Even as the recession has taken its toll on retail sales, retailers have continued to invest in retail technology. The retail technology hardware market, consisting of integrated point of sale (POS) systems, payment terminals, POS barcode scanners, POS printers, and electronic article surveillance systems, managed to continue growing during 2009, while many retailers experienced declines in sales as consumers tightened their purse strings.
In its new market study ‘Next Generation Point of Sale Systems and Retail Technology’, ABI Research forecasts that growth in this market will continue for the foreseeable future as retailers invest in the latest technology. ABI Research anticipates retail technology spending will grow to nearly $21 billion in 2014, from $14.8 billion in 2009.
The study finds that continuing growth in retail technology systems shipments and revenues will be driven by global demand for technologies needed to meet rapidly evolving security standards, as well as retailers’ demands for highly efficient and customer-friendly technology.
Larry Fisher, research director, ABI Research says, “Retailers look to technology to enhance the customer experience, drive customer loyalty, reduce costs and to become more efficient at managing inventory, space and human resources. It is also a way to stay competitive as peers look to achieve the same goals.”
Fisher continues, “Retail technology vendors fared well despite the recession, as retailers maintained their long-term technology investment plans. Additionally, the outlook is positive for retail technology, as retailers in emerging countries look to emulate the successful implementation of technology in more-developed nations.”
The new market study focuses on several key retail technologies, and examines the market drivers behind the growth in this large market sector. Much of the report is focused on the hardware aspects of the technology market, including customer-facing systems such as point of sale systems, payment terminals and peripherals. It includes forecasts through 2014
— IndiaRetailing Bureau