Global Adoption Of Smart POS Set To Rise Exponentially
POS Terminal Transactions To Hit $17 Trillion In 2024
A new study conducted by Juniper Research, a leading authority in fintech markets, has projected that the global value of POS (Point-of-Sale) terminal transactions will soar to $17 trillion by the end of 2024, with an anticipated growth of 25% leading up to 2028.
This substantial growth trend persists despite the recent POS outages experienced by several retail chains worldwide, prompting temporary closures in numerous instances.
These outages exposed significant financial vulnerabilities and security risks associated with outdated legacy systems, fuelling heightened demand for adopting smart POS terminals in the retail sector.
Unprepared Retailers
The latest findings from the Juniper Research report titled ‘Global POS Terminals Market 2024-2028’ underscore that many retailers remain ill-equipped to tackle challenges stemming from legacy POS systems, including terminal outages within physical retail establishments.
However, it highlights the pivotal role of intelligent POS technologies in mitigating such issues, advocating for integrating IoT-powered systems to ensure seamless connectivity and cloud-based storage solutions to fortify against potential cyber threats.
Upgrading POS technology to avert system failures is now deemed imperative. This aim is to optimise operational efficiency and bolster customer satisfaction.
In response to these imperatives, POS terminal providers diversify their offerings to encompass functionalities beyond traditional payment processing.
Advanced Features
Smart POS solutions promise a spectrum of advanced features, including staff management tools, loyalty programme integration, streamlined inventory management, and synchronised operations across multiple outlets within a retail chain.
The research author, Daniel Bedford, said: “Despite the initial higher cost associated with smart POS implementation, embracing this transformative technology will yield substantial returns on investment for retailers, safeguarding against system failures while facilitating seamless business integrations.”
The newly released market research suite is the most exhaustive assessment of the POS terminals market to date, featuring analysis and forecasts spanning over 46,000 data points across 60 markets over the ensuing five years.
Additionally, it includes two comprehensive ‘Competitor Leaderboards’ and in-depth examinations of current and prospective market opportunities. It is an indispensable resource for industry stakeholders navigating the rapidly evolving retail technology landscape.
Featured image: A customer uses a POS terminal in a retail store. Credit: Blake Wisz
