The global fuel and convenience store POS market is projected to register a CAGR of 24.9% during the forecast period, 2020–2026. 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 coming years.
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Increased awareness of mobile POS owing to several benefits, such as space savings, quicker inventory checking, and queue busting, drives the growth of the POS market across convenience stores. The integration of cloud point of sale terminals is gaining popularity, particularly across stores because of its low cost and flexible functionalities. Additionally, this software provides the consumers access to the platform via an Internet connection. Adding to these functions, the software also allows users to monitor orders, manage inventory, and store tremendous customer data. As compared to traditional terminals, cloud-based terminals are an ideal option for all kinds of businesses because of its better functionality and ease of operations. The convenience stores are relatively smaller than the traditional grocery stores or supermarkets, and this is one of the challenges in general retail outlets and fuel retail outlets.
NCR Corporation is a key player in the global fuel and convenience store market. The company is focused on investment in research and development (RD) to offer the best in class POS solution. The company has strong brand recognition around the globe and a stronghold in the US market. NCR offers RPOS, which is a popular POS solution among c-store and fuel stations. Fujitsu is a significant player in the global fuel and convenience store market that offers legacy POS solutions across c-store and fuel stations. The company has a strong network of resellers and technology partners that have continuously helped Fujitsu to offer solutions that are on par with the industry standards.
The global fuel and convenience store POS market has been segmented based on component, application, end use, and region.
Based on component, the fuel and convenience store POS market has been segmented into software and services. The service segment accounted for the largest market share in 2019, with the larger market value; it is expected to register the highest CAGR of 11.1 % during the forecast period. The software is increasingly used by brick and mortar fuel and convenience store retailers to carry out sales in the developed economies in Europe and North America. The software segment is divided into fixed/traditional/legacy POS, mobile POS, and cloud POS. The traditional or legacy POS software is the one that is installed on-premise. The buyer purchases one or more licenses and installs software on the computer system. In the cloud POS setup, the buyer accesses software on the internet on any device. The software is scalable. In the mobile POS setup, the POS is available on the mobile device. The fuel and convenience store vendors can take orders from the customer’s mobile device to line bust and improve the speed of service. 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 managed service providers (MSP) assist fuel and c-store vendors in keeping their business always up and working. The MSPs help the vendors operate efficiently, save operational costs, maintain customer loyalty, and gain new customers. The professional services are offered for upgradation and maintenance of the POS software
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Based on application, the Fuel and Convenience Store POS Market has been segmented into inventory management, cash management, operations management, reporting and analytics, and others. The operation management segment accounted for the largest market value of USD 101.1 million. However, the reporting analytics segment is expected to register the highest CAGR of 27.5%. A POS inventory management system allows fuel and c-store vendors to have more than one business location and adequately track inventory at each location without being present. 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 operations management POS mainly consists of a forecourt controller, back-office solution site operations management software, and a central management solution. The POS analytics software allows creating charts for easy analysis of the huge volume of data, which is represented in the dashboard.
Based on end use, the fuel and convenience store POS market has been segmented into fuel stations and convenience stores. The fuel stations segment accounted for the larger share, while the convenience stores segment registered the higher CAGR. At a fuel station, POS software can be used to perform basic functions ranging from fuel pump controller integration and cash management to ensuring secure transactions and enabling 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.
The key players of the global fuel and convenience store POS market include Fujitsu (Japan), LS Retail (Iceland), VeriFone(US), Diebold (US), NCR (US), PDI, Orpak Systems Ltd (Israel), DCR (US), The Pinnacle Corporation (US), Petrosoft LLC (US), and Bridge POS (US).
The fuel and convenience store POS market, by region, is dominated by North America. 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 that are 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 27.6% by 2026 due to the increasing need for POS systems and the high adoption of cloud-based solutions.
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