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What's Driving the Retail POS Terminals Market Size? Cisco, Epicor Software, Hewlett Packard Enterprise, Ingenico Group, MICROS Systems Inc, NCR Corporation, Panasonic, Samsung Electronics, Toshiba, Verifone

04-15-2020 08:46 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Global Market Research

Retail POS Terminals Market

Retail POS Terminals Market

The latest trends of retail POS terminals market are extensively tech-driven, given the mammoth proliferation of IoT in retail space. Retail management systems nowadays have been increasingly deployed for web applications. However, in order to bring a consequential transformation in the retail business with regards to efficiency and performance, it is imperative to explore newer technologies. Cloud-based computing observes a huge potential in this regard. Subject to the cost competitiveness and reduced manpower requirement, high accuracy, and in-depth insight, cloud-based POS systems are witnessing a heavy demand in the retail space, which by extension is making noteworthy contribution in retail POS terminals industry share.

Technological advancements such as biometrics, and NFC (Near Field Communication) technology, have completely revolutionized the age-old concept of retail business. Business owners, nowadays, have been depicting a high interest in flexible payment option such as checks, digital payments, and credit cards, which by extension is upscaling the retail POS terminals market demand. As far as the technological proliferation is concerned, U.S. is expected to emerge as stronger growth ground for retail POS terminals industry in the coming years.

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One of the pivotal factors that can be held responsible for the massive expansion of retail POS terminals market is the widespread application matrix. Practically in every retail business sphere ranging from cash payment and consumer data collection to inventory management, the requirement of efficient POS systems is surging day by day. With incessant efforts undertaken by the leading retail giants to improve the operational efficiency and customer experience, retail POS terminals industry size is sure to widen in the coming years.

The escalating digitization in the retail sector is one of prime driving forces of the retail POS terminals market. Considering the risks associated with traditional modes of payment, the governments of several countries are increasingly implementing regulatory norms to promote digitization in the retail arena. For instance, the act of demonetization in India has positively affected the growth of retail POS terminals industry share in the country between 2016-2017. In order to improvise on the effectiveness of national payment systems, the Central bank has also recommended the adoption of payment facilities such as POS terminals, RTGS, and online banking. Merely a few years ago, the Dominican Republic government had constructed an autonomous agency - the Social Subsidies Administration (ADESS) to promote card based payment methods.

The growing adoption of advanced consumer electronics such as mobiles, tablets, smart phones, and computerized POS systems have also had a positive impact on retail POS terminals market outlook. Mobile based payment options such as e-wallets have been gaining mass popularity among consumers, pertaining to their ease of applicability. Considering the technological advancements in POS devices along with improved functionality, users in hospitality and retail sectors are predominantly giving preference to software based point of sale terminals. In addition, the integration of biometric systems in POS devices will noticeably boost the product demand over the coming timeframe.

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The growing need for improved payment security along with quicker transaction speed is slated to promote technological developments in retail POS terminals market share. Speaking along similar lines, NCR Corporation, PAX Technology Inc., Cisco Systems Inc., Panasonic Corporation, VeriFone Systems Inc., Ingenico Group, Hewlett-Packard Company, and Samsung Electronics Co., Ltd., are several well-known participants in retail point of sale terminals industry.

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