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. ABI Research anticipates retail technology spending will grow to nearly $21bn in 2014, from $14.8bn in 2009.
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. 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.
The ABI report, Next Generation Point of Sale Systems and Retail Technology, focuses on several key retail technologies, and examines the market drivers behind the growth in this large market sector.
