Retail POS Terminals Market Size By Product (Mobile, Fixed), By Component (Software, Hardware, Services [Professional, Support & Maintenance, Training]), By Application (Department Stores, Supermarkets/Hypermarkets, Warehouses, Convenience Stores, Discount Stores, Specialty Stores), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2022 - 2030
The global retail POS is likely to record an appreciable valuation by 2030, exhibiting a noticeable CAGR through the forecast period. The growth can be credited to the significant rise in investments focused on improving and modernizing infrastructure in regions such as South America.
For instance, at the recent G7 summit, in August 2022, the US pledged to raise USD 335 million to strengthen internet service providers and financial technology companies in Africa, Asia, and Latin America. These investments have significantly pushed the demand for the latest technologies across various industrial verticals, driving the expansion of the retail POS terminals industry. In addition, the ongoing expansion of the retail infrastructure, creating stiff competition among market participants, will positively influence the market landscape.
With respect to the product spectrum, the mobile POS terminals segment is poised to account for a sizeable valuation through 2030, expanding at a substantial growth rate during the forecast period.
Mobile POS or mPOS terminals have gained significant popularity among retailers due to their portability and ease of operation. The deployment of these systems eliminates the hassle of purchasing a lot of specialized terminals or dedicated hardware, saving a lot on expenses. Besides, a range of benefits offered by these devices, including automatic data backup, increased mobility, easy installation, seamless updates, etc., will foster their adoption in the forthcoming years.
Based on components, the retail POS software segment is expected to grow substantially between 2022 and 2030. Retail POS software is designed for deployment across retail stores to manage operations such as accounting, retail billing, delivery, ordering, inventory, etc. These operational improvements help elevate the customer experience by enabling quicker payments, faster scanning of items, and reducing waiting time, translating into repeated purchases.
The emerging requirement to deliver end-to-end customer experience and employing software that offers a 360-degree view of customers and inventory will support the segment growth.
Regarding the application, the retail POS terminals industry may register lucrative gains through specialty stores. The segment is speculated to expand at over 10% CAGR during the assessment period and may exhibit noteworthy growth trends in the forthcoming years. Specialty stores deal in brand-associated items and multiple product ranges, requiring efficient inventory management to run and grow business and increase sales.
The surging requirement for efficient POS software across establishments such as pet, hardware, and grocery stores to manage inventory requirements and process transactions may propel market revenue.
Regionally, the South America retail POS terminal market is anticipated to exceed USD 6.3 billion by 2030, growing at a noticeable CAGR during the prediction period. The rapid expansion of the retail sector, coupled with the growing adoption of digital solutions by retailers to avoid long queues and ensure faster payment at cash counters, may aid the growth of the regional industry.
Besides, the surging retail automation and digitization trends and a notable rise in investments focused on the development of a digital infrastructure may boost the demand for retail POS terminals across South America.
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