Retail POS Terminals Market to Hit $45bn by 2024: Global Market Insights Inc.

The report "Retail POS Terminals Market Size By Product (Mobile, Fixed), By Services (Professional services, Support & Maintenance, Training), By Component (Software, Hardware), By Application (Department Store, Supermarket/Hypermarket, Warehouse, Convenience, Discount Store, Specialty Store, Drugstore, Category Store), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Mexico), Application Potential, Price Trends, Competitive Market Share & Forecast, 2016 - 2024", by Global Market Insights, Inc. says Retail POS Terminals Market size is set to surpass USD 45 billion by 2024

Rising popularity of non-cash transactions due to the digitization of payments, technological innovation, and proliferation of immediate payments will fuel global retail POS terminals market growth. Cash handling and cost elimination further contributes towards the global demand. Increasing investment from the technology providers to offer advantages such as digital mishap control, reduced payment processing time, and low fee charges will drive Retail point of sale terminals market size. 

Mobile retail POS terminals market is anticipated to witness substantial growth at over 18% CAGR from 2016 to 2024. Advancements in wireless technology and emergence of mobile wallets are responsible for industry growth forecasts. Moreover, the advantages such as low upfront cost, easy usage, positive return on investment, and portability, have collectively spurred mobile POS terminals market consumption.

Manufacturers in the retail POS terminals market facilitate customized services including offers & loyalty initiatives, coupons (not to be confused with online ones such as Makemytrip coupons), and suggestions, resulting in enhanced customer satisfaction. Emergence of advanced payment technologies such as NFC and Europay, Master Card and Visa (EMV) coupled with the increasing adoption of payment options such as debit and credit cards have played their role in demand development. Technology advancements have improved cost effectiveness and features such as Quick Payment Service (QPS), automated download, and back-lighted keyboards leading to the high adoption rate.

Supermarkets/hypermarkets will witness increase adoption in the coming years owing to the maximum RoI and increasing focus on enhanced customer experience. Ability to reduce manual error and regular inventory track is enhancing the usage resulting in retail POS terminals market growth.  Data security and costly software upgrades are challenges for companies operating in the industry. If we talk about effect on ecommerce market, travel domain is still unaffected with this growth and you various discounts for Goibibo offers and other such portals continue to be main reason for people flocking to book from online portals, seems I deviated from the main issue here so let's get back to the POS adoption.

Support & maintenance services accounted for over 20% of the 2015 retail POS terminals market share, due to the increase in demand for optimization of the IT software and hardware infrastructure of an organization in regions such as North America and Europe. Training services will be driven by the increasing demand across developing countries for proper guidance and familiarity with the technology.

Growing adoption of cloud computing technology and mobile devices will continue strengthening the demand for software. Increasing requirement of data security across the retail industry will further boost the demand for advanced software solutions.

India retail POS terminals market share is expected to witness considerable demand gains due to government efforts and stringent rules & regulations to promote digital payments in the country. In addition, demonetization issues and demand for mobile payments are expected to surge the adoption across the region.

Players operating in the industry include PAX, Ingenico, NEC, VeriFone, Cisco, MICROS, HP, Samsung, and Panasonic. Technological advancements and innovation are the key strategies to maximize share and to compete in the highly competitive retail POS terminals market.