Retail Industry to adopt cloud-based Point-of-Sale Terminals | Arizton
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A standard Point-of-sale terminal system stores the information on the product assortment, its pricing, product-related promotional offers, and inventory. Point-of-sale terminals are available during face-to-face transactions where merchants swipe the payment tool such as debit, credit, or smart cards. Recent point-of-sale systems have the touchscreen interface that simplifies the transaction process. Hospitality, retail, restaurant, healthcare, warehouse and distribution, and entertainment are the major end-users of point-of-sale terminals.
The leading drivers and trends driving the growth of the global point-of-sale terminal market are discussed below:
Rise in Digital and Mobile Payments
Countries such as Belgium, France, Canada, the UK, Sweden, Australia, and the Netherlands have almost converted to cashless economies. Emerging economies such as India, Russia, and other regions are making structural changes to accelerate the incorporation of the credit and debit card system. While debit cards are digitized versions of checkbooks, credit cards are connected to the bank that processes funds on behalf of the customer. The usage of debit and credit cards is facilitated through point-of-sale machines and ATMs present at several outlets such as retail, drug, gas station, restaurant, and hospitality. About 30% of the total point-of-sale volumes were located at retail outlets in 2017, which increased to 40% in 2019. Globally, an active debit card was used 22.55 times per month at a point-of-sale terminal in 2016 compared to 21.86 times in 2015.
Google Wallet, Samsung Pay, Android Pay, and Apple Pay are the major digital wallet options, which have become standard on smartphone devices. Retailers have incorporated point-of-sale systems with mobile wallets, which help to attract new customers in addition to retaining the current digital payment users. In 2019, APAC and Africa were the leading geographies in the global mobile payment market. The vendors aiming to launch the mobile payment point-of-sale options have an opportunity to tap these regions.
Increased Demand for Point-of-sale Terminals from Healthcare and Retail Sectors
The healthcare industry is witnessing an increase in the number of payments made through debit and credit cards. Card-based payments allow patients to have deductible insurance plans, negotiation of healthcare costs, and advanced tools required for the estimation of healthcare cost. The point-of-sale application by the provider in compliance with the Payment Card Industry Data Security Standard is expected to reduce security breaches while using cards in point-of-sale terminals in hospitals. Arizton estimates that the Point-of-sale terminal market by healthcare industry is likely to witness a CAGR of over 12% during the period 2020–2025 in terms of unit shipment.
Supermarkets and hypermarkets are the major end-users of point-of-sale terminals with the highest proportion of over 40%. Retailers included m-POS along with fixed point-of-sale by 2019. Supermarkets and hypermarkets are expected to witness the fastest growth of over 12% due to the enhanced customer store experience. The retail industry is one of the largest users of cloud-based point-of-sale systems. Retailers with a chain of outlets in varied regions can access the integrated database of the customer’s profile. The cloud-based system helps to merge the data across tablets and smartphone interfaces, offline and online shopping, and e-payments.
Introduction of Cloud-based POS Systems
A cloud-based POS system is expected to emerge as one of the leading trends in the global point-of-sale terminal market during the forecast period. Several solution providers are venturing into the cloud-based POS system. In 2015, Revel Systems, a leader in iPad POS system solutions, entered into an agreement with Shell Retail for the implementation of Revel’s iPad cloud-based POS system services at retail sites worldwide. Square and PayPal are the major cloud-based POS solution providers. Lightspeed, Microsoft Dynamics RMS, Vend POS, ShopKeep, and Retail Pro are other such providers.
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Ingenico Group, Fujian Newland Payment Technology, PAX Global Technology, Verifone Systems or Verifone, and Shenzhen Xinguodu Technology (NEXGO) are identified as prominent vendors in the global point-of-sale terminal market.
The complete overview of the latest market research report on the global point-of-sale terminal market by Arizton is now available.
The report offers a detailed study of major trends, drivers, challenges and provides market sizing and forecast for major geographical regions and key countries.
About Arizton Advisory & Intelligence
Arizton – Advisory and Intelligence is an innovation and quality-driven firm, which offers cutting-edge research solutions to clients across the world. We excel in providing comprehensive market intelligence reports and advisory and consulting services.
Arizton has gained a paramount standpoint in the market research arena as it offers top of the line solutions to clients to assess market landscape and to finalize foolproof business strategies. We are committed to provide inclusive market research reports and consulting services to clients from diversified industries including –Consumer Goods & Retail Technology, Automotive and Mobility, Smart Tech, Healthcare and Lifesciences, Industrial Machinery, Chemicals and Materials, IT and Media, Logistics and Packaging
Arizton comprises a team of exuberant and well-experienced analysts who have mastered in generating incisive reports. Our specialist analysts possess exemplary skills in market research. We train our team in advanced research practices, techniques, and ethics to outperform in fabricating impregnable research reports.
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