Point of Sale Terminal Market to make phenomenal gains from industrial applications
The present-day movement towards cashless transactions is expected to eradicate the disadvantages and inconveniences of cash based dealings. Retail POS terminals offer high durability and reliability in comparison to their conventional counterparts such as cash registers, and hence witnessing large scale adoption in both small and medium sized stores which will augment the retail Point of Sale Terminal Market growth.
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The security concerns associated with the data privacy will inhibit the retail Point of Sale Terminal 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 Point of Sale Terminal 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.
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The software component is anticipated to witness growth opportunities in the retail Point of Sale Terminal 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 Point of Sale Terminal Market.
The Asia Pacific region is expected to witness high growth in the retail Point of Sale Terminal 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.
Chapter 5 Point of Sale Terminal Market, By Component
5.1 Point of Sale Terminal Market share by component, 2016 & 2024
5.2.1 Global POS hardware market, 2012 - 2024
5.2.2 Global POS hardware market, by region, 2012 - 2024
5.3.1 Global POS software market, 2012 - 2024
5.3.2 Global POS software market, by region, 2012 - 2024
Key players participating in the retail Point of Sale Terminal 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.
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