Global retail point-of-sale terminals market is speculated to amass USD 49,863 million by the year 2026, according to the latest research available at Market Study Report LLC, report provides detailed segmentation of the retail point-of-sale terminals market based on product type, application, end user and region.
According to the latest study, the burgeoning need for improvement in customer experience and simplification of card payments, has boosted the adoption of the retail POS systems around the globe. The worldwide retail POS terminals market is advancing at great pace on account of increasing digital payments as well as government support for securing digital payments. On one hand, the growth of this market is anticipated to be augmented by technological development in cloud-based POS terminals, biometrics, android-based POS terminals, and the NFC technology. On the other hand, risk of data theft, along with concerns over data privacy, are predicted to limit the growth of the retail POS terminals market.
The market analysis further highlights that retailers, at present, are attempting to incorporate mobile POS terminals into various businesses in order to simplify transactions, enhance the number of interactions, and reduce the waiting time. The Mobile POS is recognized for offering customer data & analysis pertaining to past transactions, employee management, and inventory management. It allows retailers to provide customers with customized services by means of coupons, offers, and loyalty schemes among other services. In addition, the Mobile POS terminals are highly space efficient, and unlike the fixed POS terminals, they cover far less space. Owing to the space efficiency, retailers are able to utilize the additional space for inventory or display.
LS Nav is a retail management system which consists of POS & ERP (Enterprise Resource Planning). This system offers features such as retail accounting, inventory management, e-commerce, mobile support, warehouse management, and customer management. This system, is ideal for retail stores like grocery, apparel, convenience & electronic stores, aids in tracking sales, stock & productivity on the real time basis.
Clover POS Software is another similar product available in the market for the retail sector. The system, which can either be used as server-based or web-based, provides a mobile POS solution, in addition to countertop units. The system supports secure transactions and supplies access reports to a remote merchant dashboard. The system reads chip & PIN cards, along with credit cards, and processes Apple Pay and other similar mobile payment applications. Additionally, the system can be combined with QuickBooks for streamlining the accounting process.
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On the basis of regional segmentation, North America reaped the highest revenue in this market in 2017, given the surging adoption of mobile devices, increasing requirement for providing customers with enhanced services, and high disposable income. The report cites that the Asia Pacific region is anticipated to record substantial growth as the retail sector has been swiftly evolving in countries including China and India. The impact of demonetization in India has emboldened consumers to accede to cashless transactions.
Depending on the product type, the retail POS terminals are bifurcated into mobile POS terminals and fixed POS terminals. As reported by market analysts, the mobile POS terminals market will grow at substantial CAGR over the forecast period, on account of technological enhancement and the emergence of mobile wallets. The fixed POS terminals market is anticipated to lead the global market during the estimated period.
Based on the components outlook, the retail POS terminals market can be fragmented into software and hardware. The software components are anticipated to grow substantially in the upcoming years, thanks to the additional functionalities they offer such as analyzing buying trends, offering customized loyalty programs, and tracking customer behavior. The hardware segment is expected to lead the global market over the forecast period.
As per the competitive landscape, the renowned companies profiled in the report are Panasonic Corporation, NEC Corporation, Hewlett-Packard Inc., Micros Systems Inc., Ingenico Group, PAX Technology Ltd., Epicor Software Corporation, Cisco Systems Inc., and many more. These companies collaborate with other market leaders and introduce new products, in a bid to meet the growing demands of consumers.