Pune, India, Oct 2021, MRFR Press Release/Market Research Future has published a Cooked Research Report on the Global Fuel and Convenience Store PoS Market.
The Fuel and Convenience Store PoS market is predicted to reach USD 1780.6 million by 2027, registering a 25.8% CAGR during the forecast period, 2021–2027. In this report, Market Research Future (MRFR) includes the segmentation and dynamics of the market to offer a better glimpse of the market in the next few years.
The global market for fuel and convenience store PoS is expected to grow rapidly during the forecast period. The growth can be primarily attributed to the increase demand for POS for efficient management across fuel stations and convenience stores and increasing adoption of cloud POS and mPOS solutions. Moreover, the adoption of AI and machine learning in developing solutions for POS is expected to create opportunities for market players during the forecast period. However, the data security concerns may slow the growth of the fuel and convenience store PoS market during the forecast period.
The global fuel and convenience store PoS market has been segmented on the basis of installation type, product type, distribution channel, and end-use application.
The global fuel and convenience store POS market, by component, is bifurcated into software and services. The market is led by the services segment. The services segment is further divided into professional services and managed services. The software segment is divided into fixed/ traditional/legacy POS. The services segment accounted for the larger market share of 52.0% in 2018, with a market value of USD 125.0 million; it is expected to register the higher CAGR of 26.0% during the forecast period. The solutions segment was valued at USD 115.2 million; it is projected to exhibit a CAGR of 25.7%. POS software solutions are increasingly used by brick-and-mortar fuel and convenience store retailers to carry out sales in the developed economies of Europe and North America. The services segment is divided into managed services and professional services. The managed services segment is expected to have a larger market share during the forecast period
The global fuel and convenience store POS market, by application, is divided into inventory management, cash management, operations management, reporting and analytics, and others. The market share of the operations management segment is expected to be the largest during the forecast period, while the reporting and analytics segment is expected to have the highest CAGR. The operations management segment accounted for the largest market share of 34.0% in 2018, with a market value of USD 81.7 million; it is expected to register a CAGR of 25.0% during the forecast period. The cash management segment was the second-largest market in 2018, valued at USD 59.5 million; it is projected to exhibit a CAGR of 26.5%. However, the reporting & analytics segment is expected to register the highest CAGR of 28.0%. The vendors offer solutions required by a fuel retailer for efficient management of service station operations. The operations management POS mainly consists of a forecourt controller, back-office solution & site operations management software, and central management solution The cash register is an imperative part of the POS. Whether it's the traditional, electronic cash management system or mobile POS, the fuel and C-store needs a machine to process sales. The vendors use touch screens, programmable keyboards, scanners, or other handheld devices to enter data into a POS system. The fuel and c-store businesses are product based. These businesses use a basic POS inventory system. With a POS, the businesses can keep track of the inventory and offer information regarding the inventory levels. The POS software allows the fuel and convenience store vendor to monitor every aspect of the fuel station and store operation. The vendors can view sales by time of day, monitor employee tasks, oversee inventory movements, check the profitability of promotions, and monitor staff performance. Other applications of fuel and convenience store POS solutions are flexible price management, customer loyalty, and promotion management.
The global fuel and convenience store POS market, by end use, is bifurcated into fuel station and convenience stores. The fuel station segment is expected to account for a larger market share during the forecast period, while the convenience stores segment is expected to register a higher CAGR. The fuel station segment accounted for the larger market share of 55.7% in 2018, with a market value of USD 133.9 million; it is expected to register a CAGR of 25.2% during the forecast period. The convenience stores segment was valued at USD 106.3 million; it is projected to register the higher CAGR of 26.6%. At a fuel station, the POS offers basic functions such as fuel pump controller integration to cash management, to secure transactions and allows the fuel station operators to run their operations efficiently, even at peak times. The modern convenience store segment has grown phenomenally in the developed countries
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In this study, MRFR has analyzed major players that contributed a significant share to the growth of the global fuel and convenience store PoS market. Fujitsu, LS Retail, VeriFone, Diebold, NCR, PDI, Orpak Systems Ltd, DCR, The Pinnacle Corporation, Petrosoft LLC, and Bridge POS are the major players in the global market.
The global fuel and convenience store POS market, by region is divided into North America, South America, the Middle East & Africa, Europe, and Asia-Pacific. The market is led by North America, which occupied a 44.3% market share in 2018. The technological advancements, increasing demand for POS for efficient management across convenience stores and fuel stations, and increasing adoption of cloud-based POS and mobile POS are the factors which expected to drive the market in North America in the coming years. North America is followed by Europe, which occupied around 23.9% market share in 2018. Asia-Pacific is considered to be the fastest-growing market. It has occupied around 18.2% market share in 2018, which is expected to increase up to 21.7% by 2027 due to the increasing need for POS systems and the high adoption of cloud-based solutions.