The global retail POS terminals market is expected to reach USD 33.41 billion by 2024, according to a new report by Grand View Research, Inc. The paradigm shift in the payment landscape enables the usage of electronic payment technologies.
Retail POS terminals have witnessed a considerable growth in the recent years owing to the rising integration with robust POS platforms and multi-channel selling in stores. The next-generation point-of-sale systems offer high reliability and durability, which have significantly reduced the cost of ownership, thereby increasing the deployment of these terminals in small and medium-sized retails.
With the evolution of modern merchants and retailers, traditional terminals are replaced with tablet and smartphone-based terminals. These devices are difficult to navigate and are less user-friendly for sales support and customers. With the advent of the mobile POS, merchants are recreating shopping experience.
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Further key findings from the report suggest:
- Fixed POS terminals are expected to remain the largest segment owing to the reluctance of retailers to adopt mobile POS terminals due to the rising security concerns
- The services segment is expected to grow at a CAGR of over 12% from 2016 to 2024. The growing demand for Software as a Service (SaaS) and cloud-based solutions of POS devices is expected to provide growth opportunities
- The global urbanization and changing consumer preferences are increasing the footprints in supermarket stores. The efforts retailers are taking to improvise the in-store experience is augmenting the growth for point-of-sale devices.
- The North America retail POS terminals industry is anticipated to reach over USD 8.0 billion by 2024.The brick-and-mortar stores and the e-commerce boom are increasing the overall consumption of these devices in the region.
- Latin America is expected to grow at a CAGR of over 11.5% over the forecast period. Modern retail formats such as hypermarkets and supermarkets are making inroads in Latin America. With the modernization of retail sector, the region provides a huge growth opportunity for the adoption of these terminals over the forecast period.
- The key players in the retail POS terminals market include Toshiba Tec Corporation, Ingenico Group, VeriFone Systems Inc., PAX Technology and NCR Corporation among others. Companies are focusing on providing fully integrated payment solutions to develop technologies in the payment infrastructure.
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Grand View Research has segmented the retail POS terminals market on the basis of product, component, application and region: