Ocean View, DE -- (SBWIRE) -- 06/16/2020 -- According to the latest research report by Global Market Insights Inc., retail POS terminals market size will reach $40 billion by 2024. Rising demand for cashless transactions to simplify payments is expected to offer impetus to retail POS terminals market share growth. Enhancing penetration of smartphones has been pushing retail sector to implement advanced payment systems for developing business operations and decreasing expenses. Retailers have been changing their POS terminals to mobile devices due to accelerating smartphone adoption and need to offer enhanced shopping experiences to customers. Mobile POS terminals provide flexibility, improved user experience, mobility, and easy accessibility.
NFC-enabled mobile applications have been experiencing a high rate of adoption in the U.S. as observed in retail POS terminals industry forecast report. Augmenting adoption of contactless payment applications including PayPal, Android Pay, and Apple Pay has been witnessed in various application areas. In the year 2017, it was predicted that almost 50% of retail locations are likely to adopt Apple Pay. Growing adoption of such mobile applications is forecast to fuel the U.S. retail POS terminals market trends over 2017-2024.
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The security concerns associated with the data privacy will inhibit the retail POS terminals market growth over the forecast timeline. This is due to the concern regarding the cyber-attacks such as the DDoS. Moreover, the high cost associated with the implementation of these systems and the investments required for the widescale adoption poses a significant challenge for the retailers. Furthermore, the threats related to skimming and malware while making transactions will challenge the industry growth.
The mPOS terminal segment is projected to grow significantly in the retail POS terminals market over the coming years owing to the ability of provide secure transactions in out-of-store environments. It is widely used in tradeshows, events and flea markets to enable the rapid movement of the customers through the checkout lines.
The software component is anticipated to witness growth opportunities in the retail POS terminals market due to the advantages offered by them in terms of monitoring the consumer behavior and their buying trends. These functionalities help the retailers in enhancing the customer experience and boost sales. In addition, integration of technologies such as IoT protect customers from fraudulent transactions.
The retail sector is getting more organized across the world, which will provide impetus for the hypermarkets and supermarkets segment growth over the next few years. This is due to the development of customized POS terminals by the vendors to offer real time dashboard options, user profiles for different users. Such functionalities enable the clients to streamline the workflow, thereby boosting sales and profits. This will provide growth opportunities to the retail POS terminals market.
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The Asia Pacific region is expected to witness high growth in the retail POS terminals market owing to the evolution of retail sector in countries such as India and China. The demonetization effect in India has caused the customers towards cashless transactions and the convenience offered by it. The manufacturers in the region are actively focusing on launching devices QR Code enabled which will further escalate the demand.
Key players participating in the retail POS terminals market comprise VeriFone Systems, Ingenico SA, NEC Corporation, NCR Corporation, and PAX Technology. The industry is characterized by the demand for technologically advance devices which offers functionalities such as recording information of repeat customers, payroll data and inventory management.
Table of Contents (ToC) of the report:
Chapter 4 Retail POS Terminals Market, By Product
4.1 Retail POS terminals industry share by product, 2016 & 2024
4.2 Fixed retail POS Terminals
4.2.1 Global fixed retail POS terminals industry, 2013 - 2024
4.2.2 Global fixed retail POS terminals industry, by region, 2013 - 2024
4.3 Mobile retail POS Terminals
4.3.1 Global mobile POS terminals industry, 2013 - 2024
4.3.2 Global mobile POS terminals industry, by region, 2013 - 2024
Chapter 5 Retail POS Terminals Market, By Component
5.1 Retail POS terminals industry 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
Browse complete Table of Contents (ToC) of this research report @ https://www.gminsights.com/toc/detail/retail-point-of-sale-pos-terminals-market
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