Retail POS Terminals Market Size to reach $40bn by 2024

Retail POS Terminals Market size is set to reach 40 billion by 2024; according to a new research report by Global Market Insights, Inc.
 

Increasing smartphone penetration is encouraging the retail industry to adopt advanced payment systems to improve business operations and reduce expenses, driving the retail POS terminals market growth. Retailers are increasingly shifting their POS terminals to mobile devices owing to the growth in smartphone adoption and the need to provide better shopping experiences to their customers. The mobile POS terminals offer better user experience, flexibility, easy accessibility, and mobility. These terminals are highly adopted by retailers due to their customer analytics features. The stores are increasing the adoption of POS tablets as they enable fast payment processing and help in reducing the installation costs. Moreover, companies are partnering with mobile payment service providers to provide contactless payment acceptance solutions to retailers. These systems offer better customer engagement, significant cost savings, and an opportunity to enhance customer relationship management. Large retailers are highly adopting these systems to enhance customer service and increase their sales.

 

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NFC-enabled mobile applications are witnessing a high adoption rate in the U.S. retail POS terminals market. The adoption of contactless payment applications, such as Apple Pay, PayPal, and Android Pay, can be witnessed in several application areas. In 2017, it was estimated that around 50% of the retail locations will adopt Apple Pay. The increasing adoption of such mobile applications is expected to drive the U.S. market growth over the forecast timespan. In-store contactless payments are expected to reach around USD 2 trillion by 2020. The strong presence of contactless technology providers is expected to accelerate the demand. The country is witnessing a high adoption rate for contactless mobile payment technologies compared to EMV card technology. The rising consumer interest and sophistication in performing transactions are the major reasons for the widespread adoption of NFC-enabled devices.
 

Retail POS Terminals Market

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The increasing penetration of international brands in the Middle East retail industry is anticipated to provide opportunities for the retail POS terminals market. The infrastructure to process retail payment instruments is affecting the safety and efficiency of services provided. Several cashless payment transactions are being accepted by retailers in the industry to encourage the intensive use of retail electronic payment instruments and reduce the importance of checks. This has led to the advent of POS terminals in the region to facilitate the rising demand for electronic payments.
 

Browse key industry insights spread across 229 pages with 248 market data tables & 99 figures & charts from the report, “Retail 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:
https://www.gminsights.com/industry-analysis/retail-point-of-sale-pos-terminals-market
 

Several supermarket outlets and chains are focusing on implementing advanced technology to remain competitive and lower the operating costs. The demand for effective inventory management solutions is encouraging the supermarkets to adopt POS terminals to manage stock, reduce in-store labor, and integrate wireless technology. Supermarket owners are entering into partnerships with technology providers to develop effective POS software. For instance, in January 2019, The Kroger Co., which operates the supermarket chain in the U.S. announced its partnership with OneView Commerce, a technology provider, to develop a software for handling POS transactions and data-gathering.
 

Key players in the retail POS terminals market are VeriFone Holdings, Inc., Samsung Electronics Co., Ltd., Revel Systems, Pax Technology Inc., Panasonic Corporation, NEC Corporation, NCR Corporation, Micros Systems, Inc., Ingenico Group, and Hewlett-Packard Company. The market consists of a diverse set of players from consumer electronics manufacturers to payment solution providers. Many consumer-grade electronics manufacturers are vying for entry into the market with the introduction of dedicated and ruggedized POS-tablet devices. For instance, Panasonic launched the Toughpad FZ-R1, a 7-inch Windows 8.1 tablet computer with built-in support for MSR, chip/PIN, and NFC designed for retail environments.
 

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The retail POS terminals market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2013 to 2024, for the following segments:

By Product

  • Fixed retail POS Terminals
  • Mobile retail POS Terminals

By Component

  • Hardware
  • Software
  • Services
    • Professional Service
    • Support & Maintenance
    • Training

By Application

  • Department stores
  • Supermarkets/Hypermarkets
  • Warehouse
  • Convenience stores
  • Discount stores
  • Specialty stores
  • Others

The above information is provided on a regional basis for the following:

  • North America
    • U.S
    • Canada
  • Europe
    • UK
    • Germany
    • France
    • Italy
    • Spain
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
  • Latin America
    • Brazil
    • Mexico
  • Middle East and Africa

 

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