According to a recent study by Report Ocean Market Research, the global Retail POS Terminals market is poised to achieve a valuation of USD 49,863 million by 2026. In 2017, fixed POS terminals led the market in terms of revenue, and North America is anticipated to maintain its dominant position.
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Key Growth Drivers:
The adoption of retail POS terminals is on the rise due to the growing need to enhance the customer experience and simplify card payments. This market is driven by the increasing use of digital payments and government support to secure digital transactions. Technological advancements in cloud-based POS terminals, Android-based POS terminals, biometrics, and NFC technology are expected to bolster market growth. However, concerns related to data privacy and the risk of data theft may act as constraints on market growth.
Retailers are integrating mobile POS terminals into their businesses to simplify transactions, reduce waiting times, and increase customer interactions. Mobile POS also offers customer analysis and data regarding past transactions, inventory management, and employee management. Retailers can use mobile POS terminals to provide personalized services to customers through offers, loyalty schemes, coupons, and other services. Mobile POS terminals are also space-efficient, allowing retailers to use extra space for displays or inventory.
LS Nav is a retail management system available in the market, which includes POS and enterprise resource planning (ERP). It offers features like e-commerce, inventory management, retail accounting, customer management, warehouse management, and mobile support. This system caters to various retail stores, such as apparel, groceries, electronics, and convenience stores. LS Nav enables users to track sales, productivity, and stock in real-time.
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Clover POS Software is another solution for the retail sector, providing an integrated point-of-sale system with custom hardware developed for retailers. It can be deployed as a web-based or server-based system and offers secure transactions, providing access to reports on a remote merchant dashboard.
North America generated the highest revenue in the market in 2017, driven by the increasing adoption of mobile devices, high disposable income, and the growing need to offer enhanced services to customers. POS terminals enable retailers to offer personalized services, customer loyalty solutions, various payment options, and data on past transactions.
The Asia Pacific region is expected to experience significant growth in the retail POS terminals market, particularly in countries such as India and China, due to the rapidly emerging retail sector. The demonetization effect in India has encouraged consumers to embrace cashless transactions.
Retail POS terminals are segmented into fixed POS terminals and mobile POS terminals. Fixed POS terminals are expected to dominate the global market throughout the forecast period. The mobile retail POS terminals market is expected to grow at a significant CAGR, driven by technological advancements and the emergence of mobile wallets. These mobile solutions offer affordability, mobility, ease of use, and increased efficiency.
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The components of POS terminals in the retail sector include hardware and software. Hardware components are expected to dominate the global market throughout the forecast period. The software segment is projected to grow significantly, offering additional functionalities for tracking customer behavior, analyzing buying trends, and providing customized loyalty programs.
Key companies profiled in the report include Panasonic Corporation, Ingenico Group, NEC Corporation, Micros Systems Inc., Hewlett-Packard Inc., Cisco Systems Inc., Epicor Software Corporation, PAX Technology Ltd, and VeriFone Systems Inc., among others. These companies continually launch new products and collaborate with other market leaders to innovate and meet the evolving needs and requirements of consumers.
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