Retail (point of sale) POS terminals market share will grow noticeably over the coming seven years, owing to the rising technological innovations along with growing trend of digital payment mode across the globe. According to Global Market Insights, Inc., “Worldwide Retail (Point of Sale) POS terminals market is projected to witness an annual growth rate of 14% over the period of 2016 to 2024.” Taking into consideration the shifting consumer preference towards online transactions, due to lesser payment processing time, low transaction fees, and digital mishap control, the retail POS terminals industry is poised to witness a rapid surge over the coming years.
Retail point of sale terminals market finds key application in supermarket (hypermarket), department store, category store, convenience, drug store, specialty store, warehouse, and discount store. Discount and convenience stores will generate heavy revenue over the coming timeline, driven by its surging need to maintain a track record of price and discounts.
India Retail POS Terminals Market size, by application, 2013-2024 (USD Million)
The supermarket or hypermarket application occupied about 35% of the overall retail POS terminals industry share in 2015 and will grow lucratively. The employee tracking, reduction in human error, stock management, and proper inventory tracking are the attributing factors towards the market growth.
The retail POS terminals product segment mainly comprises fixed and mobile. Mobile POS terminals market size will grow noticeably by recording a CAGR of 18% over the coming period of 2016 to 2024. The escalating usage of mobile devices such as smartphones and tablets to make the payments will propel the retail POS terminals market growth significantly. The emergence of the mobile wallets and improvements in the wireless technology will further augment the industry trends.
Software and hardware are the prominent components of the retail point of sale terminals industry size. The Software-based retail point of sale industry will occupy 30% of the global market revenue by 2024, owing to the surging up gradation of the software on smartphones and cloud computing technology. The growing trend of IoT along with the emergence of touch screen technology will influence retail POS terminals market considerably.
The support & maintenance, professional, and training are the key services used to improve retail POS terminals market. The support & maintenance services contributed more than 20% of the total retail point of sale terminals industry share in 2015 and will exhibit an attractive growth opportunity, owing to the rising demand for optimization of the IT hardware and software structure across the Europe and North America.
Taking into account the regional trends, U.S. retail POS terminals industry size will proliferate noticeably over the coming timeframe, driven by growing technological innovations and increasing business profit. Additionally, to improve security activities government will apply stringent norms regarding the implementation of EMV terminal.
Asia Pacific retail POS terminals market share is expected to register attractive growth rate over the coming years, owing to the growing adoption of mobile devices. India and China will be the major revenue pockets of the APAC industry. The government activities and regulations to endorse digital transaction and demonetization across India will generate heavy opportunities for the market players over the coming seven years.
Market players are adopting key growth strategies such as strategic collaborations, heavy investments in R&D, and mergers & acquisitions to sustain their market position. Ingenico, VeriFone Holdings, Inc., NEC, PAX Technology Inc, Toshiba, HP, Panasonic, Cisco Systems, Samsung Electronics Limited, and MICROS Systems are some of the notable key industry participants in the retail POS terminals market.
Written By : Sunil Hebbalkar