Riding the Wave: The Retail POS Terminal Market Projected to Break $45 Billion by 2024

In the technologically advanced global market of today, retail point of sale (POS) terminals are experiencing a meteoric rise in popularity and growth. Industry analysts now project that the POS terminal market will exceed an astounding $45 billion by 2024. This expectation means the value of this market will more than double compared to the value assessed in 2016.

We are amidst a wave of digital transformation sweeping across the retail industry, transforming the way customer interaction and transaction is performed. POS terminals have already become the norm in numerous retail businesses, right from supermarkets and hypermarkets to hospitality and healthcare. Consequently, retail POS terminals are gaining exponential traction across the globe, supporting the surging digitalization, and EPS (Electronic Payment Systems) in retail outlets.

Advanced Technologies Spurring Growth

Advancements in technology and the shifting trend toward modern, digital, and cashless transactions have led to the widespread adoption of the POS terminals in the retail sector. Contactless payments, NFC (near-field-communication), and mobile wallets are few such technologies accelerating this shift from cash to cashless transactions.

In addition, recent developments in IoT and cloud computing have brought about significant improvements in the POS terminal systems. With a cloud-based POS system, retailers can track their inventory in real-time, keeping them continually updated about the stock level. This feature helps reduce the risk of overselling and aids in effective stock management.

Furthermore, digital POS terminals help retailers manage customer loyalty programs more efficiently. Retailers can gather information about customers’ buying habits and interests, leading to personalized customer service and increased customer loyalty.

Key Players in the POS Terminal Market

Several leading companies are driving the development and advancement of the POS terminal market. These key players include Ingenico, Verifone, PAX Technology, NCR Corporation, Toshiba Tec, and Diebold Nixdorf.

These companies are enhancing their POS product portfolios by continually investing in research and development. Moreover, they are adopting various strategies, such as mergers, acquisitions, partnerships, and collaborations, to expand their POS service provisions. All these activities contribute towards consolidating the industry further, opening new avenues of growth and revenue collection.

Regional Boom to Watch: Asia Pacific

Geographically, the retail POS terminal market is segregated into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Of these, Asia Pacific is expected to be the most lucrative region by 2024.

Fueled by increasing digitization, especially in developing countries like India and China, the retail industry in Asia Pacific is experiencing a swift upsurge. The booming e-commerce sector, along with the elevation of digital payment methods, is driving the POS terminal market in this region.

Security and the Future of POS Terminals

Nevertheless, as the usage of POS terminals in the retail sector intensifies, the security risks associated with it also escalate. Security breaches and data theft can occur through POS terminals. Therefore, to ensure secure and safe digital transactions, all retailers should invest in advanced POS systems equipped with high-end security solutions. Tech companies are investing in making secure and reliable systems that consumers and businesses feel comfortable using.

It’s indisputable that the Retail POS Terminal Market is growing and expected to break more record highs in the coming years. With the slew of benefits these systems confer both on retailers and consumers, they present a critical gear in the machine that drives the continual growth of retail commerce. Breaking $45 billion by 2024 is indeed a colossal achievement to aspire to; it seems a leap that the retail POS terminal market is more than ready to take. Finally, as this revolution unfolds, all eyes are set on seeing just how high this wave will surge.

Written by: \[Your Name], a business analyst specializing in technology trends in the retail industry.