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Retail POS Terminal Market Trends

Report ID: GMI291
Published Date: Jun 2024
Report Format: PDF

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Retail POS Terminal Market Trends

Access to real-time data enables retailers to customize marketing & promotional strategies according to the current consumer behavior, thereby increasing the effectiveness of these efforts and driving sales. Additionally, by automating repetitive processes such as inventory updates and sales tracking, centralized point-of-sale (POS) systems improve operational efficiency by freeing up employees to focus on value-added activities and customer support.

The retail scene is changing as a result of the integration of cutting-edge POS technologies and centralized systems, which enables companies to run more smoothly and provide better client experiences. The market for retail POS terminals has been steadily expanding due to this trend.

For instance, in May 2022, GK Software SE partnered with Rizing, LLC, an SAP consulting services provider, to develop advanced retail solutions. These solutions were intended to be integrated by GK and SAP into SAP's omni channel point-of-sale (POS) system. This partnership improved SAP's POS solutions, providing merchants more advanced tools to manage omnichannel retail environments, increase customer satisfaction, and streamline operations. Through the combined knowledge of GK Software SE and Rizing, LLC, the alliance provided creative, scalable, and durable solutions that adapt to the changing demands of the retail sector.

Authors: Preeti Wadhwani, Aishvarya Ambekar

Frequently Asked Questions (FAQ) :

The market size of retail POS terminal reached USD 36.7 billion in 2023 and is set to witness 5.5% CAGR from 2024 to 2032, owing to the growing inclination of consumers for online payment methods and wireless technologies.

The supermarkets/hypermarkets application segment accounted for 45% of the retail POS terminal industry share in 2023, due to the rising need for reliable point-of-sale (POS) systems to effectively handle high transaction volumes and intricate inventory systems.

The hardware component segment captured 45% revenue share in 2023, as these components lasts longer and needs fewer replacements.

Asia Pacific market accounted for more than 36% revenue share in 2023, led by the increasing urbanization and the quantity of retail establishments, ranging from big-box stores to little convenience stores.