[May 06, 2016] |
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Increased Adoption of POS Terminals in the Retail Industry Predicted to Drive the M2M Services Market until 2020, Says Technavio
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 .
Request sample report: http://bit.ly/1UdSsa5
"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)
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Fare ticketing devices
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0.24
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Smart parking meters
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0.46
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ATMs
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0.69
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Vending machines
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1.81
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POS terminals
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21.08
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Source (News - Alert): Technavio research
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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.
If you are interested in more information, please contact our media team
at [email protected].
View source version on businesswire.com: http://www.businesswire.com/news/home/20160506005021/en/
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