According to a new market report published by Credence Research, Inc. “Global Retail POS Terminals Market (By Product Type (Fixed POS terminals and Mobile POS terminals), By Component (Hardware and Software), and By Application (Supermarkets, Hypermarkets, Specialty Stores, Grocery Stores and Mass Merchandisers, and Gas Stations among others) Market – Growth, Share, Opportunities, Competitive Analysis, and Forecast 2016 – 2023”, the global retail POS terminals market is expected to witness a steady growth, expanding at a CAGR of 12.8% from 2016 to 2023.
[Note: Our Free Complimentary Sample Report Accommodate a Brief Introduction To The Synopsis, TOC, List of Tables and Figures, Competitive Landscape and Geographic Segmentation, Innovation and Future Developments Based on Research Methodology are also Included]
The Point of Sale terminal is an electronic device that accepts customer card payments at the point of purchase. Some of the key functions performed by a POS terminal in a retail store include maintaining customer record, data backup, quick bill processing, inventory monitoring, loyalty program management, and providing special discounts, among others.
Such functions allow retailers to ensure operational efficiency and streamline the workflow, thus improving sales and profits. POS terminals offer greater durability and reliability than their traditional counterparts, such as cash registers, and have therefore begun to replace them in both small and medium-sized retail stores. Demand in the retail sector is also driven by the increasing demand for mobile POS solutions.
The global retail POS terminals/systems market is competitive and technology driven. In addition, the market for POS terminals in retail sector is extremely consolidated owing to the mergers and acquisitions of SMEs by/with large companies. Verifone Systems, Inc. (the United States) and Ingenico S.A. (France) collectively account for over half of the global retail POS terminals market revenue. Other players including NCR Corporation (the United States), PAX Technology Ltd. (Hong Kong), Toshiba Corporation (Japan), MICROS Systems, Inc. (the United States), Hewlett Packard (the United States), Panasonic Corporation (Japan), and Samsung Electronics Co., Ltd. (South Korea) have been identified as promising and emerging players in the retail POS terminals market.
Growing adoption of cloud-based (SaaS platform) POS devices
Growing preference for cashless transactions
Banks have been instrumental in triggering circulation of credit and debit cards
Opportunity for retailers to add value and loyalty options