CRI Report has released a report titled “Retail POS Terminal Market – Analysis of Market Size, Share & Trends for 2014 – 2020 and Forecasts to 2030” which is anticipated to reach USD 16.9 billion by 2030. According to a study by CRI Report, the market is anticipated to portray a CAGR of 9.89% between 2020 and 2030. According to the report, the adoption of integrated Point-of-Sale (POS) terminals has been fuelled by rising demand for contactless and cashless payments, the unification of in-store and online transactions, employee and customer management, and the need to keep track of inventory. Furthermore, technical advances have forced consumers to embrace point-of-sale terminals, resulting in a digital transition in retail, healthcare, hospitality, and other industries. The growing use of smartphones as portable POS devices is also supporting the digital transformation and POS demand.
The market report on global Retail POS Terminal Market includes in-depth insights as:
- The estimated value of the market was USD 4.3 billion in the year 2020.
- Global Retail POS Terminal in APAC held the largest market share in the year 2020.
- Global Retail POS Terminal market is segmented by channel into Fixed and Mobile.
- Global Retail POS Terminal market is divided by end-user into Retail, Restaurant, Warehouse & Distribution, Healthcare, Hospitality, Gym & Fitness Center and Others.
- Key players are likely to focus on product innovations and expansion through mergers to retain their positions in developed markets.
“The demand for POS terminals will be driven by the trend of contactless payments and the increasing penetration of Near Field Communication (NFC) devices in various industry verticals. Several countries are moving away from cash in order to introduce fast, simple, and stable payment methods. Cashless transactions are expected to have a positive effect on industry development. Furthermore, market players are releasing goods that enable NFC payments. Customers in retail and hospitality will be able to use the technology to integrate easy, safe, and reliable payment methods into their operations”, according to this report
A point of sale (POS) terminal is a digital electronic system that uses software and hardware to allow retail outlets to accept card payments without having to use their cash registers to read cards directly. The cost of implementing POS terminals varies depending on the size of the company and the terms provided by the vendors. Customers do not have to pay an additional charge for using the POS terminal service, and small retailers or merchants may not have to pay a rent for operating the POS machines. To put it another way, the point of sale is a broad term that includes displays and devices that enable customers to participate in online purchases using computers, barcode scanners, and cash registers.
Global Retail POS Terminal market is segmented by channel into Fixed and Mobile. In the year 2020, the fixed segment dominated the industry. Large-scale vendors prefer Retail POS terminals because of the high procurement and installation costs, which have contributed to the market’s current growth. Furthermore, end-users who are concerned about cloud data storage are more likely to mount Retail POS terminals to store data on-premises. The POS framework can be used for a variety of tasks, including accepting payments, printing bills, inventory management, and Customer Relationship Management (CRM).
Key Players in the Market
- Some of the key players operating in the global Retail POS Terminal Market are Fiserv, Ingenico Group, PAX Global Technology, Verifone Systems, Shenzhen Xinguodu Technology, Cybernet, SZZT Electronics, USA Technologies, Centerm, and other prominent players
Get Valuable Insights into Global Retail POS Terminal Market
In the new report, CRI Report thrives to present an unbiased analysis of the global Retail POS Terminal Market that covers the historical demand data as well as the forecast figures for the period, i.e., 2021-2030. The study includes compelling insights into growth that is witnessed in the market. Global Retail POS Terminal market is segmented by channel into Fixed and Mobile. Global Retail POS Terminal market is divided by end-user into Retail, Restaurant, Warehouse & Distribution, Healthcare, Hospitality, Gym & Fitness Center and Others. Geographically, the market is segmented into North America, Latin America, Europe, Asia Pacific, and Middle East, and Africa.
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