Sellbyville, DE -- (SBWIRE) -- 10/22/2018 -- The penetration of these solutions in supermarkets or hypermarkets is growing at a rapid pace in the retail POS terminal market. The operations of these stores need efficient solutions to manage their inventory, sales, and customer orders. Several players in the industry are offering specific solutions, which perform all the operations required by the stores. For instance, Verifone is offering retail management solutions that provide simplified sales management, payment options, and order management functions.

Retail POS Terminal Market size is expected to exceed USD 40 billion by 2024. The growing adoption of retail management system software is proving to be an opportunity for the developers to cater to the demand from stores in managing their sales, payment, and inventory. The industry players are targeting these demands of the stores by integrating several retail solutions into their offerings. Several features, which are embedded in these solutions include managing inventory, reporting & analytics, mobility & cloud services, integrated payments, onboarding, and support & omnichannel.

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The growing adoption of self-checkout systems in supermarkets is driving the retail POS terminal market growth. These systems include hardware and software solutions, which are designed to cater to the demands from these stores for effective payment solutions. The store owners are implementing these systems for managing the crowd and providing easy and fast payment solution to their customers. Several technological advancements, driving the industry growth are RFID, NFC, and mobile solutions.

A rise in the adoption of mobile terminals for effective payment solutions is propelling the growth of the retail POS terminal market. These devices provide connectivity with smartphones and offer the convenience of carrying them anywhere. These products are experiencing a high demand from the e-commerce sector with the rise in online purchasing and ordering. Customers prefer cashless payment techniques such as card payments or several app-based payment solutions, which are encouraging the shop owners, supermarkets, and e-commerce players to provide options for mobile payments.

Hardware components are experiencing a high demand in the Asia Pacific region with a rise in the adoption of these products in small shops and stores. Countries including China and India have a large number of small-size shops, which prefer hardware solutions over software, further increasing the demand for these devices in the retail POS terminal market. Operations and processes in these stores are relatively less as compared to large retail shops. Developers in the retail POS terminal market are targeting their hardware products in the region to cater to the demand from a widespread customer base.

North America is experiencing a high demand for these products in the retail POS terminal market owing to the popularity of software solutions. These solutions include management software for restaurants, hospitals, and the retail sector. The U.S. and Canada have a strong presence of players that generate a high demand for these solutions. Some of the major players, which cater to the demands of customers in the region include Ingenico and Verifone, among others.

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The key players operating in the retail POS terminal market are Castles Technology, Bitel Co., CitiXsys, Inc., LS Retail, Fujian Newland, Ingenico Group, Micros Systems, Inc., NEC Corporation, NCR Corporation, PAX Technology, VeriFone Systems, Inc., and Toshiba Corporation, among others. These players are competing based on the requirements and demands of the customers in the retail POS terminal market. They are adopting several strategies to capture a widespread customer base such as mergers, acquisitions, product differentiation, and new product developments.

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