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Point-of-Sales Systems Market in Retail: Technologies and Usage Cases
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 their user-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.