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IN THE NEWSMarch 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.
The global fuel & convenience store POS market is estimated to garner a revenue of USD 7263.6 Million by the end of 2026 by growing at a CAGR of 10.74% over the forecast period, i.e., 2021 – 2026. Moreover, in the year 2020, the market registered a revenue of USD 3992.3 Million. The growth of the market can be attributed to growing number of convenience stores worldwide, and the rising sales of these stores, followed by the need amongst the fuel and convenience stores to adopt point of sale (POS) systems. According to the statistics by The Association for Convenience & Fuel Retailing (NACS), in the year 2019, the in-store sales of the United States convenience and fuel retailing industry grew by 4.4% to reach USD 251.9 Billion, as compared to USD 242.2 Billion in the year 2018.
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Moreover, the surge in cashless transactions, especially during the COVID-19 pandemic, along with the focus of the government of nations worldwide to raise awareness on non-cash transactions, are some of the additional factors anticipated to drive the growth of the market in the coming years. Globally, the volume of non-cash transactions grew by around 15% in the year 2019 from its previous year, reaching a volume count of close to 700 billion transactions. Besides this, the growing sales of point of sale (POS) terminals, along with the rapid advancements in cloud technologies, surge in the penetration of internet, and the increasing sales of smartphones, are some of the additional factors anticipated to contribute to the market growth during the forecast period. According to the statistics by the International Telecommunication Union (ITU), the total number of people using the internet grew from 1.1 Billion in the year 2005 to 3.7 Billion in the year 2018, and was further estimated to be around 4.0 Billion in the year 2019.
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.
FREQUENTLY ASKED QUESTIONS
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.
The market is anticipated to attain a CAGR of 10.74% and 5.63% respectively over the forecast period, i.e., 2021 – 2026.
The rising concerns for data privacy, and the technical challenges are estimated to hamper the market growth.
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.
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.
The market is segmented by product, deployment, component, application, and by end-use.
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.
Global and United States Fuel & Convenience Store POS Market TOC
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