness, retailers are investing in cutting-edge point-of-sale (POS) systems that facilitate these technologies.
 

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Wireless point-of-sale (POS) systems reduce setup costs and enhance the aesthetics of stores by eliminating the need for substantial cabling and equipment. They also make it possible for other in-store technologies, such mobile phones and Internet of Things sensors, to be seamlessly integrated, improving both operational effectiveness and the shopping experience.

Stable internet connectivity is a critical component of many modern point-of-sale systems; any disruptions in this connectivity can interrupt transaction processing, potentially resulting in lost sales and disappointed clients. It can also be difficult and time-consuming to integrate new point-of-sale systems with the infrastructure already in place in retail. The potential difficulties enterprises may face in ensuring interoperability between new and legacy systems can lead to significant operational disruptions.

The integration process frequently calls for a high level of technical know-how and support, raising expenses and lengthening the time required for complete implementation. These elements may make it more difficult for sophisticated point-of-sale (POS) systems to be adopted and used successfully in the retail industry.

Retail POS Terminal Market Trends

Access to real-time data enables retailers to customize marketing & promotional strategies according to the current consumer behavior, thereby increasing the effectiveness of these efforts and driving sales. Additionally, by automating repetitive processes such as inventory updates and sales tracking, centralized point-of-sale (POS) systems improve operational efficiency by freeing up employees to focus on value-added activities and customer support.

The retail scene is changing as a result of the integration of cutting-edge POS technologies and centralized systems, which enables companies to run more smoothly and provide better client experiences. The market for retail POS terminals has been steadily expanding due to this trend.

For instance, in May 2022, GK Software SE partnered with Rizing, LLC, an SAP consulting services provider, to develop advanced retail solutions. These solutions were intended to be integrated by GK and SAP into SAP's omni channel point-of-sale (POS) system. This partnership improved SAP's POS solutions, providing merchants more advanced tools to manage omnichannel retail environments, increase customer satisfaction, and streamline operations. Through the combined knowledge of GK Software SE and Rizing, LLC, the alliance provided creative, scalable, and durable solutions that adapt to the changing demands of the retail sector.

Retail POS Terminal Market Analysis

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Based on application, the market is categorized into department stores, supermarkets/hypermarket, warehouse, convenience stores, discount stores, specialty stores, and others. The supermarkets/hypermarkets segment accounted for a market share of around 45% in 2023. This was due to several key factors, including the need for reliable point-of-sale (POS) systems in large-scale retail settings, such as supermarkets and hypermarkets, to effectively handle high transaction volumes and intricate inventory systems. These stores run at such a large scale that efficient promotion management, real-time inventory tracking, and streamlined checkout procedures require sophisticated point-of-sale technology and software.

Supermarkets and hypermarkets frequently use point-of-sale (POS) systems with integrated scales, barcode scanning, and extensive inventory management functions. These features are essential for managing many SKUs and products. These establishments also experience high foot traffic, making fast transaction processing POS systems necessary to reduce customer wait times.

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Based on component, the retail point-of-sale terminals market is divided into hardware, software and service. In 2023, the hardware segment accounted for a market share of around 45%. In the retail industry, hardware systems are essential for efficiently handling customer contacts and transaction processing. Hardware systems enable retailers to provide customer services promptly and effectively both within the store and at off-site venues such as pop-up shops and events.

Hardware lasts longer, and needs fewer replacements, and the demand is consistent. Furthermore, ongoing investments in safe point-of-sale hardware are motivated by the emphasis on security and compliance, with adherence to standards such as PCI DSS and EMV. The growth of mPOS terminal propels the hardware market and offers greater processing flexibility for payments by integrating cutting-edge technology with POS systems.

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Asia Pacific dominated the global retail POS terminals market with a significant share of over 36% in 2023 and expected to hold around USD 21 billion market revenue by 2032. The rate of urbanization and the quantity of retail establishments, ranging from big-box stores to little convenience stores, have increased significantly in the area. To effectively manage operations and serve a wide range of customers, this expansion has necessitated the implementation of sophisticated point-of-sale (POS) systems.

The retail industry has had a strong development, propelled by the evolving consumer lifestyles, rising disposable incomes, and expanding consumer spending. Retailers are investing in updating their point-of-sale (POS) systems to increase operational efficiency and consumer experience as a result of this expansion.

Due to the region's strong retail sector and strict regulations requiring secure transactions, Europe accounted for a sizeable portion of the global market for retail POS terminals. Advanced point-of-sale technology, such as contactless payment methods and EMV compliance, have been widely used. Furthermore, more money is being invested in point-of-sale (POS) systems across a range of retail industries as a result of the emphasis on improving customer experience and operational efficiency.
 

The early adoption of innovative point-of-sale (POS) technologies and a high penetration rate of digital payment methods are the key drivers of the region's strong market growth. North American retailers place a high value on point-of-sale (POS) systems that offer real-time information and seamless integration with omnichannel strategy. The focus on innovations and customer-focused solutions continues to drive market growth in the area.

Retail POS Terminal Market Share

Ingenico Group and Square, Inc. dominate the market with around 9% of the market share. Ingenico provides a wide range of point-of-sale (POS) hardware, software, and services to suit different retail contexts. Ingenico Group is well-known for its creative solutions. To improve operational effectiveness and consumer engagement, it incorporates cutting-edge technology such as Artificial Intelligence (AI) and cloud computing into its point-of-sale (POS) systems.

On the other hand, Square, Inc. focuses on payment solutions and provides a wide range of POS terminals that accept various payment methods. They are the key players in the retail POS market, meeting the needs of a wide range of industries due to their global reach and emphasis on security and compliance.

Retail POS Terminal Market Companies

Major players operating in the retail POS terminals industry are

• Diebold Nixdorf
• Epicor Software Corporation
• Ingenico Group
• NCR Corporation
• NEC Corporation
• Panasonic Corporation
• PAX Technology
• Samsung Electronic Co. Ltd
• Square, Inc.
• VeriFone Systems, Inc.

Retail POS Terminal Industry News

• In February 2024, Zoho Corporation launched Zakya, a new brand, to offer a modern retail POS solution in India. Zakya’s cloud-based POS solution is easy to implement and user-friendly, helping small and medium-sized retailers go live and start billing in under an hour.
• In January 2023, VMware, Inc. launched a new point of sale (POS) solution for retailers. Developed in collaboration with Stratodesk, the new VMware Retail POS modernization solution extends the lifecycle of current POS systems to deliver tangible ROI, reduce security risks, maximize store uptime, and improve the customer experience.

The retail POS terminals market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue ($Bn) and shipment (Units) from 2021 to 2032, for the following segments

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Market, By Product

• Fixed
• Mobile

Market, By Component

• Hardware
• Software
• Service

Market, By Application

• Department stores
• Supermarkets/hypermarkets
• warehouses
• Convenience stores
• Discount stores
• Specialty stores
• Others

The above information is provided for the following regions and countries

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • UK
  • Germany
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • ANZ
  • Southeast Asia
  • Rest of Asia Pacific 
• South America
  • Brazil
  • Argentina
  • Chile
  • Colombia
  • Rest of South America 
• MEA
  • UAE
  • South Africa
  • Saudi Arabia
  • Rest of MEA