Retail POS Terminal Market: Segmented by Product (Fixed and Mobile); By End user (Retail, Restaurant, Warehouse & Distribution, Healthcare, Hospitality, Gym & Fitness Center and Others); and Region - Global Analysis of Market Size, Share & Trends for 2019-2020 and Forecasts to 2030
Point of sale (POS) terminal is a digital electronic system that uses software and hardware to allow retail outlets to accept card payments without having to use their cash registers to read cards directly. The cost of implementing POS terminals varies depending on the size of the company and the terms provided by the vendors. Customers do not have to pay an additional charge for using the POS terminal service, and small retailers or merchants may not have to pay a rent for operating the POS machines. To put it another way, the point of sale is a broad term that includes displays and devices that enable customers to participate in online purchases using computers, barcode scanners, and cash registers.
The adoption of integrated Point-of-Sale (POS) terminals has been fuelled by rising demand for contactless and cashless payments, the unification of in-store and online transactions, employee and customer management, and the need to keep track of inventory. Furthermore, technical advances have forced consumers to embrace point-of-sale terminals, resulting in a digital transition in the retail, healthcare, hospitality, and other industries. The growing use of smartphones as portable POS devices is also supporting the digital transformation and POS demand.
Global Retail POS Terminal market is segmented by channel into Fixed and Mobile. In the year 2020, the fixed segment dominated the industry. Large-scale vendors prefer Retail POS terminals because of the high procurement and installation costs, which have contributed to the market's current growth. Furthermore, end-users who are concerned about cloud data storage are more likely to mount Retail POS terminals to store data on-premises. The POS framework can be used for a variety of tasks, including accepting payments, printing bills, inventory management, and Customer Relationship Management (CRM).
Global Retail POS Terminal market is divided by end-user into Retail, Restaurant, Warehouse & Distribution, Healthcare, Hospitality, Gym & Fitness Center and Others. The Retail POS Terminal market is expected to expand rapidly in the retail end-user industry. Small retailers' acceptance of digital payment options is expected to drive segment growth. Home Depot, Disney Stores, Target, Urban Outfitters, and Nordstrom are among the retailers that have reported chain-wide adoption of mPOS solutions. The rise of omnichannel retailing systems, which provide a seamless shopping experience across all channels via smartphones, is expected to propel the retail industry forward.
Trend of contactless payments and safe, reliable payments
The demand for POS terminals will be driven by the trend of contactless payments and the increasing penetration of Near Field Communication (NFC) devices in various industry verticals. Several countries are moving away from cash in order to introduce fast, simple, and stable payment methods. Cashless transactions are expected to have a positive effect on industry development. Furthermore, market players are releasing goods that enable NFC payments. Customers in retail and hospitality will be able to use the technology to integrate easy, safe, and reliable payment methods into their operations.
Increased research and development and advanced payment solutions
Furthermore, manufacturers' increased R&D investments and production of advanced payment solutions would drive the POS terminals industry demand. To maximize profitability, payment companies are designing creative solutions for unique industrial applications. Retailers would be able to better control their store inventory and business operations with the devices, resulting in increased market growth.
Over the next few years, a rise in cyber-threats and increasing security issues are expected to be a major challenge for the POS terminal industry.
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
Global Retail POS Terminal market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, Asia Pacific, and the Middle East, and Africa. Global Retail POS Terminal in APAC held the largest market share in the year 2020. Furthermore, government initiatives to promote a cashless economy are driving up demand for POS terminals in this area. A increase in the adoption of digital payment technologies in Asia Pacific has generated a pool of mPOS opportunities in countries like China, Japan, and India, which is expected to limit regional market growth for Retail POS terminals over the forecast period. However, the need for Retail POS terminals is being aided by the need for large businesses to protect their data and ensure the processing of a large amount of customer data.
|Market size value in 2020
|USD 4.3 billion
|Revenue forecast in 2030
|USD 16.9 billion
|CAGR of 9.89% from 2021 to 2030
|Base year for estimation
|Revenue in USD million and CAGR from 2021 to 2030
|Revenue forecast, company ranking, competitive landscape, growth factors, and trends
|Product, end-user, and Region
|North America; Europe; Asia Pacific; Latin America; Middle East & Africa (MEA)
|Key companies profiled
|Fiserv, Ingenico Group, PAX Global Technology, Verifone Systems, Shenzhen Xinguodu Technology, Cybernet, SZZT Electronics, USA Technologies, Centerm, and other prominent players
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