Retail POS Terminals Global Market Report 2024

The retail pos terminals market size has grown rapidly in recent years. It will grow from $24.12 billion in 2023 to $27.17 billion in 2024 at a compound annual growth rate (CAGR) of 12.7%. The growth observed in the historical period can be attributed to factors such as cost reduction and affordability, advancements in analytics and reporting capabilities, the evolution of the retail industry, integration of mobile devices in point-of-sale systems, and the emergence of cloud-based solutions. These factors collectively contributed to the development and adoption of retail POS terminals during the historic period.

The retail pos terminals market size is expected to see rapid growth in the next few years. It will grow to $42.63 billion in 2028 at a compound annual growth rate (CAGR) of 11.9%. The anticipated growth in the forecast period can be attributed to factors such as enhanced user experience, increased integration of e-commerce and in-store functionalities, adoption of subscription-based models, compliance with security standards, and a focus on data analytics and personalization in retail POS terminals. Major trends expected in the forecast period include the expansion of mobile POS, the adoption of subscription-based services, the rise of contactless payments, the incorporation of omnichannel capabilities, and an emphasis on customization and flexibility in retail POS solutions.

The significant rise in cashless payments is a key factor contributing to the anticipated growth of the retail POS terminals market. Cashless payments involve transactions conducted without physical currency, encompassing credit/debit cards, cheques, demand drafts, national electronic funds transfer, real-time gross settlement, and various forms of online payments. In retail settings, POS terminals play a pivotal role in processing cashless payments, including credit and debit card transactions and other forms of digital payments such as mobile payments. As reported by Finaria, a UK-based finance and investment company, the value of digital payments witnessed a notable increase of 22 percent, rising from $5.4 trillion in 2020 to $6.6 trillion in 2021. This surge in cashless payments is a driving force behind the growth of the retail POS terminals market.

The increasing demand for digital payments is poised to propel the expansion of the retail POS terminals market in the foreseeable future. Digital payments involve electronic transactions rather than physical cash, and retail POS terminals play a crucial role in facilitating these transactions. These terminals enable merchants to accept a diverse range of payment options, including credit cards, debit cards, and contactless payments. A survey conducted by McKinsey & Company in October 2023, involving 1,180 US consumers, revealed a rise in the adoption of digital payments from 65% in 2021 to 73% in 2023. This growing demand for digital payments is a significant driver of the retail POS terminals market.

Technological advancement stands out as a prominent trend gaining traction in the retail POS terminals market. Major companies in this market are concentrating on the development of advanced POS technology platforms to gain a competitive edge. For example, Shift4, a US-based payment processing company, launched SkyTab POS in September 2022. This next-generation POS technology encompasses state-of-the-art equipment, robust functionality, powerful management tools, and various mobile options. SkyTab facilitates comprehensive business management and enhances guest experiences in the food service industry. The Android-based software offers extensive features, including marketing tools, a loyalty program, contactless/QR code ordering and payment, mobile devices for tableside transactions, eGift cards, and more.

Major players in the retail POS terminals market are directing their efforts toward the development of innovative products, such as handheld POS systems, to gain a competitive advantage. Handheld POS systems are mobile devices that enable businesses to accept payments and manage sales transactions on the move. Shopify Inc., a Canada-based e-commerce company, introduced POS Go in September 2022. This handheld POS system features a built-in barcode scanner, card reader, and inventory tracker, catering to small and medium-sized businesses seeking a straightforward and affordable solution for payment acceptance and inventory management. POS Go is especially suitable for businesses requiring a portable POS system that can be used anywhere within the store, running on Shopify's POS software for unified business management.

In April 2022, POS Nation, a US-based provider of retail point-of-sale solutions, acquired Bottle POS in an undisclosed deal. This strategic acquisition enhances POS Nation's ability to cater to a diverse network of liquor retail customers and expands the availability of Bottle POS sales to liquor merchants seeking an industry-specific solution. Bottle POS, a US-based provider, specializes in liquor point-of-sale software.

Major companies operating in the retail pos terminals market report are Cisco Systems Inc., Epicor Software Corporation, Hewlett-Packard Company, Ingenico Group, NCR Corporation, Panasonic Corporation, PAX Technology Inc., Samsung Electronics Co. Ltd., Toshiba Corporation, VeriFone Systems Inc., Shopify Inc., Zettle by PayPal, Block Inc., Lightspeed Commerce, Clover Network LLC, Cegid Group, Ctac N.V., Fujitsu Ltd., Micros Retail Systems Inc., Casio Computer Co. Ltd, Diebold Nixdorf, Cow Hills Retail B.V., Agilysys Inc., GK Software SE, Infor Inc., Aptos Inc., Toast Inc., TouchBistro Inc., Bindo Labs Inc., SumUp, Clip.

North America was the largest region in the retail POS terminals market in 2023. The regions covered in the retail pos terminals market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the retail pos terminals market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The main products in the category of retail POS terminals include fixed POS terminals, portable POS terminals, and self-service kiosks. Fixed POS terminals are positioned primarily on checkout lanes or counters for check-out applications. These terminals consist of various components, including services, software, and hardware, and find applications in department stores, warehouses, discount stores, supermarkets or hypermarkets, convenience stores, and specialty stores.

The retail POS terminals market research report is one of a series of new reports that provides retail POS terminals market statistics, including retail POS terminals industry global market size, regional shares, competitors with retail POS terminals market share, detailed retail POS terminals market segments, market trends, and opportunities, and any further data you may need to thrive in the retail POS terminals industry. This retail POS terminals market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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