Retail Point-of-Sale Terminals Market Size, Share & Trends Analysis Report By Product (Fixed POS Terminals, Mobile POS Terminals), By Component, By Deployment, By Application, By Region, And Segment Forecasts, 2023 - 2030

Retail Point-of-Sale Terminals Market Growth & Trends

The global retail point-of-sale terminals market size is expected to reach USD 51.62 billion by 2030, expanding at a CAGR of 7.4% from 2023 to 2030, according to a recent report by Grand View Research, Inc. Retail POS terminal software is benefitting retailers worldwide. The retail industry has undergone a significant transformation, especially in accounting systems for stores, owing to the continued advances in technology. The demand for wireless POS systems is rising as they can potentially offer employees and retailers more flexibility to perform transactions. Wireless systems allow sales representatives to move freely throughout the store, assist customers by providing more insights into the products they are looking for, and close deals on the spot.

The growing preference for non-cash transactions is particularly driving the demand for POS terminals for product delivery. The ability to fetch real-time data offered by cloud-based POS systems is emerging as the major factor driving the adoption of POS systems. The pandemic has increased hygiene and health concerns among sellers and buyers. To refrain from using cash and avoiding physical contact, there has been an increase in cashless transactions thereby supporting the adoption of advanced payment systems such as POS terminals across retail vendors.

However, growing concerns over data security and privacy protection are one of the key restraints of the retail POS terminals market. Online POS systems can be highly vulnerable to cyber risks. Given that POS systems handle sensitive information, such as customers’ debit card and credit card information, and retailers’ inventory data, among other critical information, hackers can potentially target POS systems to gain access to this sensitive data. The Payment Card Industry (PCI) Security Standards Council is playing a niche role in strengthening the security of payment systems by drafting standards and encouraging all stakeholders to implement these standards appropriately.

Retail Point-of-Sale Terminals Market Report Highlights

• The mobile POS terminals segment is anticipated to observe a CAGR of 10.1% during the forecast period. mPOS solutions help process payments more reliably and cheaply compared to fixed POS solutions. mPOS solutions enable retailers to store details regarding customers’ choices, which can be used to guide sales conversations in future visits
• The software segment is expected to observe a CAGR of 9.9% during the forecast period. The increasing demand for secure and safe payment techniques and rapid digitization globally are also contributing to the growth of the POS software segment
• The cloud segment is expected to observe a CAGR of 10.0% during the forecast period. The number of devices deployed with cloud-based solutions has increased owing to the low cost of procurement, installation, and maintenance
• The supermarkets/ hypermarkets segment is expected to observe a CAGR of 8.8% during the forecast period. The increasing demand across the sector for cloud POS terminals to ensure secure storage of all payment transactions, precise and detailed sales records, profit margins, bestselling products, number of products sold, and other statistics involved in sales reports
• Asia Pacific is expected to grow at the fastest CAGR of 8.8% from 2023 to 2030 owing to the growing strategic alliances among the POS terminals vendors and retail sectors across China and India. The companies are engaged in partnerships/collaboration/acquisitions aimed at providing better POS terminal solutions targeting retailers. Further, the government of India has also been lenient in regulations concerning POS machine testing

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