Global Fuel and Convenience Store POS Market is projected to grow at a CAGR of 24.9% during the forecast period (2020–2026).
Market growth is fueled by the increasing adoption of cloud POS and mPOS solutions. However, data security concerns act as a major hindrance to market growth.
The geographic analysis of the fuel and convenience store POS market has been conducted for North America, Europe, Asia-Pacific, the Middle East & Africa, and South America.
North America is expected to be the largest regional market for fuel and convenience store POS during the forecast period. North America has been segmented into three countries, namely the US, Canada, and Mexico.
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The US is a leading market in North America, accounting for a significant market share. The market growth in the region can be attributed to increasing urbanization, advancements in digital technology, and higher disposable income. Canada is expected to follow the US in terms of regional market share in the North American fuel and convenience store POS market. The growth of the market in this region is attributed to the increasing number of mobile payments, the increasing number of convenience stores and fuel stations, and the rapid adoption of cloud computing technology. Mexico is expected to have a relatively slow growth rate compared to other countries in North America due to certain socio-economic factors.
Europe is expected to have a high market share in the fuel and convenience store POS market in 2020. A large amount of digitalization, growing transportation by road, and the growing number of fuel and convenience stores have led to increased demand for fuel and convenience store POS software. The use of fuel and convenience store POS by individual and commercial setups is growing in the region. Additionally, large retail chains, such as Total, BP, Esso, ENI, are also using cloud-based fuel and convenience store POS software on a large scale to operate efficiently.
Asia-Pacific accounted for a share of 18.2% in 2019 of the fuel and convenience store POS market. The increasing number of people are using smartphones, and advancements in digital technology are the main factors driving the growth of this market. The increasing purchasing power of the middle-class population is also expected to play a major role in driving market growth. The governments of various countries also promoting cashless payments. The adoption of cloud technology is high in APAC, and thus the growth of the cloud-based fuel and convenience store POS software market is expected to be high in this region
Although there is low Internet penetration in the countries in the Middle East & Africa, the fuel and convenience store POS market is expected to register significant growth in the near future. Countries such as Brazil, Peru, Chile, and Argentina are witnessing a rise in the adoption of fuel and convenience store POS solutions. The growing smartphone penetration, increasing Internet penetration, and advancements in networking infrastructure are the factors driving the growth of the South American market
Global Fuel and Convenience Store POS Market has been segmented based on Component, Application, and End-Use.
Based on components, the fuel and convenience store POS market has been bifurcated into software and services. The services segment is further segmented into professional services and managed services. The software segment has further been bifurcated into fixed/traditional/legacy POS, mobile POS, and cloud POS.
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.
Based on end-use, the fuel and convenience store POS market has been divided into fuel stations and convenience stores
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The key players operating in 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).
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