|Fujitsu Ltd. (Japan)|
|VeriFone Inc. (US)|
|Diebold Nixdorf Incorporated (US)|
|NCR Corporation (US|
|LS Retail (Iceland)|
|Market Driving Forces|
|Increase demand for POS for efficient management across fuel stations and convenience stores|
|Increasing adoption of cloud POS and mPOS solutions|
Fuel and Convenience Store PoS Market Overview
The fuel and convenience store PoS market has seen significant growth owing to the increasing demand for POS for efficient management across fuel stations and convenience stores and increasing adoption of cloud POS and mPOS solutions. As per MRFR, the fuel and convenience store PoS market has been growing rapidly from the past few years and is expected to reach USD 3.32 Billion by 2030 from USD 366 million in 2020 and is expected to grow at a CAGR of 24.26% during the forecast periods 2020–2030.
POS software or point-of-sale software is a solution which can analyze the inventories, sales reports, cash management and other parameters, and offering a graphical and pictorial representation to facilitate business insights. This helps the vendors to simplify their business operations, and increase employee productivity, operational efficiency, and customer satisfaction. This study on the global fuel and convenience store point of sale (PoS) market provides detailed information on industry trends, market dynamics, market size, competitive landscape, and growth opportunities. This research report categorizes the global fuel and convenience store PoS market by component, application, end use, and region/country. The regions included in the study are North America, Europe, Asia-Pacific, South America, and the Middle East & Africa. In terms of region, North America is anticipated to dominate the fuel and convenience store PoS market during the study period
The COVID-19 has affected the POS market on a global level because of strict lockdown. The government had posed a strict lockdown where the people had no options to commute or travel, which has furthered affected the growth of overall convenience stores, including convenience stores at gas stations. The terminal shipments have declined in April 2020 by 20%, and new installations are on hold. However, the convenience stores at the fuel stations are very much running owing to the increased demand for staples from the consumers. The ongoing coronavirus outbreak has adversely impacted the retail sector globally. The government is increasingly taking precautionary measures to prevent the spread of the virus across operations, affecting the supply and demand of the industry. Increased online shopping has severely impacted the entire market. However, if they already have a desktop or a tablet, they will only have to invest in other basic components like a receipt printer, credit card scanner, and a cash drawer, and this will cost them around USD 500 to USD 3,000 for a single station. The price of tablets and iPads has witnessed an upsurge in these times.
The fuel and convenience store POS market is driven by increasing demand for POS for efficient management across fuel stations and convenience stores and increasing adoption of cloud POS and mPOS solutions. However, data security concerns act as a major hindrance to market growth. Moreover, the adoption of AI and machine learning in developing solutions for POS creates an opportunity for market growth.
Convenience stores at gas stations undergo a high volume of transactions every day and running such transactions are complicated. Thus, the demand for point-of-sale terminals and software is rapidly increasing. The deployment of a POS system in convenience stores results in seamless payments. It syncs all the locations, increases revenue, and offers time-saving features. The retailers at the fuel stations are increasingly using handheld mobile POS terminals to improve the customer shopping experience. These systems/terminals enable customers to pay via EMV/chip cards, credit or debit cards, and mobile wallets, thereby resulting in reduced payment processing time. However, the advent of advanced technology like biometric fingerprint identification supports users to have authorized and safe transactions. Also, the increased awareness of mobile point of sale owing to several benefits offered by it, like space savings, quicker inventory checking, and queue busting, is driving the growth of the POS market across convenience stores.
Increasing digitization and surge in internet penetration offers significant opportunities for organizations to provide easy payment solutions. The consumers today have various options to make payments, like digital wallets, UPIs, and plastic money. For the same, organizations are increasing their focus on the development of frictionless payment technologies. To increase their capabilities and market positioning, the vendors are including differentiated services, offering technology- and data-driven options to pay and receive payment, investing in infrastructure modernization, entering collaborations and targeted mergers and acquisitions (M&A), and focusing on workforce evolution. The introduction of artificial intelligence (AI) and machine learning in POS systems has transformed the entire businesses by improving the service proposition, improving revenues, and leading to enhanced user experience. By using the power of machine learning and artificial intelligence, the retailers can analyze the buying patterns and thus resulting in an improvised customer experience
Security is one of the primary concerns that keeps the consumers from engaging in e-commerce purchases, especially web-based e-commerce applications, enabled with payment methods such as electronic transactions, online banking, and credit cards or debit cards payment options. The major threat to e-commerce is malware, such as Trojan Horses, which can pose a threat to the user’s private data such as passwords and credit card information. Such malicious computer programs mislead the user’s authentication mechanisms without prior knowledge and are widely witnessed in e-commerce transactions.
The global fuel and convenience store PoS market has been segmented on the basis of component, application, end use.
Based on component, has been segmented into solutions and services. The solution segment is segmented into fixed/traditional/Legacy PoS, cloud pos, and mobile pos. The service segment is segmented into managed services and professional services.
Based on application, has been segmented into operations management, cash management, inventory management, reporting & analytics, others.
Based on end use, the global fuel and convenience store PoS market has been segmented into fuel station and convenience stores.
By region, the fuel and convenience store PoS market has been segmented into the North America, Europe, Asia-Pacific, the Middle East & Africa, and South America. Asia-Pacific accounted for the largest market share of 36.9% in 2020, with a market value of USD 19,609.7 million; 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.
GLOBAL: FUEL AND CONVENIENCE STORE POS MARKET, BY REGION, 2020 (% SHARE)Source: Industry Expert, Secondary Research, and MRFR Analysis
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.
The global market for fuel and convenience store PoS has witnessed significant growth over the forecast period due to the increasing adoption of cloud POS and mPOS solutions. There are several domestic, regional, and global players operating in the fuel and convenience store PoS market who continuously strive to gain a significant share of the overall market.
These players focus on innovation and thus, invest in research & development to present a cost-effective product portfolio. There have been recent mergers and acquisitions among the key players, a strategy the business entities leverage to strengthen their reach to the customers.
This study estimates revenue growth at global, regional, and country levels and offers an overview of the latest developments in each of the sub-sectors from 2018 to 2027. For this analysis, MRFR segmented the global fuel and convenience Store PoS market has been segmented based on component, application, end use.
|Market Size||2020- USD: 366 Million 2030- USD 3.32 Billion|
|Segments Covered||• By Component (Solutions (Fixed/Traditional/Legacy PoS, Cloud Pos, Mobile Pos), Services (Managed Services, and Professional Services) • By Application (Operations Management, Cash Management, Inventory Management, Reporting & Analytics, Others) • By End Use (Fuel Station and Convenience Stores)|
|Geographies Covered||• North America • Europe • Asia-Pacific • Rest of the World (ROW)|
|Key Vendors||Fujitsu LS Retail VeriFone Diebold NCR PDI Orpak Systems Ltd DCR The Pinnacle Corporation Petrosoft LLC Bridge POS|
|Key Market Opportunities|
|Key Market Drivers||• Drivers o Increase demand for POS for efficient management across fuel stations and convenience stores o Increasing adoption of cloud POS and mPOS solutions • Restraints o Data security concerns • Opportunities o Adoption of AI and Machine learning in developing solutions for POS • Impact Analysis of COVID Pandemic o Impact on Market Demand o Consumer Sentiments o Impact on Pricing|
A 24.26% CAGR is expected to transform the market.
North America regional market is projected to be the major driver of the market.
The segments in the market are component, application, end use.
The major contenders in the global market are Fujitsu Ltd. (Japan), VeriFone, Inc. (US), Diebold Nixdorf, Incorporated (US), NCR Corporation (US), and LS Retail (Iceland).