Ocean View, DE -- (SBWIRE) -- 05/26/2020 -- In order to provide innovative and fast processing payment services to consumers, retail POS terminals market players have been investing heavily in research and development activities and simultaneously, have been partnering with third party application developers. For instance, merely a few days before, Verifone, one of the renowned retail POS market behemoths had collaborated with several software developers such as Ecwid, vPromos, GiftFly, Homebase, and iMobile3 to design and generate non-payment software for its modern payment devices. Furthermore, in order to provide great experience for merchants and consumers, Verifone has decided to implement the M/Chip Fast technology of the Mastercard in all the types of next-generation payment products. The installation of this technology in POS devices is likely to provide convenient and speedy payment services to the merchants and customers for retail, grocery, hospitality, and fast food applications. The growing need for improved payment security along with quicker transaction speed is slated to promote technological developments in retail POS terminals market share.
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The growing adoption of advanced consumer electronics such as mobiles, tablets, smart phones, and computerized POS systems have also had a positive impact on retail POS terminal market outlook. Mobile based payment options such as e-wallets have been gaining mass popularity among consumers, pertaining to their ease of applicability. Considering the technological advancements in POS devices along with improved functionality, users in hospitality and retail sectors are predominantly giving preference to software based point of sale terminals.
Retail POS terminals market, often claimed as one of the fasting growing business spaces of recent times, is highly driven by the digital influence in the financial sector. Over the recent years, cashless mode of payment has observed a tremendous surge, a factor that has massively proliferated the demand for adequate acceptance infrastructure like POS terminals. According to the Federal Reserve Payment Study of 2016- the number of non-cash transaction in U.S. including credit card, debit card, check payments, and ACH has crossed almost 144 billion in 2015, having a valuation of over USD 178 trillion. Total non-cash payment transaction in the country has risen by almost 5.3% by number and 3.4% by value over 2012-2015, having held a valuation of USD 17 trillion in 2012, cite sources. The aforementioned statistics not only cite the growth potential of retail POS terminals market, but have also sourced a plethora of technology behemoths to invest in the business space.
Notable behemoths of retail POS terminals market including Toshiba Corporation, VeriFone Systems Inc., Samsung Electronics Co., Ingenico Group, Panasonic Corporation, NCR Corporation, Hewlett-Packard Company, and PAX Technology Inc. have been increasingly vying up with one another to bring innovative technology in the foreground. For instance, Mastercard, the U.S. based financial conglomerate has recently teamed up with Verifone, in a bid to roll out an innovative point-of-sale financial application in U.K. retail space. Claimed to be the first of its kind in Britain, the 'Mastercard application app' is reported to launch on Verifone's patent payment terminals at some of the specific U.K. retailers in January, and then it would be rolled out to other shops across the nation down the line. This absolutely state-of-the-art POS financial app is deemed to garner a mass popularity in Britain retail space, leaving a subsequent impact on the regional retail POS terminals industry.
Another pathbreaking innovation, that has, of late, fetched much of an attention in retail POS terminals market is HP's all-in-one POS system, ElitePOS. Reportedly, with the launch of this innovative, versatile POS solution at 'India Retail Forum 2017', the American multinational tech giant is planning to work with hospitality customers and leading retailers to enhance customers' in-store experience. For the record, ElitePOS features a sleek modular design and is capable of supporting several other applications apart from check out and payment such as employee attendance, interactive signage, and several other self-service applications. Overall retail POS terminals marketplace is all inclusive of similar breakthroughs, which is likely to bring major disruption in the business space over the ensuing years.
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As the world traverses toward establishing a cashless society, retailers have been demanding diverse types of payment solutions to attract a wider consumer base and to retain their position amidst the competitive retail business. In this regard, giants in retail point of sale terminals market have conveniently shifted their focus toward product innovation. Given the benefits of a cashless economy such as high effectiveness and productivity, it has been forecast the retail (point of sale) POS terminals industry would carve quite a profitable path in the seven years ahead.
Table of Contents (ToC) of the report:
Chapter 4 Retail POS Terminals Market, By Product
4.1 Retail POS terminals market share by product, 2016 & 2024
4.2 Fixed retail POS Terminals
4.2.1 Global fixed retail POS terminals market, 2013 - 2024
4.2.2 Global fixed retail POS terminals market, by region, 2013 - 2024
4.3 Mobile retail POS Terminals
4.3.1 Global mobile POS terminals market, 2013 - 2024
4.3.2 Global mobile POS terminals market, by region, 2013 - 2024
Chapter 5 Retail POS Terminals Market, By Component
5.1 Retail POS terminals market share by component, 2016 & 2024
5.2 Hardware
5.2.1 Global POS hardware market, 2013 - 2024
5.2.2 Global POS hardware market, by region, 2013 - 2024
5.3 Software
5.3.1 Global POS software market, 2013 - 2024
5.3.2 Global POS software market, by region, 2013 - 2024
5.4 Services
5.4.1 Global POS services market, 2013 - 2024
5.4.2 Global POS services market, by region, 2013 – 2024
5.4.3 Professional services
5.4.3.1 Global professional services market, 2013 - 2024
5.4.3.2 Global professional services market, by region, 2013 – 2024
5.4.4 Support & maintenance
5.4.3.1 Global support & maintenance services market, 2013 - 2024
5.4.3.2 Global support & maintenance services market, by region, 2013 – 2024
5.4.5 Training
5.4.3.1 Global training services market, 2013 - 2024
5.4.3.2 Global training services market, by region, 2013 – 2024
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