Retail Point of Sale Terminals Market Outlook: Growing efforts to encourage digital payment will push industry growth over 2016-2024
Escalating need to counter money laundering, frauds, and terrorism is expected to spur retail Point of Sale terminals market size over the coming years. Rising consumer trend towards cashless transactions to reduce queues and personnel costs will contribute substantially towards industry demand. According to Global Market Insights, Inc., “Retail Point of Sale Terminals Market revenue, valued at USD 14 billion in 2015, is anticipated to hit USD 45 billion by 2024.” Efforts to check cash-handling costs along with growing focus on online payments will produce enormous profit avenues for market.
India Retail POS Terminals Market size, by application, 2013-2024 (USD Million)
Technological inventions have played a major role in providing effective and secured digital transactions, thereby favoring the growth of retail Point of Sale terminals market. Foundry Logic provides add-on services to retailers through its retail Mobile POS applications for Apple devices such as iPod touch, iPad, and iPhone. Wide acceptance of wireless technology and increased demand for mobile wallets across the globe will push market size in the near future.
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Retail point of sale terminals are gaining optimum popularity across convenience stores, department stores, discount stores, supermarkets, category stores, specialty stores, and drug stores. Supermarkets contributed nearly 35% of retail point of sale terminals market share in 2015 and will experience a massive growth over 2016-2024. Ability to reduce human errors and improve customer service will push the revenue. Effectiveness in maintaining discount tracks and price adjustments, is anticipated to boost the industry revenue across discount stores.
Fixed and Mobile POS terminals are the key products of retail point of sale terminals industry. Mobile POS terminals market is projected to grow substantially over the coming timeframe and will accelerate the growth of retail point of sale terminals industry over the coming seven years, driven by rise in the number of smartphones, touch pads, notebooks, and iphones.
Fixed point of sale terminals industry, contributing more than 75% of retail point of sale market revenue in 2015, is projected to grow considerably over the coming seven years. High level of security, less updates, and reduced costs have added to the industry growth.
Taking into considerations the regional trends, Asia Pacific retail point of sale terminals industry is projected to witness a substantial growth over the coming years. Increasing use of mobiles across the urban as well as rural areas in countries such as China and India will push the industry revenue. In addition, government norms favoring online payments and payments via mobiles will further boost the regional growth.
North America retail point of sale terminals market is projected to experience an enormous growth in the coming years. Strict implementation of EMV as per government norms to enhance payment security is predicted to boost the industry trends across the region. Again, the presence of big industry players is forecast to contribute significantly towards the regional revenue.
Market players will try to maximize their ROI and increase their regional presence through strategic collaborations, high R&D investments, benchmarking, scientific breakthroughs, and product differentiation. MICROS Systems, Epicor Software Corporation, Cisco Systems, PAX Technology Incorporation, VeriFone Holdings Incorporation, Ingenico Group, HP Company, Toshiba Corporation, NEC Corporation, Samsung Electronics Limited, and Panasonic Corporation are the key participants of retail point of sale terminals industry.
Author Name :Dhananjay Punekar