New York, NY 24 July 2020:According to a new study published by Polaris Market Research the worldwide Retail POS Terminals market is anticipated to reach USD 49,863 million by 2026. In 2017, the fixed POS terminals dominated the global market, in terms of revenue. North America is expected to lead the global market in 2017.
There has been an increasing adoption of retail POS terminals owing to increase need to improve customer experience, and simplify card payments. The global retail POS terminals market is driven by the increasing digital payments and government support to secure digital payments. Technological advancement in cloud-based POS terminals, android-based POS terminals, biometrics, and NFC technology is expected to augment market growth. However, data privacy concerns and risk of data theft restricts the retail POS terminals market growth.
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Retailers are integrating mobile POS terminals into business to simplify transactions, reduce waiting times, and increase number of interactions. Mobile POS also offers customer analysis and data regarding past transactions, inventory management, and employee management. It enables retailers to offer personalized services to customers through offers and loyalty schemes, coupons, and other services. Mobile POS terminals are also space efficient and take lesser space than fixed POS terminals. This space efficiency enables retailers to use the extra space for display or inventory.
LS Nav is a retail management system available in the market comprising POS and enterprise resource planning (ERP). The features offered by this system include e-commerce, inventory management, retail accounting, customer management, warehouse management, and mobile support. This system is developed for retail stores such as apparel, groceries, electronics, and convenience stores among others. This system enables users to track sales, productivity, and stock on a real time basis.
Clover POS Software is another solution available in the market for the retail sector. It is an integrated point-of-sale system with custom hardware developed for retailers. It can be deployed either as web-based or server-based. It also provides a mobile POS option along with countertop units. This system enables secure transactions, and provides access reports on a remote merchant dashboard. This system reads chip and PIN cards, credit cards, and can also process Apple Pay and other mobile payment apps. It can also integrate with QuickBooks to streamline the accounting process.North America generated the highest revenue in the market in 2017 owing to increasing adoption of mobile devices, high disposable income, and growing need to offer enhanced services to customers. POS terminals enable retailers to offer personalized services, customer loyalty solutions, variable payment options, and data regarding past transactions.The Asia Pacific region is expected to register substantial growth in the retail POS terminals market owing to the rapidly emerging retail sector in countries such as India and China. The demonetization effect in India has encouraged consumers to accept cashless transactions.
Retail POS terminals are segmented into fixed POS terminals and mobile POS terminals. Fixed POS terminals are expected to dominate the global market throughout the forecast period.Mobile retail POS terminals market is expected to grow at a significant CAGR during the forecast period owing to technological advancement and emergence of mobile wallets. Additionally, affordable costs, mobility, ease of use, and increased efficiency.
The components of POS terminals in the retail sector include hardware, and software. The hardware components are expected to dominate the global market throughout the forecast period. The software segment is expected to grow significantly in the coming years owing to additional functionalities offered such as tracking customer behavior, analyzing buying trends, and offering customized loyalty programs.
Some of the major players profiled in the Retail Point-of-Sale (POS) Terminals Market study include:
Micros Systems Inc.
Cisco Systems Inc.
Epicor Software Corporation
PAX Technology Ltd
VeriFone Systems Inc.
Polaris Market research has segmented the Retail Point-of-Sale (POS) Terminals Market report on the basis of product type, components, deployment models and region.
Retail POS Terminals Market Size and Forecast, 2017-2026 by Product Type
Fixed POS Terminals
Mobile POS Terminals
Retail POS Terminals Market Size and Forecast, 2017-2026 by Deployment Type
Retail POS Terminals Market Size and Forecast, 2017-2026 by Components
Retail POS Terminals Market Size and Forecast, 2017-2026 by End-User
Large Supermarkets and Hypermarkets
Grocery and Departmental Stores
Retail POS Terminals Market Size and Forecast, 2017-2026 by Region
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