Fuel and Convenience Store POS Market Applications, Analysis, Industry Growth Opportunities, Segments, Size, Share, Industry Growth and Recent Trends

 Market Analysis

Market Research Future (MRFR) projects the global fuel and convenience store POS market to expand at a 24.9% CAGR from 2020 to 2027 (forecast period).

POS software, also known as point-of-sale software, is a system capable of assessing inventories, sales reports, cash management, and other factors, as well as providing a graphical and pictorial representation to aid in business insights. This enables vendors to streamline their business operations while increasing employee productivity, operational efficiency, and customer happiness. Every day, convenience stores at gas stations deal with a high volume of transactions, and managing such transactions is difficult. As a result, the need for point-of-sale terminals and software is rapidly rising. Convenience stores at fuel stations that use traditional and conventional point-of-sale methods face higher maintenance expenses for upgrading technology while failing to provide omnichannel support. As a result of the rising market penetration of contactless cards/payments, fuel retailers choose cloud-based payment solutions that are compatible with EMV technologies.

Most businesses are increasingly developing software and applications to provide ease in transactions to the customers. Most vendors, such as ShopKeep and ERPLY, attempt to provide advanced solutions that can be simply deployed on a variety of hardware platforms. ERPLY’s POS system is compatible with tablets, iPads, smartphones, and PCs, and it provides integrated solutions with enterprise resource planning (ERP) and customer relationship management (CRM). Customers prefer and use non-cash transactions, which, combined with the growing acceptance of in-store mobile payments, is increasing demand for cloud POS solutions in fuel stations’ convenience stores.

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COVID-19 Impact on the Worldwide Fuel and Convenience Store POS Market

COVID-19 is an ongoing global public health emergency that has affected almost every industry, with long-term effects expected to affect industry growth over the projected period.

Market Segmentation

The global fuel and convenience store POS industry has been segmented based on component, application and end-use.

Based on components, the global fuel and convenience store POS market has been divided into software and services. The services segment has been further split into professional services and managed services. The software segment has further been divided into fixed/traditional/legacy POS, mobile POS, and cloud POS.

Based on application, the global fuel and convenience store POS market has been segmented into reporting and analytics, inventory management, cash management, operations management, and others.

Based on end-use, the global fuel and convenience store POS market has been segmented into fuel stations and convenience stores.

Regional Analysis

Geographically, the worldwide fuel and convenience store POS market has been segmented into Europe, Asia Pacific, North America, the Middle East & Africa, and South America.

During the forecast period, North America is one of the leading markets for fuel and convenience store POS. Fuel and convenience store POS systems are becoming more popular as a result of increased digitization, technological developments, and the expanding number of fuel and convenience stores. Fuel and convenience store POS software assists store managers in managing inventory and cash management, as well as running the fuel station and store operations smoothly. The region’s increased technological penetration and the presence of significant global and local enterprises have accelerated the adoption of fuel and convenience store POS solutions.

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Key Players

Notable players of the global fuel and convenience store POS market include Fujitsu (Japan), Orpak Systems Ltd (Israel), LS Retail (Iceland), VeriFone (US), Diebold (US), NCR (US), Petrosoft LLC (US), PDI, DCR (US), The Pinnacle Corporation (US), and Bridge POS (US).

Industry News

In January 2020, LS Express, LS Retail’s online POS system for small and medium-sized retailers, was available for customers across New Zealand and Australia.

In January 2020, Dielbold Nixdorf unveiled BEETLE A1150, an all-in-one POS system that combines the latest technology and reliability with a space-saving design.

In March 2020, The Pinnacle Corporation began offering retailers its Affiniti Cloud Mobile Ordering solution to aid the customers and employees in practicing social distancing.

Summary

The worldwide fuel and convenience store POS market is predicted to expand at a 24.9% CAGR from 2020 to 2027 (forecast period). Customers prefer to use non-cash transactions, which, combined with the increasing use of in-store mobile payments, is driving up demand for cloud POS solutions across fuel stations’ convenience stores.


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