Retail POS Terminals Market Growth Outlook with Industry Review and Forecasts by 2024

Retail Point of Sale Terminals Market to grow at 10%
CAGR from 2016 to 2024: Global Market Insights Inc.
Retail POS Terminals Market size was estimated at over USD 15 billion in 2016 and
is projected to be worth over USD 40 billion by 2024; according to a recent research
report published by Global Market Insights, Inc. Technological advancements such as
the advent of near field communication (NFC) technology and biometrics has
revolutionized the retail POS terminals market. Integrated card machines allow the
usage of multiple payment techniques and can also gather data for providing in depth
analysis. Business owners are now required to provide flexible payment option such
as credit cards, checks, and digital payments to attract customers.
The retail sector, primarily in the South-East Asian and North American countries, is
anticipated to experience high growth. The retail sales in North America in 2016 were
valued at more than USD 5 billion. The increasing disposable income, increasing
online retailers, and growing penetration of smartphones is driving the retail sector in
North America. Retailers in these regions are retaining customers by customizing
offerings, providing variable payment methods, and mapping consumer patterns.
Furthermore, continued increase in performance of companies acting in auto retail,
home improvement, dollar store, & drug store and specialty retail, supermarkets, &
department stores sectors are expected to present several growth opportunities for
the retail POS terminals market.
The rising demand for cloud-based POS systems is anticipated to drive the retail POS
terminals market during the forecast timespan owing to the cost effectiveness and the
reduced need for frequent upgrades. Additionally, advanced SaaS systems integrates
customer resource management (CRM) solutions to combine historical customer data
to influence online ordering, loyalty programs, and targeted marketing.
Intense competition between players has led to business owners improving their
facilities and technologies such as the integration of mPOS terminals. These allow an
increase in interactions, elimination of excessive waiting times, and insights into the
customer buying profile. mPOS terminals lower the amount of space taken up by
regular cash wraps and counters. A substantial amount of occupied counter space can
be utilized to expand the store’s inventory and display or to improve the customer
comfort. Various retailers such as Apple and Home Depot have recognized the
benefits of mPOS and have integrated them into their business operations and is
anticipated to drive the retail POS terminals market.
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China retail POS terminals market size, by application, 2016 & 2024 (USD
Million)
The rising demand for SaaS and cloud based solutions is anticipated to augment the
retail POS terminals market growth and create new opportunities for vendors.
Evolution in hacking and cybercrimes poses a high security threat and can lead to the
theft of personal customer information, financial resources, and the loss of reputation
amongst customers. The equipment and the software require continuous updating and
management to ensure the technology can keep up cybercrime evolution.
The EMV card and card-reader growth is predicted to be highly concentrated in the
European region owing to the European mandate that necessitates the integration or
upgrade of all POS terminals with EMV by 2020. This will augment the retail POS
terminals market demand for contactless card payments across most regions in
Europe over the forecast timespan and reduce the threat of fraud and identity theft.
Additionally, customer reward programs require efficient retail POS systems to monitor
the data. Various POS systems such as ERPLY and ShopKeep integrate this
technology to tightly monitor reward programs and enhance customer retention.
Players operating in the global retail POS terminals market include Toshiba
Corporation, Samsung Electronics Co., Ltd., VeriFone Systems Inc., Ingenico Group,
NCR Corporation, Panasonic Corporation, PAX Technology Inc., and Hewlett-Packard
Company. Companies operating in the retail POS terminals market undertake
business strategies such as acquisitions, collaborations, and product innovations to
sustain growth.
Browse key industry insights spread across 229 pages with 248 market data tables &
99 figures & charts from the report, “Retail (Point of Sale) POS Terminals Market
Size By Product (Mobile, Fixed), By Component (Software, Hardware, Services
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[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-terminalsmarket
Industry Coverage
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About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market
research and consulting service provider; offering syndicated and custom research
reports along with growth consulting services. Our business intelligence and industry
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specially designed and presented to aid strategic decision making. These exhaustive
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