Skip to main content

Smart Point of Sale Solutions are Gaining Momentum

Retailers across the globe continue to invest in new payment technologies, as the growing use of mobile devices, associated software applications and cloud-based financial services enter the mainstream marketplace.

ABI Research forecasts the point of sale (POS) hardware market will increase to more than $4.5 billion in 2021, with revenues generated from a combination of traditional POS and mPOS -- which employs a smartphone or media tablet as the cash register.

Merchants looking to enhance convenience and foster new experiences and transaction choices at the point of sale will propel POS hardware development over the next five years.

POS Technology Market Development

"Arguably, despite hype, mPOS did not yet eat into the traditional POS market as many industry experts initially hoped," said Phil Sealy, senior analyst at ABI Research.

This is reinforced by the vendor emphasis on competitive pricing strategies on hardware devices, used in a bid to gain market share among low-tier merchants, while shifting focus to longer-term reoccurring revenue opportunities via services, analytics, and fraud management.

In addition, according to the ABI assessment, the traditional POS market is heading toward a transitional period. Leading POS hardware vendors are priming themselves to take advantage of next-generation opportunities in pay-at-the-table, in-store self-service, omni-channel enablement, and analytics.

This is occurring as merchants shift their POS strategies toward a consumer-first approach via solutions that employ app integration, the convergence of fixed position terminals with mobility, features based on interactions or touch-points, self-service, and loyalty expansion.

Outlook for Ongoing POS Innovation

Savvy mPOS vendors -- including Clover and Square -- are moving up the value-chain via their respective smart POS solutions. Meanwhile, Tier One hardware suppliers like Ingenico, PAX Technology, and Verifone are extending product portfolios, moving in the opposite direction to better challenge in the lower tiered merchant category.

"Competition is clearly going to increase in both the traditional and mPOS device categories," concludes Sealy. "Those vendors that can offer compelling, reliable, feature-rich solutions with next-generation functionalities at suitable, tiered price points will be those that win out."

Popular posts from this blog

Digital Transformation for the Oil and Gas Sector

The savvy CEOs of multinational organizations will accelerate their investment in digital transformation projects in 2022, and beyond, to improve their competitiveness. Every industry leader that is forward-looking will act swiftly to grasp the upside opportunity. Global oil & gas companies face a myriad of operational, commercial, and existential security threats. According to the latest worldwide market study by ABI Research, oil & gas firms apply digitalization to combat these threats and will spend $15.6 billion on digital technologies by 2030. Oil & Gas Digital Apps Market Development Investments in digitalization can help to analyze a supply pipeline’s condition, prepare for fluctuations in the changing prices for oil and gas, as well as aid action plans to create more sustainable operations and transfer to producing renewable energy sources. "Safety and Security are top priorities for oil & gas operators. Data analytics allied with IoT platforms have become

The Fastest-Growing Mobile Opportunity in 2022

The number of mobile communication subscriptions worldwide is currently estimated at 8 billion, with 6 billion on smartphone connections, from a user base of 5.9 billion unique subscribers among a global population of 7.9 billion. Fifth-generation (5G) mobile service subscriptions using a compatible device significantly grew during the COVID-19 pandemic, but 4G connections remain the dominant force within the global telecom service provider sector. While the use of mobile phones is common throughout developing nations, 4G services are still an emerging technology in many parts of the world. Overall, 5G subscriptions will likely grow from 580 million at the end of 2021 to 3.5 billion by the end of 2026. 5G Mobile Market Development According to the latest worldwide market study by Juniper Research, revenue generated from 5G mobile services will reach $600 billion by 2026 -- representing 77 percent of global network operator-billed revenue. The adoption of 5G services across consumer and

2022 Tech Trends Outlook: What Happens Next?

This year may very well be another period of unprecedented challenges and opportunities. In 2022, several highly anticipated technology-related advancements will NOT happen, according to the predictions by ABI Research. Their analysts identify many trends that will shape the technology market and some others that, although attracting huge amounts of pundit speculation and commentary, are less likely to advance rapidly over the next twelve months. "The fallout from COVID-19 prevention measures, the process of transitioning from pandemic to endemic disease, and global political tensions weigh heavily on the coming year's fortunes," said Stuart Carlaw, chief research officer at ABI Research . What Won’t Happen in 2022? Despite all the headlines and investments, the metaverse will not arrive in 2022 or, for that matter, within the typical 5-year forecast window. The metaverse is still more of a buzzword and vision than a fully-fledged end goal with a clearly defined arrival d