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Retail POS Terminals Market in Software Component Segment is Excepted to Grow Exponentially by 2024

Author : Ronak Bora | Published Date : 2019-04-24 

The software component is anticipated to witness growth opportunities in the retail POS terminals market due to the advantages offered by them in terms of monitoring the consumer behavior and their buying trends. These functionalities help the retailers in enhancing the customer experience and boost sales. In addition, integration of technologies such as IoT protect customers from fraudulent transactions.

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Global Retail POS Terminals Market is expected to exceed USD 40 billion by 2024. This growth is accredited to the escalating demand for cashless transactions to facilitate payments. Cashless economies are highly prominent in the Asia Pacific and the Europe region, predominantly due to the usage of alternative forms of money such as payment cards. The present-day movement towards cashless transactions is expected to eradicate the disadvantages and inconveniences of cash based dealings. Retail POS terminals offer high durability and reliability in comparison to their conventional counterparts such as cash registers, and hence witnessing large scale adoption in both small and medium sized stores which will augment the retail POS terminals market growth.

Growth Drivers-

  1. Increase in cashless transactions in Asia Pacific and Europe
  2. Emerging demand for mobile POS terminals (mPOS) in Europe
  3. Increasing penetration across several retail channels in the U.S.
  4. Demand for cloud-based systems in North America
  5. Migration to EMV cards in the U.S and Asia Pacific
  6. Rising trend of self-checkout technology in North America and Europe
  7. Demonetization effect in India

The security concerns associated with the data privacy will inhibit the retail POS terminals market growth over the forecast timeline. This is due to the concern regarding the cyber-attacks such as the DDoS. Moreover, the high cost associated with the implementation of these systems and the investments required for the widescale adoption poses a significant challenge for the retailers. Furthermore, the threats related to skimming and malware while making transactions will challenge the industry growth.

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The mPOS terminal segment is projected to grow significantly in the retail POS terminals market over the coming years owing to the ability of provide secure transactions in out-of-store environments. It is widely used in tradeshows, events and flea markets to enable the rapid movement of the customers through the checkout lines.

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.

The Asia Pacific region is expected to witness high growth in the retail POS terminals market owing to the evolution of retail sector in countries such as India and China. The demonetization effect in India has caused the customers towards cashless transactions and the convenience offered by it. The manufacturers in the region are actively focusing on launching devices QR Code enabled which will further escalate the demand.

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Key players participating in the retail POS terminals market comprise VeriFone Systems, Ingenico SA, NEC Corporation, NCR Corporation, and PAX Technology. The industry is characterized by the demand for technologically advance devices which offers functionalities such as recording information of repeat customers, payroll data and inventory management.

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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 research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for Fractovia.org and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. He can be contacted at- [email protected] | https://twitter.com/RonakBora26

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