Retail POS terminals market
Retail POS terminals market to witness a double-digit (10%) CAGR over 2017-2024, product innovations to outline the competitive landscape
Retail POS terminals market, often claimed as one of the fasting growing business spaces of recent times, is highly driven by the digital influence in the financial sector. Over the recent years, cashless mode of payment has observed a tremendous surge, a factor that has massively proliferated the demand for adequate acceptance infrastructure like POS terminals. According to the Federal Reserve Payment Study of 2016- the number of non-cash transaction in U.S. including credit card, debit card, check payments, and ACH has crossed almost 144 billion in 2015, having a valuation of over USD 178 trillion. Total non-cash payment transaction in the country has risen by almost 5.3% by number and 3.4% by value over 2012-2015, having held a valuation of USD 17 trillion in 2012, cite sources. The aforementioned statistics not only cite the growth potential of retail POS terminals market, but have also sourced a plethora of technology behemoths to invest in the business space.
China retail POS terminals market size, by application, 2016 & 2024 (USD Million)
Notable behemoths of retail POS terminals market including Toshiba Corporation, VeriFone Systems Inc., Samsung Electronics Co., Ingenico Group, Panasonic Corporation, NCR Corporation, Hewlett-Packard Company, and PAX Technology Inc. have been increasingly vying up with one another to bring innovative technology in the foreground. For instance, Mastercard, the U.S. based financial conglomerate has recently teamed up with Verifone, in a bid to roll out an innovative point-of-sale financial application in U.K. retail space. Claimed to be the first of its kind in Britain, the ‘Mastercard application app’ is reported to launch on Verifone’s patent payment terminals at some of the specific U.K. retailers in January, and then it would be rolled out to other shops across the nation down the line. This absolutely state-of-the-art POS financial app is deemed to garner a mass popularity in Britain retail space, leaving a subsequent impact on the regional retail POS terminals industry.
Another pathbreaking innovation, that has, of late, fetched much of an attention in retail POS terminals market is HP’s all-in-one POS system, ElitePOS. Reportedly, with the launch of this innovative, versatile POS solution at ‘India Retail Forum 2017’, the American multinational tech giant is planning to work with hospitality customers and leading retailers to enhance customers’ in-store experience. For the record, ElitePOS features a sleek modular design and is capable of supporting several other applications apart from check out and payment such as employee attendance, interactive signage, and several other self-service applications. Overall retail POS terminals marketplace is all inclusive of similar breakthroughs, which is likely to bring major disruption in the business space over the ensuing years.
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The latest trends of retail POS terminals market are extensively tech-driven, given the mammoth proliferation of IoT in retail space. Retail management systems, nowadays have been increasingly deployed for web applications. However, in order to bring a consequential transformation in the retail business with regards to efficiency and performance, it is imperative to explore newer technologies. Cloud-based computing observes a huge potential in this regard. Subject to the cost competitiveness and reduced manpower requirement, high accuracy, and in-depth insight, cloud-based POS systems are witnessing a heavy demand in the retail space, which by extension is making noteworthy contribution in retail POS terminals industry share.
Technological advancements such as biometrics, and NFC (Near Field Communication) technology, have completely revolutionized the age-old concept of retail business. Business owners, nowadays, have been depicting a high interest in flexible payment option such as checks, digital payments, and credit cards, which by extension is upscaling the retail POS terminals industry demand. As far as the technological proliferation is concerned, U.S. is expected to emerge as stronger growth ground for retail POS terminals industry in the coming years.
One of the pivotal factors that can be held responsible for the massive expansion of retail POS terminals market is the widespread application matrix. Practically in every retail business sphere ranging from cash payment and consumer data collection to inventory management, the requirement of efficient POS systems is surging day by day. With incessant efforts undertaken by the leading retail giants to improve the operational efficiency and customer experience, retail POS terminals industry size is sure to widen in the coming years. It is imperative to mention here that a considerable economic upliftment across major economies is phenomenally complementing the business opportunity. Given that expanding application horizon of POS systems across retail vertical, retail POS terminals market size, according to Global Market Insights, Inc., is slated to record a valuation of USD 40 billion by 2024.
Author Name : Satarupa De
An outline of POS terminals market with competitive spectrum as frame of reference, global industry to be characterized by a plethora of M&As & collaborations over 2018-2024
Ezetap’s recent acquisition of FortunePay is a vital indicator of the growth in (Point of Sale) POS Terminals market. Similar to the growth strategies adopted by most markets, mergers & acquisitions and novel product launches primarily form the strategy landscape of POS terminals industry as well. In June 2017, Bangalore based POS firm Ezetap had acquired FortunePay, an online payment & physical payment service provider to banks in India. This deal is anticipated to help Ezetap avail the latter’s infrastructure and become a sole payment service provider for the traders in India. Earlier in June 2014, Ezetap had also collaborated with SBI (State Bank of India) to install 500,000 point of sale terminals across India over the coming five years. With more and more companies undertaking strategic tactics, POS terminals market is sure to carve out an appreciable growth map over 2018-2024.
UK POS terminals market, by application, 2017 & 2024 (USD Billion)
An outline of the POS terminals market trends in terms of contributions by the industry veterans:
In January 2017, Fujitsu, a Japanese multinational IT equipment & service firm, launched Fujitsu TP8TM, a family of retail POS terminals, which was developed to optimize and improve the online payment performance across supermarkets, department stores, drug stores, and mass merchant stores. The new product also enhances the shopping experience of the customers across retail stores through its exceptional modularity. These new product innovations are expected to result in the robust expansion of POS terminals market.
In February 2017, OMA Emirates Group, a UAE based payment service provider, purchased MobiSwipe, one of the leading mPOS service providers. The acquisition will help OMA to expand its service portfolio across APAC, Middle East, and East Europe. MobiSwipe permits traders to make use of smartphones and tablets as POS terminal devices to accept payments via debit or credit cards. In a vital breakthrough, MobiSwipe, now a part of the OMA Emirates Group, in April 2017, announced the setup of more than 50,000 mPOS terminals in India within nine months. This is an instance of how major firms have been taking key initiatives to promote cashless deals in the country and explore new business growth avenues across India (Point of Sale) POS terminals industry.
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In May 2017, Mswipe, a startup firm in the mPOS terminals industry, formed a joint venture with PayU India, a digital payment service provider, to expand its online payment business through the purchase of the latter’s offline merchant acquiring business. As per the reports from reliable sources, PayU had acquired more than 9000 offline traders across India, who, along with their point of sale business will be moved to Mswipe. Dealers transacting with Mswipe can now use PayU India’s online payment options. According to expert opinions, the strategic alliance between the online payment service providers will benefit both in terms of revenue generation as well the consolidation of their positions in POS terminals market.
In July 2017, ScanSource Incorporation, a leading service provider of point-of-sale, barcode, networking, and data solutions, acquired POS Portal Incorporation, distributor & renter of POS devices, for USD 144.9 million to extend and improve its POS payment services across the globe. This is ScanSource’s sixth acquisition since last three years, with its recent purchase being Intelisys, a technology service distributor and master agent of carrier, telecom, & cloud solutions, for USD 83.6 million in June 2017.
The same year also witnessed NEXTEP SYSTEMS, a provider of self-order POS services, form a strategic alliance with LevelUp, the largest mobile payment platform developed by Massachusetts-based startup firm SCVNGR. The alliance will enhance the service efficiency of both the firms by offering more effective and user-friendly online payment options. Speedy self and mobile ordering operations, ensuring a seamless and personalized experience for the users are expected to spur the business expansion and ROI of both these firms, thereby providing a boost to POS terminals industry. Global Market Insights, Inc., claim POS terminals market share to surpass USD 125 billion by 2024.
POS terminals industry is an evolving business sector with big players investing heavily in R&D activities to develop new technologies and products for gaining competitive edge. It is more likely that rapid expansion of POS terminals market will encourage new service providers and manufacturers to enter the business further encouraging the existence of fierce competition in the industry. VeriFone Systems Inc., Panasonic Corporation, Ingenico Group, PAX Technology Inc., and Toshiba Corporation are some of the major brands of POS terminals industry.
Author Name : Saipriya Iyer