Global and United States Fuel & Convenience Store POS Market Segmentation by Product (Fixed, Mobile, and Cloud POS); by Deployment {Traditional (Non-SaaS), and Cloud-Based (SaaS)}; by Component (Hardware, Software, and Services); by Application (Inventory, Cash, and Operations Management, Reporting & Analytics, and Others); and by End-Use (Fuel Stations, and Convenience Stores) – Demand Analysis & Opportunity Outlook 2020-2026
Buy Now Report ID: 3669 | Published Date: Feb 07, 2023Global and United States Fuel & Convenience Store POS Market TOC
Growth Drivers
Challenges
The fuel & convenience store POS market in the United States is anticipated to generate a revenue of USD 558.8 Million by the end of 2026, up from a revenue of USD 403.9 Million in the year 2020. The market in the country is further projected to grow with a CAGR of 5.63% during the forecast period. One of the major factors anticipated to drive the growth of the market in the country is the growing number of convenience stores and for the fact that majority of these stores are single-store operators. As a result, for increasing the effectiveness of the stores, especially during peak hours, there is a growing need amongst businesses to deploy POS systems, which in turn, is anticipated to contribute to the market growth during the forecast period. In the other statistics by NAICS, the total number of convenience stores in the United States grew from 146341 numbers in the year 2011 to 154958 numbers in the year 2018.
The global and United States fuel & convenience store POS market is segmented by product into fixed POS, mobile POS, and cloud POS. Out of these, globally, the fixed POS segment is expected to generate the largest revenue of USD 3683.4 Million by the end of 2026, up from a revenue of USD 2148.8 Million in the year 2020. The segment is further anticipated to grow with a CAGR of 9.64% during the forecast period. The mobile POS segment, on the other hand, is anticipated to attain the fastest growth of 2.0X and further grow with the highest CAGR of 12.53% during the forecast period. By deployment, the market is segmented into traditional (non-SaaS), and cloud-based (SaaS), out of which, the cloud-based (SaaS) segment is anticipated to grow with the highest CAGR of 11.48% during the forecast period. By component, the market is segmented into hardware, software, and services. Out of these, the hardware segment is expected to generate the largest revenue of USD 4119.9 Million by the end of 2026, and further grow with a CAGR of 9.89% during the forecast period. By application, the market is segmented into inventory management, cash management, operations management, reporting & analytics, and others. Out of these, the operations management segment is anticipated to generate the largest revenue of USD 2670.8 Million by the end of 2026. The market is also segmented by end-use into fuel stations, and convenience stores. Out of these, the convenience stores segment is expected to grow with the highest CAGR of 11.22% during the forecast period.
Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the global and United States fuel & convenience store POS market that are included in our report are Square, Inc., Fujitsu Limited, Bridge SMS Retail Solutions (AM/PM Systems Inc.), Clover Network, Inc., NCR Corporation, VeriFone, Inc., Gilbarco Inc., Oracle (MICROS), H&L POS, Petrosoft LLC, Shift4 Payments, LLC, and others.
Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the global and United States fuel & convenience store POS market that are included in our report are Square, Inc., Fujitsu Limited, Bridge SMS Retail Solutions (AM/PM Systems Inc.), Clover Network, Inc., NCR Corporation, VeriFone, Inc., Gilbarco Inc., Oracle (MICROS), H&L POS, Petrosoft LLC, Shift4 Payments, LLC, and others.
March 25, 2021: Shift4 Payments, LLC announced that it has been selected as a Payment Processing Partner for all payment transactions at Petco Park of the San Diego Padres.
September 21, 2021: Square, Inc. announced that it has launched its services for businesses in France. The launch of the services would benefit businesses of all sizes to expand and enhance their business processes.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Author Credits: Abhishek Verma, Hetal Singh
Ans: The growing number of fuel & convenience stores, and the increasing cashless transactions are some of the major factors anticipated to drive the market growth in the coming years.
Ans: The market is anticipated to attain a CAGR of 10.74% and 5.63% respectively over the forecast period, i.e., 2021 – 2026.
Ans: The rising concerns for data privacy, and the technical challenges are estimated to hamper the market growth.
Ans: The major players in the market are Square, Inc., Fujitsu Limited, Bridge SMS Retail Solutions (AM/PM Systems Inc.), Clover Network, Inc., NCR Corporation, VeriFone, Inc., Gilbarco Inc., and others.
Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by product, deployment, component, application, and by end-use.
Ans: The fixed POS segment in the global market is expected to generate the largest revenue of USD 3683.4 Million by the end of 2026 and display significant growth opportunities.
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