Point-of-Sales Systems in Retail Market: Technologies and Usage Cases - Gaining customer insight while improving the in-store experience: Radiant Insights
August 11, 2017 --
The global point-of-sales systems in retail market are projected to attain lucrative gains by 2020, according to a report on Radiant Insights, Inc. It is expected to showcase a decent CAGR over the forecast period (2016 to 2020). Adoption of these systems by small and medium enterprises due to their advanced features is expected to replace traditional terminals. Preference for non-cash transactions is anticipated to be a major factor driving market demand.
Point-of-sales (POS) systems are devices used by retailers to speed up efficiency and enhance customer satisfaction. While self-checkout devices may have already existed, introduction of digital, mobile, and automated systems may disrupt the market. These systems are being developed to improve their speed and security as well as provide a user-friendly design. Their integration to analytic tools may be integral to future sales in stores and supermarkets. These can also act as a useful tool to gauge employee performance.
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Innovations in the market include its integration to Internet of Things (IoT) and artificial intelligence (AI). Mobile payment systems are being encrypted with tougher measures to improve reliability. The launch of Apple Pay and Samsung Pay as new payment methods will result in retailers upgrading their existing systems. Recently, Hewlett-Packard launched a new retail POS system with enterprise-grade security. It has compatibility with a barcode scanner and optical magnetic strip reader to instantly provide total billing with relative ease.
The worldwide POS systems in retail market is segmented on the basis of product, component, application, and region. By product, the market is divided into fixed and mobile terminals. Mobile POS terminals are expected to grow robustly due to guaranteed return on investments and theiruser-friendly design. Developed countries are adopting tablets and smartphones in addition to mobile POS for convenience of consumers.
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On the basis of component, the market is segregated into software, hardware, and services. Hardware and software are enjoying steady sales due to advent of IoT and cloud computing. The success of cloud systems can estimate the adoption rate of Software as a Solution (SaaS).
Major POS applications include gas stations, grocery stores, specialty stores, and supermarket/hypermarkets. Supermarkets are expected to exhibit robust growth due to the need to reduce expenditure and enhance customer experience. Grocery stores and gas stations are also slowly adopting these systems to transform their payment process.
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Key regions are Latin America, North America, the Middle East and Africa (MEA), Asia Pacific (APAC), and Europe. The APAC market is anticipated to expand at a high CAGR till 2020 due to rising e-commerce sales and acceptance of mobile payments. North America is expected to dominate the global market over the forecast period due to greater implementation of these systems.
Notable market players include Samsung Electronics Co. Ltd., NEC Corporation; Cisco Systems Inc.; Panasonic Corporation; and Hewlett-Packard (HP) Inc. Most of these players are expected to sustain their hold by developing mobile payment solutions. Security is a major issue that can impede future market growth. Need for stringent security standards in these systems may deter future cybercrimes and exfiltration of sensitive data.
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