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.
“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," said research director Larry Fisher. "It is also a way to stay competitive as peers look to achieve the same goals.”
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Report: Retail technology spending will exceed $20 billion in 2014
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