According to a new study published by Polaris Market Research the worldwide Retail POS Terminals market is anticipated to reach USD 49,863 million by 2026. In 2017, the fixed POS terminals dominated the global market, in terms of revenue. North America is expected to lead the global market in 2017.
There has been an increasing adoption of retail POS terminals owing to increase need to improve customer experience, and simplify card payments. The global retail POS terminals market is driven by the increasing digital payments and government support to secure digital payments. Technological advancement in cloud-based POS terminals, android-based POS terminals, biometrics, and NFC technology is expected to augment market growth. However, data privacy concerns and risk of data theft restricts the retail POS terminals market growth.
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Retailers are integrating mobile POS terminals into business to simplify transactions, reduce waiting times, and increase number of interactions. Mobile POS also offers customer analysis and data regarding past transactions, inventory management, and employee management. It enables retailers to offer personalized services to customers through offers and loyalty schemes, coupons, and other services. Mobile POS terminals are also space efficient and take lesser space than fixed POS terminals. This space efficiency enables retailers to use the extra space for display or inventory.
LS Nav is a retail management system available in the market comprising POS and enterprise resource planning (ERP). The features offered by this system include e-commerce, inventory management, retail accounting, customer management, warehouse management, and mobile support. This system is developed for retail stores such as apparel, groceries, electronics, and convenience stores among others. This system enables users to track sales, productivity, and stock on a real time basis.
Clover POS Software is another solution available in the market for the retail sector. It is an integrated point-of-sale system with custom hardware developed for retailers. It can be deployed either as web-based or server-based. It also provides a mobile POS option along with countertop units. This system enables secure transactions, and provides access reports on a remote merchant dashboard. This system reads chip and PIN cards, credit cards, and can also process Apple Pay and other mobile payment apps. It can also integrate with QuickBooks to streamline the accounting process.
The well-known 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 launch new products and collaborate with other market leaders to innovate and launch new products to meet the increasing needs and requirements of consumers.
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