Increased Adoption of POS Terminals in the Retail Industry Predicted to Drive the M2M Services Market until 2020, Says Technavio

LONDON--()--According to the latest research study released by Technavio, the global M2M services market in the retail industry is expected grow at a CAGR of more than 33% until 2020.

This research report titled ‘Global M2M Services Market in the Retail Industry 2016-2020’, provides an in-depth analysis of market growth in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments, including fare ticketing devices, smart parking meters, ATMs, vending machines, and POS terminals .

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Retail is a highly competitive industry, and therefore, it is vital to offer the best of customer experience in a cost-effective manner. Wirelessly connected solutions such as POS systems, vending machines, RFID systems, and kiosks help improve customers' shopping experience by reducing costs, automating manual processes, and expanding product portfolios into new markets,” said Rakesh Panda, one of Technavio’s lead analysts for M2M and connected devices research.

POS allows enterprise staff to provide better customer experience and enables flexible payment process that enhance queue management. In 2015, the worldwide adoption of POS systems in the retail sector reached approximately 25 million units, and it is a trend that is likely to persist over the next four years,” added Rakesh.

Global M2M services market in retail industry by connections 2015 (USD millions)

  Fare ticketing devices   0.24

Smart parking meters 0.46

ATMs 0.69

Vending machines 1.81

POS terminals 21.08
 

Source: Technavio research

 

Global M2M services market in retail industry by connections: largest segment

The global M2M services market in the retail industry by connections was valued at USD 24.28 million in 2015. The global M2M services market in the retail industry by connections is expected to witness considerable growth during 2016-2020 due to the increased adoption of connected devices such as POS devices, ATMs, vending machines, kiosks, smart parking meters, and fare ticketing devices. Connected devices enable hassle-free operations during the peak hours of retailing. Also, these devices help retailers bridge the gap between online and offline shopping experiences by delivering in-store experiences for customers using app data.

Global M2M services market in retail industry by POS terminals: second largest segment

The global M2M services market in the retail industry by POS terminals was valued at USD 21.08 million in 2015. The use of electronic modes of payment is a key factor contributing to the growth of the market. It is also estimated that developing markets such as India and China are likely to increase the adoption of electronic payment modes during the forecast period. Most enterprises, restaurants, and retailers have been shifting from paper-based payment modes to electronic payment modes such as cash cards and payment through mobile devices.

Global M2M services market in retail industry by vending machines

The global M2M services market in the retail industry by vending machines was valued at USD 1.81 million in 2015. Most retailers worldwide are adopting intelligent vending machines that are equipped with features such as interactive touchscreen displays, cashless payment options, and voice recognition.

Connected vending machines provide real-time data about the quality and quantity of the products stocked. Information about selling patterns of individual vending machines can be recorded, and it is expected to help retailers strategize product placements based on demographics. These machines automatically reorder when stock levels are down and also alert security service providers on burglary attempts.

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About Technavio

Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.

Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.

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Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 630 333 9501
UK: +44 208 123 1770
www.technavio.com
media@technavio.com

Release Summary

According to the latest research study released by Technavio, the global M2M services market in the retail industry is expected grow at a CAGR of more than 33% until 2020.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 630 333 9501
UK: +44 208 123 1770
www.technavio.com
media@technavio.com