Retail POS Terminals Market is set to Surpass USD 45 billion by 2026
According to a recent study from market research firm Global Market Insights, 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 the 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. According to the latest research report by Global Market Insights Inc., retail POS terminals industry size will reach $40 billion by 2024.
NFC-enabled mobile applications have been experiencing a high rate of adoption in the U.S. as observed in retail POS terminals industry forecast reports. 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.
Additionally, the flexibility provided by smartphone or tablets-based POS terminals also decreases the cost of SMBs. The rising popularity of wireless technology and reducing cost of mobile phones have resulted in the increasing adoption of mPOS terminals amongst high-end stores.
In terms of application, the demand for point of sale terminals from convenience stores, to offer customers an effective checkout process, automate & track fluctuating prices, streamline inventory management, is being observed. It is noted that convenience stores typically opt for mPOS devices owing to their flexibility, low cost, and convenience in carrying out payment transactions.
Moreover, the increasing need to effectively enhance customer engagement and streamline operations has further encouraged various store owners to adopt advanced payment devices. For example, 7-Eleven, a U.S.-based convenience store chain deployed mPOS terminals of NEC Corporation across approximately 8,600 stores in Canada and the U.S., in January 2017.
Increasing adoption of contactless payment technologies like Google Pay and Apple Pay is likely to drive the retail POS terminals market. With the rising adoption of such payment technologies, several countries are passing regulations that streamlines and supports the adoption of these technologies.
Key Companies covered in Retail POS Terminals Market are AURES Technologies SA, BBPOS Limited, Cisco Systems Inc., Hewlett Packard Enterprise Company, Ingenico Group, Micros Systems, Inc., NCR Corporation, NEC Corporation, New POS Technology Limited, Newland Payment Technology, Panasonic Corporation, Pax Technology Inc., Posiflex Technology, Inc., Samsung Electronics Co. Ltd., Toshiba Corporation, Touch Dynamic, VeriFone Holdings, Inc., Squirrel Systems.
About the author
An avid reader since childhood, Saloni is currently following her passion for content creation by penning down insightful articles relating to global industry trends, business, and trade & finance. With an MBA-Marketing qualification under her belt, she has spent two years as a content writer in the advertising field. Aside from her professional work, she is an ardent animal lover and enjoys movies, music and books in her spare time.
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