Retail Point of Sale Terminals Market to grow at 10% CAGR from 2016 to 2024: Global Market Insights Inc. Retail POS Terminals Market size was estimated at over USD 15 billion in 2016 and is projected to be worth over USD 40 billion by 2024; according to a recent research report published by Global Market Insights, Inc. Technological advancements such as the advent of near field communication (NFC) technology and biometrics has revolutionized the retail POS terminals market. Integrated card machines allow the usage of multiple payment techniques and can also gather data for providing in depth analysis. Business owners are now required to provide flexible payment option such as credit cards, checks, and digital payments to attract customers. The retail sector, primarily in the South-East Asian and North American countries, is anticipated to experience high growth. The retail sales in North America in 2016 were valued at more than USD 5 billion. The increasing disposable income, increasing online retailers, and growing penetration of smartphones is driving the retail sector in North America. Retailers in these regions are retaining customers by customizing offerings, providing variable payment methods, and mapping consumer patterns.
Furthermore, continued increase in performance of companies acting in auto retail, home improvement, dollar store, & drug store and specialty retail, supermarkets, & department stores sectors are expected to present several growth opportunities for the retail POS terminals market. The rising demand for cloud-based POS systems is anticipated to drive the retail POS terminals market during the forecast timespan owing to the cost effectiveness and the reduced need for frequent upgrades. Additionally, advanced SaaS systems integrates customer resource management (CRM) solutions to combine historical customer data to influence online ordering, loyalty programs, and targeted marketing. Intense competition between players has led to business owners improving their facilities and technologies such as the integration of mPOS terminals. These allow an increase in interactions, elimination of excessive waiting times, and insights into the customer buying profile. mPOS terminals lower the amount of space taken up by regular cash wraps and counters. A substantial amount of occupied counter space can be utilized to expand the store’s inventory and display or to improve the customer comfort. Various retailers such as Apple and Home Depot have recognized the benefits of mPOS and have integrated them into their business operations and is anticipated to drive the retail POS terminals market.
1|Page