The retail POS terminals market is projected to amass noteworthy gains on account of surging adoption of digital payment solutions. The retail sector is steadily incorporating digital payment platforms to enhance customer satisfaction. These solutions ensure fast and secure payments, with POS terminals playing a crucial role in facilitating quick transactions and decluttering long payment queues.
Rising imminence of e-payment options that allow seamless and error-free transactions could boost the demand for retail POS terminals. Several government organizations are also integrating cashless technologies. The retail POS terminals market may surpass USD 45 billion by the year 2026.
Integration of retail POS terminals software and hardware allows the deployment of centralized system that can improve built-in customer loyalty, real-time analytics and provide enhanced inventory management. Centralized POS solutions give retail stores the ability to manage multiple connected POS systems at once, thereby streamlining operations of retail facility.
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In terms of application, the demand for point of sale terminals from convenience stores, to offer customers an effective checkout process, automate & track fluctuating prices, streamline inventory management, is being observed. It is noted that convenience stores typically opt for mPOS devices owing to their flexibility, low cost, and convenience in carrying out payment transactions. Moreover, the increasing need to effectively enhance customer engagement and streamline operations has further encouraged various store owners to adopt advanced payment devices. For example, 7-Eleven, a U.S.-based convenience store chain deployed mPOS terminals of NEC Corporation across approximately 8,600 stores in Canada and the U.S., in January 2017.
Increasing adoption of contactless payment technologies like Google Pay and Apple Pay is likely to drive the retail POS terminals market. With the rising adoption of such payment technologies, several countries are passing regulations that streamlines and supports the adoption of these technologies. In fact, in 2019, the Ministry of Urban Development in India, launched the national common mobility card (NCMC), an innovative open loop payment card that can be used to pay for all local travel needs across the country, the card contains a regular debit card that can be used at any ATM to withdraw cash, and a local wallet that can be used to make contactless payments. Such initiatives are likely to lay the groundwork for market growth.
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On the geographical front, Asia-Pacific retail POS terminals market is likely to exhibit substantial growth over the forthcoming time period owing to the presence of a widespread customer base in countries like Malaysia, Indonesia, China, and India. This has further encouraged international retail operators to expand their presence in the region through strategic means such as acquisition of local industry players. Citing an instance, Walmart, Inc, a renowned retail company, in May 2018, reportedly acquired Flipkart, one of the leading e-commerce company in India for approximately $16 billion. The acquisition effectively helped the firm to expand its presence in the fast-growing retail market in India.
Major Key Points from Table of Content:
Chapter 5. Retail POS Terminals Market, By Product
5.1. Key trends, by product
5.2.1. Market estimates and forecast, 2016 - 2026
5.3.1. Market estimates and forecast, 2016 – 2026
Chapter 6. Retail POS Terminals Market, By Component
6.1. Key trends by component
6.2.1. Market estimates and forecast, 2016 – 2026
6.3.1. Market estimates and forecast, 2016 - 2026
6.4.1. Market estimates and forecast, 2016 – 2026
6.4.2. Professional services
18.104.22.168. Market estimates and forecast, 2016 – 2026
6.4.3. Support & maintenance services
22.214.171.124. Market estimates and forecast, 2016 – 2026
6.4.4. Training services
126.96.36.199. Market estimates and forecast, 2016 – 2026
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