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Retail POS Terminals Market for Mpos Terminal Segment is Excepted to Grow Significantly in the Coming Years

Author : Ronak Bora | Published Date : 2019-03-28 

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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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.

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 latest trends of retail POS terminals market are extensively tech-driven, given the mammoth proliferation of IoT in retail space. Retail management systems nowadays have been increasingly deployed for web applications. However, in order to bring a consequential transformation in the retail business with regards to efficiency and performance, it is imperative to explore newer technologies. Cloud-based computing observes a huge potential in this regard. Subject to the cost competitiveness and reduced manpower requirement, high accuracy, and in-depth insight, cloud-based POS systems are witnessing a heavy demand in the retail space, which by extension is making noteworthy contribution in retail POS terminals industry share.

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The retail sector is getting more organized across the world, which will provide impetus for the hypermarkets and supermarkets segment growth over the next few years. This is due to the development of customized POS terminals by the vendors to offer real time dashboard options, user profiles for different users. Such functionalities enable the clients to streamline the workflow, thereby boosting sales and profits. This will provide growth opportunities to the retail POS terminals market.

One of the pivotal factors that can be held responsible for the massive expansion of retail POS terminals market is the widespread application matrix. Practically in every retail business sphere ranging from cash payment and consumer data collection to inventory management, the requirement of efficient POS systems is surging day by day. With incessant efforts undertaken by the leading retail giants to improve the operational efficiency and customer experience, retail POS terminals industry size is sure to widen in the coming years. It is imperative to mention here that a considerable economic upliftment across major economies is phenomenally complementing the business opportunity.  Given that expanding application horizon of POS systems across retail vertical, retail POS terminals market size, according to Global Market Insights, Inc., is slated to record a valuation of USD 40 billion by 2024.

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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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 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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