The global retail Point of sale (POS) terminal market size is expected to reach USD 25 billion from the present USD 11.7 billion, growing at a CAGR of over 15 per cent, by 2023, according to Global Market Insights’ report.
Attributing to the increasing usage of debit or credit cards for transactions coupled with growing payment services, major regions contributing significantly to retail point of sale terminal market include Asia Pacific, North America, Europe, MEA and Latin America.
North America, including U.S, the retail POS terminals market size which was valued over USD 3.85 billion in 2014, is likely to attain USD 9.5 billion by 2023, the report said, adding, the region is likely to gain significant industry share over the coming few years owing to increasing growth in fast food restaurants and mass merchandisers. Asia Pacific is likely to contribute more than USD 7 billion during the forecast period, the report added.
POS terminals are mainly a combination of software and hardware, which allocate its users to recognize card payments directly without updating the cash registers. The POS terminal varies with the size of the business unit and selling terms with the channel suppliers and partners.
It is an electronic device that performs various functions in retail sector such as ensuring the fund status in a user bank account, examining the information of a consumers debit or credit card; relocating funds from client account to the retailer account and register the transaction. In addition, it also prints the receipt of the transaction occurred.
POS terminals market facilities the retailers to update in-store operations, which in turn increases the revenue. The increasing usage of terminals in retail sector is expected to observe significant gains over the coming few years. In addition, portability and accessibility enhances the exploitation of mobile terminals in retail sector. However, availability of mobile payment solutions is likely to restraint the industry growth.
Retail POS terminals market facilitates payments and other operational information such as inventory management, sales tracking and accounting. In addition, increase in demand for wireless POS terminals market is also expected to drive the industry. Growing rigid and flexible displays is anticipated to be the major retail POS terminal market trend.
Increasing adoption of EMV cards is one of the major factors responsible for the industry growth. The software segment has witnessed stable growth due to increasing adoption in retail sector. This enhances the operational efficiency which in turn drives the industry demand. Mobile POS (mPOS) terminals market is one of the major segments and the driving force of the POS industry.
The global retail POS terminals industry can be segmented on the basis of types which include wireless and mobile point of sale (mPOS) and fixed point of sale. The industry can also be segmented on the basis of components which include hardware and software. Furthermore, the industry can be divided on the basis of stores which include superstore, hyper store, gas stations, hypermarket and grocery stores.
This technology advances shopping experience for consumers by reducing the processing time for payments. In addition, it also helps the customers to centralize and obtain information about sales of the particular products. Large retailers in the South America are expected to witness significant growth owing to new terminals introduced in the region.