the market valuation of retail Point of Sale (POS) terminals will cross $45 billion by 2026. Increasing adoption of digital payment technologies in the retail sector will support the market growth.” data-reactid=”14″>According to latest report “Retail POS Terminals Market by Product (Mobile, Fixed), Component (Software, Hardware, Services [Professional, Support & Maintenance, Training]), Application (Department Stores, Supermarkets/Hypermarkets, Warehouses, Convenience Stores, Discount Stores, Specialty Stores), Regional Outlook, Price Trends, Competitive Market Share & Forecast 2026”, by Global Market Insights, Inc., the market valuation of retail Point of Sale (POS) terminals will cross $45 billion by 2026. Increasing adoption of digital payment technologies in the retail sector will support the market growth.
mPOS terminals will witness substantial growth during the forecast timespan on account of their portability and ease of use. The terminals provide benefits, such as easy accessibility, paper-free receipting services, free floor space, and reduced customer shopping time, rising the adoption of these devices. In addition, the flexibility offered by tablets or smartphone-based POS terminals reduces the cost for SMBs. The decreasing cost of mobile devices and the growing popularity of wireless technology have resulted in rising adoption of mobile POS terminals among high-end stores.
Maintenance services play an important role in ensuring the smooth functioning of POS systems after they are installed. POS terminals need to be properly maintained, frequently scanned, and synced to the backup system through a secure network in retail stores. The incident of malfunction, damage from environmental factors or employees can reduce the lifespan of POS system hardware. The operating systems also require more frequent updates than network hardware due to their role in security and system efficiency. Manufacturers, such as NCR Corporation and PAX Technology Inc., are offering hardware maintenance services to help businesses maintain optimal functionality and security of POS systems.
The Asia Pacific retail POS terminals market is anticipated to showcase a considerable growth through 2026 owing to the presence of a wide customer base in countries such as China, India, Indonesia, and Malaysia. This has encouraged global retail operators to expand their presence in the region through strategic acquisition of leading local players. Manufacturers are offering tailored and purpose-built POS solutions to cater to the needs of large and small merchants.
The demand for POS terminals from convenience stores to automate and track fluctuating prices, provide customers an efficient checkout process, and streamline inventory management is being witnessed. Convenience stores mainly prefer handheld mPOS devices attributed to their low cost, flexibility, and convenience in conducting payment transactions. The feature of employee management & scheduling, inventory management, and custom reporting helps retailers in tracking their daily business operations. The need to streamline operations and improve customer engagement has encouraged store owners to adopt advanced payment devices.
3.1. Industry segmentation
3.2. Industry landscape, 2016 – 2026
3.3. Impact of coronavirus (COVID-19) pandemic
3.3.1. Global outlook
3.3.2. Regional outlook
18.104.22.168. North America
22.214.171.124. Asia Pacific
126.96.36.199. South America
3.3.3. Industry value chain
3.3.4. Competitive landscape
188.8.131.52. Distribution network
184.108.40.206. Business growth
3.4. Industry ecosystem analysis
3.4.1. Vendor matrix
3.4.2. Distribution channel
3.5. Technology & innovation landscape
3.5.1. Impact of IoT and Big Data
3.5.2. Biometric recognition
3.5.3. Digital & mobile wallets
3.6. Regulatory landscape
3.7. Industry impact forces
3.7.1. Growth drivers
3.7.2. Pitfalls and challenges
3.8. Growth potential analysis
3.9. Porter’s analysis
3.10. PESTEL analysis
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