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Retail POS Terminals Market Size, Share, Top Key Players, Impacting Factors, Regional Outlook And Forecast To 2033
Retail POS Terminals Market
According to The Business Research Company's, 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 in the historic period can be attributed to cost reduction and affordability, enhanced analytics and reporting, retail industry evolution, integration of mobile devices, emergence of cloud-based solutions..
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 growth in the forecast period can be attributed to enhanced user experience, e-commerce and in-store integration, adoption of subscription-based models, compliance with security standards, data analytics and personalization.. Major trends in the forecast period include mobile pos expansion, subscription-based services, contactless payments, omnichannel capabilities, customization and flexibility..
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Market Drivers and Trends:
Surging cashless payments is significantly contributing to the growth of the retail POS terminals market going forward. Cashless payments refer to payments made or accepted without the use of hard cash such as payments made via credit/debit cards, cheques, demand draft, national electronic funds transfer, real-time gross settlement, or any other form of online payment. In retail stores, POS terminals are used to process cashless payments such as credit and debit cards using software to read magnetic strips on the cards and process other cashless payments like mobile payments. For instance, according to an article published by Finaria, a UK-based finance and investment company, the value of digital payments increased by 22 percent from $5.4 trillion in 2020 to $6.6 trillion in 2021. Therefore, surging cashless payments is driving the retail POS terminals market.
Technological advancement is the key trend gaining popularity in the retail POS terminals market. Major companies operating in the retail POS terminals market are focusing on developing advanced POS technology platforms to gain a competitive edge in the market. For instance, in September 2022, Shift4, a US-based payment processing company launched SkyTab POS, a next-generation point-of-sale (POS) technology, which features state-of-the-art equipment, strong functionality, potent management tools, and different mobile options. Restaurant owners can manage all elements of their business and provide amazing guest experiences due to SkyTab, a cutting-edge, all-in-one technology platform. The software developed by SkyTab for Android offers extensive features to help modernize and empower food service operations. Additionally, it has built-in marketing tools and a loyalty program, contactless/QR code ordering and payment, mobile devices for tableside ordering and payment, eGift cards, and much more.
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Major Key Players of the Market:
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
Retail POS Terminals Market 2024 Key Insights:
• The retail pos terminals market will grow to $42.63 billion in 2028 at a compound annual growth rate (CAGR) of 11.9%.
• Cashless Payment Surge Fuels Growth In The Retail Pos Terminals Market
• Technological Advancements Propel Innovation In The Retail Pos Terminals Market
• North America was the largest region in the retail POS terminals market in 2023
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