LONDON, May 22, 2023 (GLOBE NEWSWIRE) -- As per The Business Research Company’s Retail POS Terminals Global Market Report 2023, the market size is expected to increase from $21.5 billion in 2022 to $24 billion in 2023, at a compound annual growth rate (CAGR) of more than 12%. Furthermore, the market is expected to grow to $37.5 billion in 2027 at a CAGR of more than 11%. In terms of regional market dominance, North America held the largest share of the retail POS terminals market in 2022.
One significant factor contributing to the growth of the retail POS terminals market is the rise in cashless payments. Cashless payments refer to non-cash transactions, such as credit/debit card payments, electronic funds transfer, or online payments. In retail stores, POS terminals play a crucial role in processing cashless payments, including credit and debit card transactions and mobile payments.
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Various retail POS terminals companies include Cisco Systems Inc., Epicor Software Corporation, Hewlett-Packard Company, Ingenico Group, NCR Corporation, Panasonic Corporation, PAX Technology Inc., Samsung Electronics Co. Ltd., Toshiba Corporation, and Fujitsu Ltd.
Technological advancements play a crucial role in the retail POS terminals market, with major companies focusing on developing advanced POS technology platforms to gain a competitive edge.
For example, Shift4, a US-based payment processing company, launched SkyTab POS in September 2022. SkyTab POS offers state-of-the-art equipment, robust functionality, comprehensive management tools, and various mobile options. This next-generation technology enables restaurant owners to manage their businesses effectively and provide exceptional guest experiences. The platform includes features such as contactless/QR code ordering and payment, built-in marketing tools, a loyalty program, mobile devices for tableside ordering and payment, eGift cards, and more.
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The global retail POS terminals market is segmented as-
1) By Product: Fixed POS Terminal, Portable POS Terminal, Self-Service Kiosks
2) By Component: Services, Software, Hardware
3) By Application: Department Stores, Warehouse, Discount Stores, Supermarkets Or Hypermarkets, Convenience, Speciality Stores
As the retail industry continues to evolve and adapt to changing consumer preferences and market conditions, staying informed about the retail POS terminals market becomes imperative for stakeholders. This retail POS terminals market report serves as a vital resource, offering a clear understanding of the market landscape, key trends, and future projections.
Retail POS Terminals Global Market Report 2023 by The Business Research Company provides insights on the retail POS terminals market size, retail POS terminals market segments, retail POS terminals market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 4,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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