Mobile retail POS terminals market is anticipated to witness substantial growth at over 18% CAGR from 2016 to 2024. Advancements in wireless technology and emergence of mobile wallets are responsible for industry growth forecasts. Moreover, the advantages such as low upfront cost, easy usage, positive return on investment, and portability, have collectively spurred mobile POS terminals market consumption.
Manufacturers in the retail POS terminals market facilitate customized services including offers & loyalty initiatives, coupons, and suggestions, resulting in enhanced customer satisfaction. Emergence of advanced payment technologies such as NFC and Europay, Master Card and Visa (EMV) coupled with the increasing adoption of payment options such as debit and credit cards have played their role in demand development. Technology advancements have improved cost effectiveness and features such as Quick Payment Service (QPS), automated download, and back-lighted keyboards leading to the high adoption rate.
Supermarkets/hypermarkets will witness increase adoption in the coming years owing to the maximum RoI and increasing focus on enhanced customer experience. Ability to reduce manual error and regular inventory track is enhancing the usage resulting in retail POS terminals market growth. Data security and costly software upgrades are challenges for companies operating in the industry.
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Support & maintenance services accounted for over 20% of the 2015 retail POS terminals market share, due to the increase in demand for optimization of the IT software and hardware infrastructure of an organization in regions such as North America and Europe. Training services will be driven by the increasing demand across developing countries for proper guidance and familiarity with the technology.
Growing adoption of cloud computing technology and mobile devices will continue strengthening the demand for software. Increasing requirement of data security across the retail industry will further boost the demand for advanced software solutions.
India retail POS terminals market share is expected to witness considerable demand gains due to government efforts and stringent rules & regulations to promote digital payments in the country. In addition, demonetization issues and demand for mobile payments are expected to surge the adoption across the region.
Players operating in the industry include PAX, Ingenico, NEC, VeriFone, Cisco, MICROS, HP, Samsung, and Panasonic. Technological advancements and innovation are the key strategies to maximize share and to compete in the highly competitive retail POS terminals market.
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Retail point of sale terminals market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD million from 2013 to 2024, for the following segments:
Retail POS terminals market by product
Retail point of sale terminals market by service
- Professional service
- Support & maintenance
Retail POS terminals market by component
Retail point of sale terminals market by application
- Department stores
- Discount stores
- Specialty stores
The above information is provided on a regional and country basis for the following:
- North America
- Asia Pacific
- Latin America
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- (Point of Sale) POS Terminals Market Size By Application (Entertainment, Healthcare, Hospitality, Retail, Warehouse), By Product (Mobile, Fixed), By Component (Software, Hardware), By Technology (Biometric, Traditional), Industry Analysis Report, Regional Outlook (U.S., Mexico, Germany, UK, China, India, Japan, Brazil), Application Potential, Price Trends, Competitive Market Share & Forecast, 2016 - 2023
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