Global retail POS terminals market is expected to grow from $21.54 billion in 2022 to $24.20 billion in 2023

The global retail POS terminals market is expected to grow from $21.54 billion in 2022 to $24.20 billion in 2023 at a compound annual growth rate (CAGR) of 12.4%. The retail POS terminals market is expected to grow to $37.56 billion in 2027 at a CAGR of 11.6%.

The retail POS terminals market  report provides retail POS terminals market statistics, including retail POS terminals industry global market size, regional shares, competitors with retail POS terminals market share, detailed retail POS terminals market segments, market trends, and opportunities, and any further data you may need to thrive in the retail POS terminals industry.

Surging cashless payments is significantly contributing to the growth of the retail POS terminals market going forward. Cashless payments refer to payments made or accepted without the use of hard cash such as payments made via credit/debit cards, cheques, demand draft, national electronic funds transfer, real-time gross settlement, or any other form of online payment.

In retail stores, POS terminals are used to process cashless payments such as credit and debit cards through the use of software to read magnetic strips on the cards and also process other cashless payments like mobile payments. For instance, according to an article published by Finaria, a UK-based finance and investment company, the value of digital payments increased by 22 percent from $5.4 trillion in 2020 to $6.6 trillion in 2021. Therefore, surging cashless payments is driving the retail POS terminals market.

Technological advancement is the key trend gaining popularity in the retail POS terminals market. Major companies operating in the retail POS terminals market are focusing on developing advanced POS technology platforms to gain a competitive edge in the market.

For instance, in September 2022, Shift4, a US-based payment processing company launched SkyTab POS, a next-generation point-of-sale (POS) technology, which features state-of-the-art equipment, strong functionality, potent management tools, and different mobile options.

Restaurant owners can manage all elements of their business and provide amazing guest experiences due to SkyTab, a cutting-edge, all-in-one technology platform. The software developed by SkyTab for Android offers extensive features to help modernize and empower food service operations. Additionally, it has built-in marketing tools and a loyalty program, contactless/QR code ordering and payment, mobile devices for tableside ordering and payment, eGift cards, and much more.

In April 2022, POS Nation, a US-based retail point-of-sale solutions provider acquired Bottle POS for an undisclosed amount. This acquisition will allow POS Nation to better serve its diverse network of liquor retail customers and extend Bottle POS sales to liquor merchants searching for an industry-specific solution. Bottle POS is a US-based liquor point-of-sale software provider.