Current State of Retail POS Terminals Market - Opportunities & Challenges | Key Players are Toshiba, VeriFone Systems, Samsung Electronics, Ingenico Group, Panasonic Corporation, NCR Corporation, Hewlett-Packard Company, PAX Technology

Retail POS terminals market, often claimed as one of the fasting growing business spaces of recent times, is highly driven by the digital influence in the financial sector. Over the recent years, cashless mode of payment has observed a tremendous surge, a factor that has massively proliferated the demand for adequate acceptance infrastructure like POS terminals. According to the Federal Reserve Payment Study of 2016- the number of non-cash transaction in U.S. including credit card, debit card, check payments, and ACH has crossed almost 144 billion in 2015, having a valuation of over USD 178 trillion.

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Total non-cash payment transaction in the country has risen by almost 5.3% by number and 3.4% by value over 2012-2015, having held a valuation of USD 17 trillion in 2012, cite sources. The aforementioned statistics not only cite the growth potential of retail POS terminals market, but have also sourced a plethora of technology behemoths to invest in the business space.

Notable behemoths of retail POS terminals market including Toshiba Corporation, VeriFone Systems Inc., Samsung Electronics Co., Ingenico Group, Panasonic Corporation, NCR Corporation, Hewlett-Packard Company, and PAX Technology Inc. have been increasingly vying up with one another to bring innovative technology in the foreground. For instance, Mastercard, the U.S. based financial conglomerate has recently teamed up with Verifone, in a bid to roll out an innovative point-of-sale financial application in U.K. retail space. Claimed to be the first of its kind in Britain, the ‘Mastercard application app’ is reported to launch on Verifone’s patent payment terminals at some of the specific U.K. retailers in January, and then it would be rolled out to other shops across the nation down the line.

The mPOS terminal segment is projected to grow significantly in the retail POS terminals 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 POS terminals 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 POS terminals market.

With incessant efforts undertaken by the leading retail giants to improve the operational efficiency and customer experience, retail POS terminals market size is sure to widen in the coming years. It is imperative to mention here that a considerable economic upliftment across major economies is phenomenally complementing the business opportunity. Given that expanding application horizon of POS systems across retail vertical, retail POS terminals market size, according to Global Market Insights, Inc., is slated to record a valuation of USD 40 billion by 2024.

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