The global retail point-of-sale terminals market size was valued at USD 13.31 billion in 2015. Changing customer preference towards high volumes of non-cash transactions along with intense demand for additional payment options is expected to augment the demand for these systems.
Retail merchants are striving to enhance consumer experience by offering flexible payment solutions with advanced payment options at the point-of-sale terminal. Apart from the advanced payment options, merchants are providing customized relevant offerings at the point of sale such as coupons, merchandise suggestions, offers and loyalty programs to enrich the in-store customer experience.
Mobile POS terminals are expected to be the fastest-growing segment with a CAGR of over 17% from 2016 to 2024.The high return on investment and ease of usability are factors driving the global mobile POS terminal market growth. Developed markets are embracing tablets in addition to smartphones. This is mainly due to the fact that small specialty and retail businesses find tablets a powerful substitute for the traditional point-of-sale systems.
POS software has significantly stimulated sales and innovation in an industry that is largely stable and mature. The wide adoption of cloud computing systems and mobile has forced industry players to develop POS software that incorporates web-based, traditional and mobile platforms. Cloud systems has also surged the software developers to take system and data security into account as SaaS becomes increasingly adopted.
The key industry competitors in the retail point-of-sale terminals market include Toshiba Tec Corporation, Ingenico Group, NCR Corporation, VeriFone Systems Inc. and PAX Technology among others. Cloud systems enable software developers to consider system and data security as software-as-a-service in increasingly adopted. Large traditional manufacturers are integrating with mobile payment solutions providers as traditional providers are innovating beyond payment acceptance capability. For instance, VeriFone Systems Inc. acquired mobile solutions provider Global Pay.

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