Sep 12, 2022, 03:15 ET
Key retail POS terminals market participants include NEC Corporation, TOSHIBA Global Commerce Solutions, NCR Corporation, Ingenico Group (Wordline), Panasonic Corporation, Pax Technology Inc., VeriFone Holdings, Inc., Diebold Nixdorf, Incorporated, and Hewlett Packard Enterprise Company.
SELBYVILLE, Del., Sept. 12, 2022 /PRNewswire/ -- The Retail Pos Terminal Market revenue is expected to cross a valuation of US$ 60 billion by 2030, according to latest research study by Global Market Insights Inc. The growing customer inclination towards cashless transactions as a leading factor driving the industry demand. Digital payments have gained significant popularity over the years, driven by the increasing internet and smartphone penetration. The World Bank estimations reveal that in 2021, developing economies held approximately 57% share in the digital payments landscape, up from 35% in 2014, with over two-thirds of adults across the globe making or receiving digital payments.
The ongoing transformation of the digital landscape, fueled by the increasing rollouts of several government-backed initiatives, has pushed the adoption of POS terminals throughout the retail stores, strengthening the retail POS terminals market outlook.
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Emergence of small businesses to foster the adoption of mobile POS terminals
Based on products, the mobile retail POS terminals segment is expected to project significant growth trends over the forecast timeframe and hold a sizeable valuation by 2030. mPOS have emerged as a preferred cost-effective alternative to traditional POS as they allow small business owners to conduct versatile transactions without being tethered to a single location or requiring any software support or an electronic register. The rapid product deployment consistently in the mobile businesses such as industry vendors, flea markets, and food trucks, coupled with the rising efforts towards minimizing the checkout and service times, will aid the retail POS terminals market expansion.
Increasing demand for cloud infrastructure
The service segment surpassed USD 4.5 billion revenue in 2021 and is anticipated to account for an appreciable revenue share over the coming years. The surging incidences of cybercrimes and hacking across financial organizations have bolstered the acceptance of retail POS terminal services. The integration of cloud and SaaS-based solutions ensure the security of customer data, provides precise and complete sales report, and help enhance business mobility. In addition, their capability of allowing inventory tracking in the numerous outlets and speeding up the product return process will further drive product demand in the foreseeable future.
Increasing automation in European retail sector
The Europe retail POS terminals market held over 23% of the revenue share in 2021 and is expected to depict a noticeable valuation by 2030. The emergence of large retail stores and the increasing deployments of self-checkout systems in these settings may positively influence the regional landscape. POS systems streamline self-checkouts in and around supermarkets, eliminating the requirement to employ dedicated staff on cash counters. The surging retail automation trends in countries such as France may create new growth prospects for the retail POS terminals industry in the region.
Growing popularity of handheld POS devices
Convenience stores segment may emerge as a major shareholder in the retail POS terminals market. The sector recorded over USD 2 billion in valuation in 2021 and is projected to account for significant gains from 2022 to 2030. The increasing utilization of handheld POS devices in these establishments due to their flexibility, cost-effectivity, ease of operation, and convenience may help the retail POS terminals industry register lucrative gains. These devices support features such as inventory management, custom reporting, daily business tracking, employee management, and scheduling that hold substantial importance in convenience stores, thus boosting their demand.
Portfolio expansion to strengthen the competitive outlook
Top players in the retail POS terminal market are NEC Corporation, TOSHIBA Global Commerce Solutions, NCR Corporation, Ingenico Group (Wordline), Panasonic Corporation, Pax Technology Inc., VeriFone Holdings, Inc., Diebold Nixdorf, Incorporated, and Hewlett Packard Enterprise Company. These companies have been focusing on leveraging advanced technologies to expand their product offering and safeguard their dominance.
For instance, in May 2022, NCR Corporation, with a view to developing its portfolio and enhancing customer experience, rolled out a new rendition of NCR Aloha Cloud, a cloud-enabled POS solution with easy payment processing and refreshed user interface. The technology provides the same order-taking & payment experience for staff in the fixed and handheld terminals.
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Partial Table of Contents (ToC) of the report:
Chapter 2 Executive Summary
2.1 Retail POS terminals industry 3600 synopsis, 2018 - 2030
2.1.1 Business trends
220.127.116.11 Total Addressable Market (TAM), 2023-2030
2.1.2 Regional trends
2.1.3 Product trends
2.1.4 Component trends
2.1.5 Application trends
Chapter 3 Retail POS Terminals Industry Insights
3.2 Impact of coronavirus (COVID-19) pandemic
3.3 Industry ecosystem analysis
3.4 Impact of Russia-Ukraine war
3.5 Technology & innovation landscape
3.7 Industry impact forces
3.7.1 Growth drivers
18.104.22.168 Penetration of EMV compliant POS terminals in the U.S.
22.214.171.124 Increasing penetration of mobile POS across several channels
126.96.36.199 Increase in NFC and contactless payments in Europe and Asia Pacific
188.8.131.52 Inclination towards online payments in Europe & North America
184.108.40.206 Infrastructure development in South America
3.7.2 Industry pitfalls and challenges
220.127.116.11 Data security concerns
18.104.22.168 Lack of reliable and advanced infrastructure
3.8 Key initiative
3.9 Price trend analysis
3.10 Growth potential analysis
3.11 Porter's analysis
3.12 PESTEL analysis
Browse Complete Table of Contents (ToC) @ https://www.gminsights.com/toc/detail/retail-point-of-sale-pos-terminals-market
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