New York – United States
Data Bridge Market Research analyses that the Fuel and Convenience Store Point of Sale (POS) Market is expected to reach USD 3932.54 million by 2030, which is USD 588.46 million in 2022, at a CAGR of 26.80% during the forecast period. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.
Consumer demand for augmented services and options in convenience store shopping makes it important for network owners and service stations to stay at the forefront of the market. In such a speedy growth phase, technology-driven trends, such as point of sale (POS), allow them to make the most of their retail opportunities. Thus, fuel and convenience store operators adopt point of sale (POS) solutions to manage inventories and to gain business insights, sales reports, cash, and other parameters. Subsequently, globally, the fuel and convenience store point of sale (POS) market witness significant demand and traction.
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Fuel and Convenience Store Point of Sale (POS) Market
Drivers
- Growing demand for POS for efficient management in fuel stations and convenience stores
Convenience stores at gas stations experience a high volume of transactions daily and running such makes transactions are more complicated. Therefore, the demand for the point-of-sale software is rapidly growing. The deployment of a POS system in fuel and convenience store results in seamless payments. It increases revenue, syncs all the locations, and provides time-saving features. The sellers at the fuel stations are progressively using handheld mobile POS terminals to increase the customer shopping experience. These systems allow customers to pay via credit or debit cards, EMV/chip cards, and mobile wallets, thereby resulting in decreased payment processing time. However, the advent of advanced technology such as biometric fingerprint identification helps users to have safe and authorized transactions. Furthermore, the augmented awareness of mobile point of sale due to its numerous profits, such as quicker inventory checking, space savings and queue busting, is expected to drive the growth of fuel and convenience store point of sale (POS) market.
Opportunities
- Increasing adoption of machine learning and artificial learning in developing solutions for POS
Growing digitization and increase in internet penetration provide significant opportunities for organizations to offer easy payment solutions. Today, consumers have numerous options to make payments such as UPIs, digital wallets and plastic money. Similarly, organizations are growing their focus on the development of frictionless payment technologies. To surge market positioning and their capabilities, the retailers are comprising differentiated services, offering data-driven options and technology to receive and pay payment. They also focus on entering collaborations, investing in infrastructure modernization and targeted mergers and acquisitions (M&A). The introduction of machine learning and artificial intelligence (AI) in fuel and convenience store point of sale (POS) systems which has transformed the entire businesses by improving revenues, improving the service proposition and leading to enhanced user experience. By using the power of artificial intelligence and machine learning, the retailers can analyse the purchasing patterns and therefore resulting in an improvised customer experience
Some Of The Major Players Operating In The Fuel And Convenience Store Point Of Sale (POS) Market Are:
- LS Retail ehf. (Iceland)
- Diebold Nixdorf, Incorporated. (U.S.)
- Orpak Systems Ltd (Israel)
- The Pinnacle Corporation (U.S.)
- (U.S.)
- Block, Inc. (U.S.)
- Fujitsu (Japan)
- Oracle (U.S.)
- VeriFone Inc. (US)
- NCR Corporation (U.S.)
- Clover Network, LLC (U.S.)
- Gilbarco Veeder-Root Company (U.S.)
- H&L POS (Australia)
- Shift4 (U.S.)
- Loyverse (Cyprus)
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Fuel and Convenience Store Point of Sale (POS) Market Segmentations:
Deployment
- Traditional (Non-SaaS)
- Cloud Based (SaaS)
Component
- Hardware
- Software
- Services
Application
- Operations Management
- Cash Management
- Inventory Management
- Reporting and Analytics
- Others
End Use
- Fuel Stations
- Convenience Stores
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