According to a report,”Retail Point-of-Sale (POS) Terminals Market Analysis By Product (Fixed POS Terminals, Mobile POS Terminals), By Component (Hardware, Software, Services), By Application (Supermarkets/Hypermarkets, Grocery Stores, Specialty Stores, Gas Stations) And Segment Forecasts To 2024 “,published by Grand View Research, IncThe global retail POS terminals market is expected to reach USD 33.41 billion by 2024, a. The paradigm shift in the payment landscape enables the usage of electronic payment technologies.

Retail POS terminals have witnessed a considerable growth in the recent years owing to the rising integration with robust POS platforms and multi-channel selling in stores. The next-generation point-of-sale systems offer high reliability and durability, which have significantly reduced the cost of ownership, thereby increasing the deployment of these terminals in small and medium-sized retails.

Key Takeaways from the report:

• Fixed POS terminals are expected to remain the largest segment owing to the reluctance of retailers to adopt mobile POS terminals due to the rising security concerns

• The services segment is expected to grow at a CAGR of over 12% from 2016 to 2024. The growing demand for Software as a Service (SaaS) and cloud-based solutions of POS devices is expected to provide growth opportunities

• The global urbanization and changing consumer preferences are increasing the footprints in supermarket stores. The efforts retailers are taking to improvise the in-store experience is augmenting the growth for point-of-sale devices.

• The North America retail POS terminals industry is anticipated to reach over USD 8.0 billion by 2024.The brick-and-mortar stores and the e-commerce boom are increasing the overall consumption of these devices in the region.

• Latin America is expected to grow at a CAGR of over 11.5% over the forecast period. Modern retail formats such as hypermarkets and supermarkets are making inroads in Latin America.With the modernization of retail sector, the region provides a huge growth opportunity for the adoption of these terminals over the forecast period.

• The key players in the retail POS terminals market include Toshiba Tec Corporation, Ingenico Group, VeriFone Systems Inc., PAX Technology and NCR Corporation among others. Companies are focusing on providing fully integrated payment solutions to develop technologies in the payment infrastructure.

U.S. Retail POS Terminals Market By Product, 2014 – 2024 (USD Million)

With the evolution of modern merchants and retailers, traditional terminals are replaced with tablet and smartphone-based terminals. These devices are difficult to navigate and are less user-friendly for sales support and customers. With the advent of the mobile POS, merchants are recreating shopping experience.

Asia Pacific POS Terminals Industry Expected To Drive Demand

Asia Pacific accounted for over 25% market share in 2015 and is anticipated to be the fastest growing region owing to the rising e-commerce sales volume and growing acceptance of mobile payments in the region. The high consumption volume of POS devices in India is contributing to the regional growth. With the advancement in the point-of-sale technology, cash registers across India are witnessing a transformation in the traditional in-store devices, resulting in the organized business environment to clock an exponential growth.

North America dominated the market in 2015 owing to the implementation and upgrading of EMV-based systems. The emergence of the developer-friendly application program interfaces is a notable feature of the North American payment industry. The new software developer kits are developed in the region regularly, aiding the growth of software-based systems.

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Mobile Pos Payment Devices Expected to Increase Fourfold

Mobile POS terminals are expected to be the fastest-growing segment with a CAGR of over 17% from 2016 to 2024.The high return on investment and ease of usability are factors driving the global mobile POS terminal market growth. Developed markets are embracing tablets in addition to smartphones. This is mainly due to the fact that small specialty and retail businesses find tablets a powerful substitute for the traditional point-of-sale systems.

Software as a Service (Saas)Solutions to Become Prevalent in the Pos Industry

Hardware component accounted for over 64% market share in 2015. The integration of touchscreen technology in the mobile POS terminals is anticipated to surge the demand for hardware products. The introduction of IoT devices may reduce the product size while increasing the connectivity and efficiency.

POS software has significantly stimulated sales and innovation in an industry that is largely stable and mature. The wide adoption of cloud computing systems and mobile has forced industry players to develop POS software that incorporates web-based, traditional and mobile platforms. Cloud systems has also surged the software developers to take system and data security into account as SaaS becomes increasingly adopted.

Grand View Research has segmented the retail POS terminals market on the basis of product, component, application and region:

Retail POS Terminals Product Outlook (Revenue, USD Million, 2014 – 2024)

• Fixed POS terminals

• Mobile POS terminals

Retail POS Terminals Component Outlook (Revenue, USD Million, 2014 – 2024)

• Hardware

• Software

• Services

Retail POS Terminals Application Outlook (Revenue, USD Million, 2014 – 2024)

• Supermarkets/hypermarkets

• Grocery stores

• Specialty stores

• Gas stations

• Others

Retail POS Terminals Regional Outlook (Revenue, USD Million, 2014 – 2024)

• North America

  • U.S.

  • Canada

• Europe

  • Germany

  • U.K.

• Asia Pacific

  • China

  • India

  • Japan

• Latin America

  • Brazil

  • Mexico

• MEA

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About Grand View Research

Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.

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