According to a new study published by Report Ocean Market Research the worldwide Retail POS Terminals market is anticipated to reach USD 49,863 million by 2026. In 2017, the fixed POS terminals dominated the global market, in terms of revenue. North America is expected to lead the global market in 2017.
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There has been an increasing adoption of retail POS terminals owing to increase need to improve customer experience, and simplify card payments. The global retail POS terminals market is driven by the increasing digital payments and government support to secure digital payments. Technological advancement in cloud-based POS terminals, android-based POS terminals, biometrics, and NFC technology is expected to augment market growth. However, data privacy concerns and risk of data theft restricts the retail POS terminals market growth.
Retailers are integrating mobile POS terminals into business to simplify transactions, reduce waiting times, and increase number of interactions. Mobile POS also offers customer analysis and data regarding past transactions, inventory management, and employee management. It enables retailers to offer personalized services to customers through offers and loyalty schemes, coupons, and other services. Mobile POS terminals are also space efficient and take lesser space than fixed POS terminals. This space efficiency enables retailers to use the extra space for display or inventory.
LS Nav is a retail management system available in the market comprising POS and enterprise resource planning (ERP). The features offered by this system include e-commerce, inventory management, retail accounting, customer management, warehouse management, and mobile support. This system is developed for retail stores such as apparel, groceries, electronics, and convenience stores among others. This system enables users to track sales, productivity, and stock on a real time basis.
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Clover POS Software is another solution available in the market for the retail sector. It is an integrated point-of-sale system with custom hardware developed for retailers. It can be deployed either as web-based or server-based. It also provides a mobile POS option along with countertop units. This system enables secure transactions, and provides access reports on a remote merchant dashboard. This system reads chip and PIN cards, credit cards, and can also process Apple Pay and other mobile payment apps. It can also integrate with QuickBooks to streamline the accounting process.
North America generated the highest revenue in the market in 2017 owing to increasing adoption of mobile devices, high disposable income, and growing need to offer enhanced services to customers. POS terminals enable retailers to offer personalized services, customer loyalty solutions, variable payment options, and data regarding past transactions.
The Asia Pacific region is expected to register substantial growth in the retail POS terminals market owing to the rapidly emerging retail sector in countries such as India and China. The demonetization effect in India has encouraged consumers to accept cashless transactions.
Retail POS terminals are segmented into fixed POS terminals and mobile POS terminals. Fixed POS terminals are expected to dominate the global market throughout the forecast period.Mobile retail POS terminals market is expected to grow at a significant CAGR during the forecast period owing to technological advancement and emergence of mobile wallets. Additionally, affordable costs, mobility, ease of use, and increased efficiency.
The components of POS terminals in the retail sector include hardware, and software. The hardware components are expected to dominate the global market throughout the forecast period. The software segment is expected to grow significantly in the coming years owing to additional functionalities offered such as tracking customer behavior, analyzing buying trends, and offering customized loyalty programs.
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The well-known companies profiled in the report include Panasonic Corporation, Ingenico Group, NEC Corporation, Micros Systems Inc., Hewlett-Packard Inc., Cisco Systems Inc., Epicor Software Corporation, PAX Technology Ltd, and VeriFone Systems Inc. among others. These companies launch new products and collaborate with other market leaders to innovate and launch new products to meet the increasing needs and requirements of consumers.
The report aims to provide answers to the following key questions:
Target Market:
Who is your target audience?
What are their demographic characteristics (age, gender, location, income, etc.)?
What are their needs and preferences?
Are there any emerging trends or changes in their behavior?
Competitors:
Who are your main competitors?
What products or services do they offer?
What are their strengths and weaknesses?
How do you differentiate yourself from them?
Product/Service:
What are the features and benefits of your product/service?
How does it meet the needs of your target market?
What is the unique selling proposition (USP) of your offering?
What improvements or modifications would customers like to see?
Pricing:
What is the perceived value of your product/service?
How does your pricing compare to competitors?
Are customers willing to pay the current price? If not, what price range would they find acceptable?
Are there any pricing strategies or promotions that would attract more customers?
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Distribution Channels:
How do customers prefer to purchase similar products/services?
What distribution channels are most effective for reaching your target market?
Are there any untapped distribution channels that could be explored?
How do customers feel about online purchasing and delivery options?
Customer Satisfaction:
How satisfied are your current customers with your product/service?
What are the factors that drive customer satisfaction or dissatisfaction?
Are there any unmet needs or pain points that your offering could address?
How likely are customers to recommend your product/service to others?
Market Size and Growth:
How large is your target market and what is its growth potential?
Are there any market segments that are underserved or have significant growth opportunities?
What are the barriers to entry for new competitors in the market?
Are there any external factors that could impact the market in the future (regulations, technology advancements, economic changes, etc.)?
Reasons to Buy This Report
(A) The research provides valuable insights for top administration, policymakers, professionals, product advancements, sales managers, and stakeholders in the market. It helps them make informed decisions and strategize effectively.
(B) The report offers comprehensive analysis of Retail Point-of-Sale (POS) Terminals market revenues on a global, regional, and country level, projecting trends until 2030. This data allows companies to assess their market share, identify growth opportunities, and explore new markets.
(C) The research includes segmentation of the Retail Point-of-Sale (POS) Terminals market based on types, applications, technologies, and end-uses. This segmentation enables leaders to plan their products and allocate resources based on the expected growth rates of each segment.
(D) Analysis of the Retail Point-of-Sale (POS) Terminals market benefits investors by providing insights into market scope, position, key drivers, challenges, restraints, expansion opportunities, and potential threats. This information helps them make informed investment decisions.
(E) The report offers a detailed analysis of competitors, their key strategies, and market positioning. This knowledge allows businesses to better understand the competition and plan their own strategies accordingly.
(F) The study helps evaluate Retail Point-of-Sale (POS) Terminals business predictions by region, key countries, and top companies, providing valuable information for investment planning and decision-making.
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