enhanced functionality of pos is driving the POS Terminals Market In Retail Sector
Technavio analyzes that the POS Terminals Market In Retail Sector is expected to grow at a CAGR of 4.5% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 878.4 million.There are various factors that contribute to the growth of the market.ai_driver_list_1
In the retail sector, mPOS terminals, while offering convenience and mobility, are susceptible to malware attacks, leading to significant financial losses through identity theft and financial fraud. Hackers employ tactics such as RAM scraping and keylogging to gain access to sensitive customer data, including passwords and PINs. Keylogger software, often unknowingly downloaded as part of pirated software or executed as a Remote Administration Trojan horse (RAT), poses a significant threat. The escalating occurrence of such fraudulent activities has necessitated the adoption of EMV POS terminals, which offer enhanced security features to safeguard against these threats.
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POS Terminals Market In Retail Sector Segmentation
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The Retail landscape is undergoing a significant transformation with the adoption of advanced Point-of-Sale (POS) Terminals. These terminals are revolutionizing transaction efficiency in retail outlets by facilitating cashless transactions, digital payments, and mobile payments. Cloud-based POS terminals are becoming increasingly popular due to their ease of use and flexibility. Integrated POS terminals offer NFC technology for contactless payments using Near Field Communication (NFC) and mobile wallet integration. This enables retailers to cater to the growing number of credit card users, micro-merchants, and SMEs. The widespread use of smartphones and high internet penetration have made wireless transactions a preferred choice for consumers. POS technology and software have evolved to provide e-wallet facilities, multiple payment modes, and hassle-free shopping experiences. The hospitality, healthcare, restaurant, and automated supermarket sectors are also adopting POS terminals to streamline operations and enhance customer satisfaction. Data safety is ensured through secure cloud-based solutions, ensuring peace of mind for retailers and consumers alike. In conclusion, the integration of POS terminals in the retail sector is paving the way for a more efficient, secure, and convenient shopping experience for all. With the increasing penetration of smartphones and internet, the future of retail transactions is digital, contactless, and wireless.
According to Technavio, the POS terminals market in the retail sector is a segment of the global technology hardware, storage, and peripherals market, which encompasses manufacturers of IT hardware, data storage components, and peripherals. This market is driven by the expanding demand for data centers, fueled by the surge in work-from-home technologies due to the COVID-19 pandemic. The global technology hardware, storage, and peripherals market size is determined by the revenue generated from the sales of hardware devices, equipment, and components, including POS terminals, printers, monitors, and other peripherals.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
Technavio Research
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