Electronic cash register systems have changed over the years in an effort to make registering for purchase payments as streamlined an experience as possible. They offer the capability to efficiently maintain a customer database, inventory management, and fast billing. Market Research Future’s recently published report on the electronic cash register market which indicates various factors affecting growth. The report has disclosed a projected 11% CAGR during the forecast period of 2017 – 2023.
The need for efficient billing systems has been a core facilitator of growth for this market. This is further influenced by ongoing technological trends. Near-field communication (NFC) technology is being adopted increasingly as it allows consumers to use contactless payment systems with ease. Mobile type Point-of-Sale (POS) systems are expected to fuel rapid market growth during the review period due to the global penetration of smartphones. Affordability of electronic cash register systems is likely to increase use of such systems in small & medium sized businesses.
Rising concerns over data security are likely to push market leaders to innovate security solutions to address this issue. Moreover, the ever-increasing advancement in technology has made the expectations of convenient payment systems a norm. Businesses are rapidly trying to meet these expectations by adopting modern electronic cash register systems thus motivating growth for this market.
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The market has been segmented to provide a better understanding of the various components that make up the market. The global electronic cash register market has been segmented by type, product, end user, and region.
By type, the market has been segmented into product and application.
By product, the market has been segmented into standard ECRs, checkouts or POS systems, personal ECRs and mobile POS systems.
By end users, the market has been segmented into retail and hospitality.
By region, the market has been segmented into North America, Asia Pacific, Europe and the Rest of the World.
North America, presently holds the largest share in the global market. This dominance is due to a thriving retail sector and rapid adoption of modern technology in the region. Quick service restaurants and small & medium businesses in North America are increasingly adopting electronic cash register systems, thus motivating market growth.
The Asia Pacific is expected to grow at a rapid rate due to the growing support for a cashless economy. The unrealized potential for this market in the APAC region has motivated market leaders to shift focus to the area. Emerging economies of this region are witnessing rising disposable incomes which have contributed to a thriving retail industry further compelling growth of the electronic cash register market.
Prominent players of this market have been analyzed in the report including, Posiflex Technology Pvt. Ltd., Hewlett-Packard, Forbes Technosys, Toshiba Corporation, Foxconn Technologies, Casio Computer Co. Ltd., Dell Inc., Olivetti S.p.A, Citaq Co. Ltd., and Fujitsu Ltd.
Latest Industry News
With the aim to digitize government transactions and make them cashless, the State Bank of India has agreed to provide 600 PoS machines across all government departments in Goa. The transition is expected to be completed by October 1st, 2018.
U.K. based company for marketing services, Ecrebo has received its first U.S patent since the company’s entry into the North American market last year. The newly issued patent covers Ecrebo’s “software only” method for swift and cost-efficient enhancement of PoS systems. The innovative software solution provides the opportunity to produce compelling and personalized receipt-based offers. Additionally, the software does not need any new hardware and is compatible with various PoS systems. This software solution is expected to transform receipt-based marketing in the coming years.
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