Home > > IT And Telecommunications > > Retail Point of Sale Terminal Market Size, Share And Forecast Report 2031
Id: CBI_1559 | Pages: 280 | Format : PDF | Published : | Author : Pawan Chasta | Category : IT And Telecommunications
Retail Point of Sale Terminal Market size is estimated to reach over USD 57,750.89 Million by 2031 from a value of USD 37,100.38 Million in 2023 and is projected to grow by USD 38,549.52 Million in 2024, growing at a CAGR of 5.7% from 2024 to 2031.
The Retail Point of Sale system refers to the place where transactions occur in a retail location when a customer purchases products or services. It includes the hardware and software for purchase, inventory, sales, discounts, and promotions. A point of sale is more than a traditional cash transaction between a retail outlet and a customer. The primary benefits of the retail point of sale include inventory management, sales tracking, transaction management, and others. In E-commerce, it is used to process purchases, and transactions and manage inventory by using real-time data analysis and data processing. It can generate insights related to retail outlets and help in increasing operational efficiency.
The cashless system facilitates various options, such as contactless payments, debit/credit cards, and mobile wallets. These instant payments can be checked with the authorization system at POS terminals. Benefits such as loyalty programs can be integrated into systems for specialized discounts and offers, which will help in customer retention and promoting advertisements. Through loyalty programs, data can be collected for sales insights and inventory management. Various analyses can be performed using stored data and using analytical software for solving business queries. Reduced errors in cash handling due to cashless payments result in significant improvement in payment collection and monitoring. POS terminals facilitate cashless transactions by allowing customers to swipe, tap, or insert their cards or use mobile payment apps to complete purchases. These terminals securely process payments and provide instant transaction confirmations.
Therefore, the growth of cashless transactions in retail purchases is driving the retail point of sale terminal market growth
Efficient management solutions include automated inventory tracking for better stock optimization, data-driven business decisions, staff management tools for productivity, and others. Overall customer satisfaction can be improved by reducing time in manual processes in the checkout such as product addition in the cart using barcodes can significantly reduce time and improve customer satisfaction. Operational costs can be reduced by automating daily tasks such as pricing updates of products, and improving management efficiency.
Therefore, the efficient management solutions adopted by the retail sector are driving the retail point of sale terminal market demand.
Technical issues refer to downtime and glitches that lead to operational disruption, particularly during peak sales days. Systems that rely on the internet can lead to stressful situations. Many retailer's services are directly controlled by the service provider. Due to this, the risks of performance issues and outages are heightened. Transaction failures lost sales, and damaged customer trust can result from these technical issues, significantly impacting the retailer's revenue. It is necessary to take preventive measures. To prevent such issues, retailers should implement robust infrastructure with backup systems.
Thus, the rising technical issues and downtime are hindering retail point of sale terminal market growth.
The AI-powered POS system provides solutions for the fast-growing retail industry, helping businesses stay competitive and adapt to market trends. Rising advancements in AI-powered POS systems offer retail operation solutions that manage inventory, customer data, and market trends while streamlining overall business processes. These systems not only improve operational efficiency but also offer customer insights which can be useful for business.
Hence, the rising advancement of AI-powered point-of-sale terminals is anticipated to promote retail point of sale terminal market opportunities during the forecast period.
Based on the product the market is segmented into fixed and mobile.
Trends in the Product:
The fixed retail point of sale accounted for the largest revenue share of the total retail point of sale terminal market share in the year 2023.
The mobile retail point of sale is anticipated to register the fastest CAGR during the forecast period.
Based on the components, the market is segmented into software and hardware.
Trends in the Component:
The hardware component accounted for the largest revenue share of the overall retail point of sale terminal market share in the year 2023.
The software component is anticipated to register the fastest CAGR during the forecast period.
Based on the application, the market is segmented into supermarkets, warehouses, specialty stores, and others.
Trends in the Application:
The supermarkets accounted for the largest revenue share of 38.49% during the year 2023.
The warehouses are anticipated to register the fastest CAGR during the forecast period.
The regions covered are North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America.
Asia Pacific region was valued at USD 12,868.27 Million in 2023. Out of this, China accounted for the maximum revenue share of 32.7%. Moreover, it is projected to grow by USD 13,400.94 Million in 2024 and reach over USD 20,570.87 Million by 2031. The Asia Pacific region's growing pace of urbanization and development offers lucrative growth prospects for the retail point of sale market. Additionally, the factors such as increasing investment in the retail sector, and growth in retail shopping are contributing to the market growth for the Asia-Pacific region.
North America is estimated to reach over USD 18,087.58 Million by 2031 from a value of USD 11,589.23 Million in 2023 and is projected to grow by USD 12,044.56 Million in 2024. As per the retail point of sale terminal market analysis, the growth in North America is mainly driven by their increasing deployment in supermarkets, warehouses, specialty stores, and others.
Furthermore, factors including an increase in retail shopping in the region are projected to drive the retail point of sale market expansion in North America during the forecast period.
As per the retail point of sale market analysis, Europe is anticipated to witness substantial growth that is backed by the increasing adoption of fixed and mobile retail point of sale in supermarkets, warehouses, and specialty stores. Companies invest in innovative technologies to cater to the surging demand for advanced retail points of sale across the region.
The Middle East, Africa, and Latin America are expected to grow at a considerable rate due to increasing investments in the development of urbanization and industrialization in countries such as Brazil, UAE, and others.
The retail point of sale terminal market is highly competitive with major players providing POS to the national and international markets. Key players are adopting several strategies in research and development (R&D), product innovation, and end-user launches to hold a strong position in the global retail point of sale terminal market. Key players in the retail point of sale terminal industry include-
Report Attributes | Report Details |
Study Timeline | 2018-2031 |
Market Size in 2031 | USD 57,750.89 Million |
CAGR (2024-2031) | 4.4% |
By Product |
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By Component |
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By Power Source |
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By Region |
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Key Players |
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North America | U.S. Canada Mexico |
Europe | U.K. Germany France Spain Italy Russia Benelux Rest of Europe |
APAC | China South Korea Japan India Australia ASEAN Rest of Asia-Pacific |
Middle East and Africa | GCC Turkey South Africa Rest of MEA |
LATAM | Brazil Argentina Chile Rest of LATAM |
Report Coverage |
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Retail Point of Sale Terminal Market size is estimated to reach over USD 57,750.89 Million by 2031 from a value of USD 37,100.38 Million in 2023 and is projected to grow by USD 38,549.52 Million in 2024, growing at a CAGR of 5.7% from 2024 to 2031.
Asia-Pacific is the region experiencing the most rapid growth in the retail point of sale terminal market.
The retail point of sale terminal market report includes specific segmentation details for the system by product, component, application, and region.
The key participants in the retail point of sale terminal market are Diebold Nixdorf (US), Epicor Software Corporation (US), Ingenico Group (France), NCR Corporation (US), NEC Corporation (Japan), Panasonic Corporation (Japan), PAX Technology (China), Samsung Electronics Co. Ltd (South Korea), Square, Inc. (US). VeriFone Systems, Inc. (US).