Retail POS Terminals Market size worth over $45bn by 2026
Published Date: July 28, 2020 Authors: Preeti Wadhwani, Saloni Gankar
Retail POS Terminals Market size is set to exceed USD 45 billion by 2026, according to a new research report by Global Market Insights, Inc.
The retail POS terminals market growth is due to the rising demand for EMV-compliant mPOS terminals. These terminals prevent fraud through chip authentication and reduce the risk of unauthorized payments in retail stores. The chip on cards and POS terminals creates a unique, encrypted code, ensuring security and privacy of users. The EMV liability shift that came into effect in October 2015 also directed merchants to shift to an EMV-enabled POS terminal to avoid fraudulent transactions at their business centers. The implementation of EMV technology among merchants resulted in 76% decline in counterfeit card fraud in December 2018.
Government initiatives in several countries to develop an integrated and efficient structure for payment services and implement secure digital payments will support the adoption of POS terminals among retailers. For instance, the European ‘eGovernment Action Plan 2016-2020’ is aimed at promoting electronic payments for enhancing digital interaction between government and its citizens. The increase in the adoption of digital payment services to reduce the reliance on cash-based transactions is anticipated to fuel the retail POS terminals market revenue.
Fixed POS terminals to showcase significant demand from retailers to streamline operations by enabling fast check-outs
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Fixed retail POS terminals can be installed in large retail stores where customers can pay using their cards or smartphones, without the need for intervention by store employees. Retail point of sale terminals streamline overall operations by reducing long customer queues at the payment counter. A network of fixed POS hardware and software can create a centralized system that enables retailers to enhance operations through all connected devices. The market players are offering fixed POS systems that enable configuration with magnetic stripe reader, biometric reader, and touch screen display. For instance, Panasonic Corporation offers a fixed retail Point of Sale terminals hardware that is equipped with heavy duty touchscreens, helping retail market players to improve customer experience.
Browse key industry insights spread across 300 pages with 500 market data tables and 26 figures & charts from the report, “Retail POS Terminals Market Size, By Product (Mobile, Fixed), By Component (Software, Hardware, Services [Professional, Support & Maintenance, Training]), By Application (Department Stores, Supermarkets/Hypermarkets, Warehouses, Convenience Stores, Discount Stores, Specialty Stores), Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2020 – 2026’’ in detail along with the table of contents:
Retail POS terminals software to gain traction with enhanced operational efficiencies and increase in productivity
The market demand for tracking sales, inventory, employee & customer management and improving business performance across retail chains has led to increased demand for an effective POS software. Cloud-based POS software is observing high adoption among retailers as it offers real-time data, omnichannel execution, and a unified experience. Integration of the software at stores helps retailers to provide their customers with a more personalized shopping experience. The retail POS terminals software allows management of various customer-oriented functions, such as promotions, customer loyalty programs, gift cards, exchanges, and discounts, among others, helping retailers to increase sales and profit.
Growing adoption of electronic payment techniques in the U.S. will support the retail POS terminals market expansion
The electronic payments sector in the U.S. is growing, with increasing number of consumers using mobile payment apps for online transactions. The market adoption of payment applications including PayPal, Venmo, Zelle, Apple Pay, and Google Pay has been witnessed among consumers in the country. Moreover, increasing use of digital payment techniques will surge the demand for POS terminals in the region.
Growing adoption of retail POS terminals will offer improved customer service from specialty stores
Specialty stores face intense competition from wholesale and one-stop-shop merchants that offer convenience and low-priced products. These stores are focusing on providing enhanced in-store experience to compete in the retail industry. Retail POS solutions help specialty store owners to deliver fast & efficient service, provide personalized experience to drive loyalty, and streamline operations such as purchasing, inventory, pricing, and promotions. They can use the software to track and store customer buying patterns to offer them customized services and promotional offers.
Strategic partnerships to enhance product offerings is a key trend among market players
Key participants in the retail POS terminals market include Ingenico Group, Panasonic Corporation, NCR Corporation, Micros Retail Systems Inc., Samsung Electronics Co. Ltd., Pax Technology Inc., Hewlett Packard Enterprise Company, Toshiba Corporation, and Epicor Software Corporation.
Industry players are partnering with technology providers to strengthen their product portfolios. In February 2020, Pax Technology Inc. partnered with retail Point of Sale terminals Supply Solutions, a provider of POS supplies, to develop an app that enables merchants to order receipt paper through their POS terminals. POS Supply Solutions aims to make its products more accessible to customers with the use of PAXSTORE.