The industry statistics report “Retail (Point of Sale) POS Terminals Market Size By Product (Mobile, Fixed), By Services (Professional services, Support & Maintenance, Training), By Component (Software, Hardware), By Application (Department Store, Supermarket/Hypermarket, Warehouse, Convenience, Discount Store, Specialty Store, Drugstore, Category Store), 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, 2016 – 2024”. Retail Point of Sale Terminals Market size to grow at 14% CAGR from 2016 to 2024: as per a new research report by Global Market Insights, Inc.
Rising popularity of non-cash transactions due to the digitization of payments, technological innovation, and proliferation of immediate payments will fuel global retail POS terminals market growth. Cash handling and cost elimination further contributes towards the global demand. Increasing investment from the technology providers to offer advantages such as digital mishap control, reduced payment processing time, and low fee charges will drive Retail point of sale terminals market size.
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Mobile retail POS terminals market is anticipated to witness substantial growth at over 18% CAGR from 2016 to 2024. Advancements in wireless technology and emergence of mobile wallets are responsible for industry growth forecasts. Moreover, the advantages such as low upfront cost, easy usage, positive return on investment, and portability, have collectively spurred mobile POS terminals market consumption.
Manufacturers in the retail POS terminals market facilitate customized services including offers & loyalty initiatives, coupons, and suggestions, resulting in enhanced customer satisfaction. Emergence of advanced payment technologies such as NFC and Europay, Master Card and Visa (EMV) coupled with the increasing adoption of payment options such as debit and credit cards have played their role in demand development. Technology advancements have improved cost effectiveness and features such as Quick Payment Service (QPS), automated download, and back-lighted keyboards leading to the high adoption rate.
Supermarkets/hypermarkets will witness increase adoption in the coming years owing to the maximum RoI and increasing focus on enhanced customer experience. Ability to reduce manual error and regular inventory track is enhancing the usage resulting in retail POS terminals market growth. Data security and costly software upgrades are challenges for companies operating in the industry.
Support & maintenance services accounted for over 20% of the 2015 retail POS terminals market share, due to the increase in demand for optimization of the IT software and hardware infrastructure of an organization in regions such as North America and Europe. Training services will be driven by the increasing demand across developing countries for proper guidance and familiarity with the technology.
Browse key industry insights spread across 170 pages with 128 market data tables & 99 figures & charts from this 2017 report Retail (Point of Sale) POS Terminals Market in detail along with the table of contents:
Growing adoption of cloud computing technology and mobile devices will continue strengthening the demand for software. Increasing requirement of data security across the retail industry will further boost the demand for advanced software solutions.
India retail POS terminals market share is expected to witness considerable demand gains due to government efforts and stringent rules & regulations to promote digital payments in the country. In addition, demonetization issues and demand for mobile payments are expected to surge the adoption across the region.
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Players operating in the industry include PAX, Ingenico, NEC, VeriFone, Cisco, MICROS, HP, Samsung, and Panasonic. Technological advancements and innovation are the key strategies to maximize share and to compete in the highly competitive retail POS terminals market.
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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