Electronic Cash Register Market Estimated to Grow with a Healthy CAGR During Forecast Period 2018-2027

 

Market Highlights

The report published through the research indicated that the electronic cash register market has been expanding under the influence of several factors. The report has revealed that the global electronic cash register system market is estimated to develop at 11% CAGR throughout the forecast period ranging from 2017-2023. The demand for effective billing systems has proved to be a fundamental facilitator of growth for the global electronic cash register system market. This is further accompanied by the continuing technological shifts in the market. Near-field communication (NFC) technology is rapidly getting adopted as it enables the users to integrate contactless payment systems with ease. Mobile type Point-of-Sale (POS) frameworks are projected to propel rapid market growth over the assessment period owing to the worldwide penetration of smartphones. Affordability of electronic cash register systems is projected to accelerate the application of such systems in small & medium sized enterprises. Growing concerns related to data security are estimated to push market players to innovate security solutions to address the concern. Additionally, the ever-increasing progressions in technology has made the expectations of easy payment systems a standard. Businesses are swiftly trying to meet these expectations by embracing the contemporary electronic cash register systems thus propelling development for this market.

An electronic cash register (ECR) is a framework designed to facilitate products to be sold at a retail store. Electronic cash registers assist large retail outlets collect inventory data, minimize register errors, track sales, and much more. An electronic cash register generally processes goods by scanning the information provided on a product label (usually by the means of a scanner). Scrutinizing the price catalogue for the price matching the label information. Adding that price to the cumulative total of all goods being procured by the customer. Electronic cash register systems have transformed over the years in an endeavor to make recording the purchase payments as efficient an experience as possible. They extend the ability to effectively preserve a database of customers, fast billing, and inventory management. Market Research Future has conducted an all-inclusive study on the global electronic cash register system market.

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Segmentation:

The segment evaluation of the electronic cash register is done by end-user, type, and product.

The type based segments of the electronic cash register market are portable and stationary. The portable segment is expected to earn high revenue for the worldwide electronic cash register market in the years to come. The increased application of stationary electronic cash register can also support the expansion of the market in the analysis period.

The end-user based segments of the electronic cash register market are supermarkets, restaurants, speciality stores, and hypermarkets among others. The easy accessibility of electronic cash register can promote the expansion of the market through the analysis period. The booming online shopping solution, resulting in the rapid rise of the e-commerce market can promote the electronic cash register market across the analysis period.

The product based segments of the electronic cash register market are checkouts or POS system, personal ECRS, mobile POS system, and standard ECRS among others. The increased use for personal ECRS and mobile POS system can impel the expansion of the electronic cash register market through the study period.

Regional Analysis

North America, at present, holds the primary share in the worldwide market. This dominance is owing to a booming retail sector and swift adoption of modern technology in the region. Small & medium businesses and quick service restaurants in North America are adopting electronic cash register systems at a spurring rate, thus encouraging market growth. The Asia Pacific market is estimated to expand at an impressive rate owing to the growing support for a cashless country. The unrealized probability for this market within the APAC region has inspired the market leaders to move focus to the area. Developing economies of this region are experiencing growing disposable incomes which have contributed to a flourishing retail industry further fueling growth of the electronic cash register market.

Key Players

Notable players ruling the global electronic cash register system market include Hewlett-Packard, Posiflex Technology Pvt. Ltd., Toshiba Corporation, Forbes Technosys, Casio Computer Co. Ltd., Foxconn Technologies, Olivetti S.p.A, Dell Inc., Fujitsu Ltd, and Citaq Co. Ltd.

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Global Electronic Cash Register Market: by Type (Stationary, Portable), Product (Standard ECRs, Checkout or POS Systems, Personal ECRs, Mobile POS Systems), End User (Retail, Hospitality) – Global Forecast till 2023

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