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

Big Data Analytics Revenue to Reach $215.7 Billion

Across the globe, more leaders seek actionable insight from the customer data they've stored in huge data lakes. Worldwide spending on big data and business analytics (BDA) solutions is forecast to reach $215.7 billion in 2021 -- that's an increase of 10.1 percent over 2020, according to the latest worldwide market study by International Data Corporation (IDC). Moreover, BDA technology investment will likely gain momentum over the next five years as the global economy recovers from the COVID-19 pandemic. The compound annual growth rate (CAGR) for global BDA spending over the 2021-2025 forecast period will be 12.8 percent. Big Data Analytics Market Development "As executives seek solutions to enable better, faster decisions, we're seeing relatively healthy BDA spending across all industries. Leveraging data for insights into everything from internal business operations to the customer journey is top of mind and of strategic importance," said Jessica Goepfert, vice

Remote Working Drives Demand for Internet Access Solutions

High-speed internet access from home is essential to participate in the Global Networked Economy. The worldwide residential broadband service market reached a subscriber base of over 1.1 billion users in 2020 -- that's a 4 percent increase from the previous year. Clearly, the COVID-19 pandemic accelerated demand for broadband connectivity. The need for high-capacity residential broadband will remain, even post-pandemic. According to the latest worldwide market study by ABI Research, 5G Fixed Wireless Access (FWA) will be the fastest-growing residential broadband segment to increase at a CAGR of 71 percent, exceeding 58 million subscribers in 2026. Remote working, online learning, and virtual healthcare created new demand for high-speed broadband throughout 2020. The significant increase in the use of internet-based entertainment services also prompted broadband users to upgrade, while more households without broadband access subscribed for the first time. Residential Broadband Serv

Warehouse Robot Deployment Gains New Momentum

The retail and wholesale back-office infrastructure market is being transformed by technology. The warehousing industry has accelerated automation efforts due to the increased order volume and labor shortages driven by the global pandemic. In addition to technology solutions such as handheld devices with enhanced capabilities, autonomous, collaborative, and mobile robots are proving to be the fastest-growing productivity-enhancing solution in the warehouse workspace. Commercial Robotics Market Development According to the latest worldwide market study by ABI Research, global commercial robot revenue in warehouses will have a Compounded Annual Growth Rate (CAGR) of over 23 percent from 2021 to 2030 and exceed $51 billion by 2030. "Mobile robots are at the heart of the warehouse robotics market and account for most shipments and revenue. These robots, made up of Autonomous Guided Vehicles (AGVs) and Autonomous Mobile Robots (AMRs), are being used to move goods within the warehouse a