The retail sector, primarily in the South-East Asian and North American countries, is anticipated to experience high growth. The retail sales in North America in 2016 were valued at more than USD 5 billion. The increasing disposable income, increasing online retailers, and growing penetration of smartphones is driving the retail sector in North America. Retailers in these regions are retaining customers by customizing offerings, providing variable payment methods, and mapping consumer patterns.
Retail POS Terminals Market is projected to be worth over USD 40 billion by 2024; according to a recent research report published by Global Market Insights, Inc. Technological advancements such as the advent of near field communication (NFC) technology and biometrics has revolutionized the retail POS terminals market. Integrated card machines allow the usage of multiple payment techniques and can also gather data for providing in depth analysis. Business owners are now required to provide flexible payment option such as credit cards, checks, and digital payments to attract customers.
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Furthermore, continued increase in performance of companies acting in auto retail, home improvement, dollar store, & drug store and specialty retail, supermarkets, & department stores sectors are expected to present several growth opportunities for the retail POS terminals market.
The rising demand for cloud-based POS systems is anticipated to drive the retail POS terminals market during the forecast timespan owing to the cost effectiveness and the reduced need for frequent upgrades. Additionally, advanced SaaS systems integrates customer resource management (CRM) solutions to combine historical customer data to influence online ordering, loyalty programs, and targeted marketing.
Intense competition between players has led to business owners improving their facilities and technologies such as the integration of mPOS terminals. These allow an increase in interactions, elimination of excessive waiting times, and insights into the customer buying profile. mPOS terminals lower the amount of space taken up by regular cash wraps and counters.
A substantial amount of occupied counter space can be utilized to expand the store’s inventory and display or to improve the customer comfort. Various retailers such as Apple and Home Depot have recognized the benefits of mPOS and have integrated them into their business operations and is anticipated to drive the retail POS terminals market.
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The rising demand for SaaS and cloud based solutions is anticipated to augment the retail POS terminals market growth and create new opportunities for vendors. Evolution in hacking and cybercrimes poses a high security threat and can lead to the theft of personal customer information, financial resources, and the loss of reputation amongst customers. The equipment and the software require continuous updating and management to ensure the technology can keep up cybercrime evolution.
The EMV card and card-reader growth is predicted to be highly concentrated in the European region owing to the European mandate that necessitates the integration or upgrade of all POS terminals with EMV by 2020. This will augment the retail POS terminals market demand for contactless card payments across most regions in Europe over the forecast timespan and reduce the threat of fraud and identity theft. Additionally, customer reward programs require efficient retail POS systems to monitor the data. Various POS systems such as ERPLY and ShopKeep integrate this technology to tightly monitor reward programs and enhance customer retention.
Players operating in the global retail POS terminals market include Toshiba Corporation, Samsung Electronics Co., Ltd., VeriFone Systems Inc., Ingenico Group, NCR Corporation, Panasonic Corporation, PAX Technology Inc., and Hewlett-Packard Company. Companies operating in the retail POS terminals market undertake business strategies such as acquisitions, collaborations, and product innovations to sustain growth.
Browse key industry insights spread across 229 pages with 248 market data tables & 99 figures & charts from the report, “Retail (Point of Sale) POS Terminals Market Size By Product (Mobile, Fixed), By Component (Software, Hardware, Services [Professional Services, Support & Maintenance, Training]), By Application (Department Stores, Supermarkets/Hypermarkets, Warehouse, Convenience Stores, Discount Stores, Specialty Stores), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Mexico), Application Potential, Price Trends, Competitive Market Share & Forecast, 2017 – 2024” in detail along with the table of contents:
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