Selbyville, Delaware, July 29, 2020 (GLOBE NEWSWIRE) --
According to latest report “Retail POS Terminals Market by Product (Mobile, Fixed), Component (Software, Hardware, Services [Professional, Support & Maintenance, Training]), Application (Department Stores, Supermarkets/Hypermarkets, Warehouses, Convenience Stores, Discount Stores, Specialty Stores), Regional Outlook, Price Trends, Competitive Market Share & Forecast 2026”, by Global Market Insights, Inc., the market valuation of retail Point of Sale (POS) terminals will cross $45 billion by 2026. Increasing adoption of digital payment technologies in the retail sector will support the market growth.
mPOS terminals will witness substantial growth during the forecast timespan on account of their portability and ease of use. The terminals provide benefits, such as easy accessibility, paper-free receipting services, free floor space, and reduced customer shopping time, rising the adoption of these devices. In addition, the flexibility offered by tablets or smartphone-based POS terminals reduces the cost for SMBs. The decreasing cost of mobile devices and the growing popularity of wireless technology have resulted in rising adoption of mobile POS terminals among high-end stores.
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Maintenance services play an important role in ensuring the smooth functioning of POS systems after they are installed. POS terminals need to be properly maintained, frequently scanned, and synced to the backup system through a secure network in retail stores. The incident of malfunction, damage from environmental factors or employees can reduce the lifespan of POS system hardware. The operating systems also require more frequent updates than network hardware due to their role in security and system efficiency. Manufacturers, such as NCR Corporation and PAX Technology Inc., are offering hardware maintenance services to help businesses maintain optimal functionality and security of POS systems.
The Asia Pacific retail POS terminals market is anticipated to showcase a considerable growth through 2026 owing to the presence of a wide customer base in countries such as China, India, Indonesia, and Malaysia. This has encouraged global retail operators to expand their presence in the region through strategic acquisition of leading local players. Manufacturers are offering tailored and purpose-built POS solutions to cater to the needs of large and small merchants.
The demand for POS terminals from convenience stores to automate and track fluctuating prices, provide customers an efficient checkout process, and streamline inventory management is being witnessed. Convenience stores mainly prefer handheld mPOS devices attributed to their low cost, flexibility, and convenience in conducting payment transactions. The feature of employee management & scheduling, inventory management, and custom reporting helps retailers in tracking their daily business operations. The need to streamline operations and improve customer engagement has encouraged store owners to adopt advanced payment devices.
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Some major findings of the retail POS terminals market report are:
- Demand for POS terminals from the retail sector to enhance customer satisfaction by ensuring fast and secure payment solutions. POS terminals facilitate fast transactions, eliminating long customer queues at payment counters.
- Growing penetration of digital payment techniques that ensure error-free and seamless transactions will drive the retail POS terminals market expansion. The trend of becoming cashless among government organizations will further boost the demand for POS terminals.
- Retail POS terminals system are increasingly being deployed in hypermarkets as owners face challenges of handling large number of goods and customer traffic. POS hardware enables fast payment transactions, while POS software enables to display data about frequently visited customers & their purchase records and enables efficient tracking & sorting of products.
- Increasing adoption of smart cards and mobile wallets in North America and Europe is being witnessed. Growing adoption of digital payment technologies in these regions coupled with the developed retail sector will drive POS terminals market growth.
Table of Contents (ToC) of the report:
Chapter 3. Retail Point of Sale (POS) Terminals Market Insights
3.1. Industry segmentation
3.2. Industry landscape, 2016 – 2026
3.3. Impact of coronavirus (COVID-19) pandemic
3.3.1. Global outlook
3.3.2. Regional outlook
3.3.2.1. North America
3.3.2.2. Europe
3.3.2.3. Asia Pacific
3.3.2.4. South America
3.3.2.5. MEA
3.3.3. Industry value chain
3.3.4. Competitive landscape
3.3.4.1. Strategy
3.3.4.2. Distribution network
3.3.4.3. Business growth
3.4. Industry ecosystem analysis
3.4.1. Vendor matrix
3.4.2. Distribution channel
3.5. Technology & innovation landscape
3.5.1. Impact of IoT and Big Data
3.5.2. Biometric recognition
3.5.3. Digital & mobile wallets
3.6. Regulatory landscape
3.7. Industry impact forces
3.7.1. Growth drivers
3.7.2. Pitfalls and challenges
3.8. Growth potential analysis
3.9. Porter’s analysis
3.10. PESTEL analysis
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About Global Market Insights, Inc.
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.