Market Highlights:
Cash payments have been revolutionized in the past few years owing to the development of the technologies driving this industry. Market Research Future which focuses on market reports connected to Information and Communications Technology sector amongst others recently made available a report on this sector. The market is expected to grow with a CAGR of approximately 11 per cent during the forecast period.
With the advent of cloud technologies, payment options have evolved more significantly to become more seamless and hassle free. Popularity of e-commerce options have increased the demand that the market is experiencing. Increased buying power of customers has also been a key factor in the development of the market. Heightened acceptance of contactless payments has also been fuelling the electronic cash register market.
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Major Key Players
BMC Software, Inc (U.S.),
CA Technologies (U.S.),
Hewlett Packard Enterprise Company (U.S.),
Landesk Software (U.S.),
ServiceNow, Inc (U.S.),
Axios Systems (U.K.),
HappyFox Inc (U.S.),
FrontRange Solutions (U.S.),
NTRglobal (Spain),
Sunrise Software Ltd (U.K.),
Atlassian Corporation Plc. (Australia) among others.
According to MRFR, The global Electronic Cash Register Market is expected to grow at a CAGR of approximately 11% during the forecast period 2017-2023.
Industry Updates:
Feb 2018 Ingenico Group has created an app that will aid customers use their coupons, gift cards and loyalty rewards when using their mobile phones for payments. They have made Google Pay Smart Tap available on their point of sale systems across the U.K. This payment transfer can be achieved by holding a phone near Ingenico’s POS terminals which are NFC-enabled through which consumers can transfer reward and loyalty information stored in their Google Pay accounts, and can then subsequently apply it to transactions. Merchants of all sizes will be able to grow the use of loyalty programs and deliver a faster and unified customer experience through Google Pay Smart Tap.
Competitive Analysis
The goods that are on offer presently vary greatly owing to the reason of the strong pace of technological discoveries. This has raised the opportunities for the approaching growth period. The companies in this industry space are connecting their resources to achieve their vision for achieving considerable portion of the business as early as possible. This consequence is productive for firms so that they may maintain fiscal liquidity to take the best conclusions in terms of strategy execution and planning. The profitable prospects available in this market are being utilized by contenders who are trying to spread their market
Segmentation
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.
Regional Analysis
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.
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Intended Audience
- Technology Investors
- Research/Consultancy firms
- Technology Solution Providers
- Government Bodies
- Retailers
- Hospitality Sector
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