Global Fuel & Convenience Store POS Market Highlights Over 2020 - 2026
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.
United States Fuel & Convenience Store POS Market Regional Synopsis
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.
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Growth Drivers and Challenges Impacting the Growth of the Global and United States Fuel & Convenience Store POS Market
Growth Drivers
- Growing Number of Fuel & Convenience Stores
- Increasing Cashless Transactions
Challenges
- Rising Concerns for Data Privacy
- Technical Challenges
Global and United States Fuel & Convenience Store POS Market Segmentation Synopsis
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.
Top Featured Companies Dominating the Market
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.
