Global Fuel and Convenience Store Point of Sale (POS) Market – Industry Trends and Forecast to 2030

Global Fuel and Convenience Store Point of Sale (POS) Market, By Deployment (Traditional (Non-SaaS), Cloud Based (SaaS)), Component (Hardware, Software, Services), Application (Operations Management, Cash Management, Inventory Management, Reporting and Analytics, Others), End Use (Fuel Stations, Convenience Stores) – Industry Trends and Forecast to 2030.

Fuel and Convenience Store Point of Sale (POS) Market Analysis and Size

Consumer demand for augmented services and options in convenience store shopping makes it important for network owners and service stations to stay at the forefront of the market. In such a speedy growth phase, technology-driven trends, such as point of sale (POS), allow them to make the most of their retail opportunities. Thus, fuel and convenience store operators adopt point of sale (POS) solutions to manage inventories and to gain business insights, sales reports, cash, and other parameters. Subsequently, globally, the fuel and convenience store point of sale (POS) market witness significant demand and traction.

Data Bridge Market Research analyses that the fuel and convenience store point of sale (POS) market is expected to reach USD 3932.54 million by 2030, which is USD 588.46 million in 2022, at a CAGR of 26.80% during the forecast period. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.

Fuel and Convenience Store Point of Sale (POS) Market Scope and Segmentation

Market Definition

Point-of-sale software mainly analyses cash management, inventories, sales reports and other parameters, providing a pictorial and graphical and representation to help business insights. In fuel and convenience stores, this helps sellers streamline their operations and increase employee productivity, customer satisfaction and operational efficiency. Convenience stores at gas stations experience a high volume of transactions daily. Running such transactions are complex, which are made easy by using fuel and convenience store point of sale (POS) software.

Fuel and Convenience Store Point of Sale (POS) Market

Drivers

• Growing demand for POS for efficient management in  fuel stations and convenience stores

Convenience stores at gas stations experience a high volume of transactions daily and running such makes transactions are more complicated. Therefore, the demand for the point-of-sale software is rapidly growing. The deployment of a POS system in fuel and convenience store results in seamless payments. It increases revenue, syncs all the locations, and provides time-saving features. The sellers at the fuel stations are progressively using handheld mobile POS terminals to increase the customer shopping experience. These systems allow customers to pay via credit or debit cards, EMV/chip cards, and mobile wallets, thereby resulting in decreased payment processing time. However, the advent of advanced technology such as biometric fingerprint identification helps users to have safe and authorized transactions. Furthermore, the augmented awareness of mobile point of sale due to its numerous profits, such as quicker inventory checking, space savings and queue busting, is expected to drive the growth of fuel and convenience store point of sale (POS) market.

 Opportunities

• Increasing adoption of machine learning  and artificial learning  in developing solutions for POS

Growing digitization and increase in internet penetration provide significant opportunities for organizations to offer easy payment solutions. Today, consumers have numerous options to make payments such as UPIs, digital wallets and plastic money. Similarly, organizations are growing their focus on the development of frictionless payment technologies. To surge market positioning and their capabilities, the retailers are comprising differentiated services, offering data-driven options and technology to receive and pay payment. They also focus on entering collaborations, investing in infrastructure modernization and targeted mergers and acquisitions (M&A). The introduction of machine learning and artificial intelligence (AI) in fuel and convenience store point of sale (POS) systems which has transformed the entire businesses by improving revenues, improving the service proposition and leading to enhanced user experience. By using the power of artificial intelligence and machine learning, the retailers can analyse the purchasing patterns and therefore resulting in an improvised customer experience

Restraints

• Increasing concern regarding data security

Security is one of the major concerns that keeps the customers from engaging in e-commerce procurements, particularly web-based e-commerce applications. These applications have allowed with payment methods such as online banking, electronic transactions and credit cards or debit cards payment options. The major risk to e-commerce is malware, for instance Trojan Horses, which can pose a risk to users' personal data such as credit card information and passwords. Thus, all these above mentioned factors are some if the major factors which restraint the market growth rate during the forecast period.

This fuel and convenience store point of sale (POS) market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the fuel and convenience store point of sale (POS) market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

COVID-19 Impact on the Global Fuel and Convenience Store Point of Sale (POS) Market

The market landscape of the fuel and convenience store point of sale (POS) mainly depends on the convenience retail industry and gas stations. Covid-19 considerably disrupted the fuel and convenience retail sector, causing enormous revenue loss. The epidemic disruption changed consumer patterns and shifting them toward online or virtual purchases. The demand for fuel had already been on the drop owing to the advent of electric vehicles, improved fuel efficiency, and increased ride-sharing. The onset of COVID-19 driving a significant rise in oil supply, triggering a substantial drop in oil expenses. The entry of new competitors is squeezing margins and store consolidation. All these factors highly affected the fuel and convenience store POS market share, further encouraging POS software vendors to take innovative steps to stay afloat in the market. They focus on four important areas to address critical convenience store needs and prepare to boom in upcoming period. These focus points are provide POS solutions that can foster payment process.

Global Fuel and Convenience Store Point of Sale (POS) Market Scope

The fuel and convenience store point of sale (POS) market is segmented on the basis of deployment, component, application and end use. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Deployment

• Traditional (Non-SaaS)
• Cloud Based (SaaS)

 Component

• Hardware
• Software
• Services

 Application

• Operations Management
• Cash Management
• Inventory Management
• Reporting and Analytics
• Others

End Use

• Fuel Stations
• Convenience Stores

Fuel and Convenience Store Point of Sale (POS) Market Regional Analysis/Insights

The fuel and convenience store point of sale (POS) market is analyzed and market size insights and trends are provided by country, deployment, component, application and end use as referenced above.

The countries covered in the fuel and convenience store point of sale (POS) market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

North America dominates the fuel and convenience store point of sale (POS) market in terms of revenue owing to growing demand for POS for efficient management across fuel stations and convenience stores, and growing adoption of mobile POS and cloud-based POS in this region.

Asia-Pacific will continue to project the highest compound annual growth rate during the forecast period of 2023-2030 owing to high adoption of cloud-based solutions and growing need for POS systems in this region.

The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of Global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Fuel and Convenience Store Point of Sale (POS) Market Share Analysis

The fuel and convenience store point of sale (POS) market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, Global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to fuel and convenience store point of sale (POS) market.

Some of the major players operating in the fuel and convenience store point of sale (POS) market are:

• LS Retail ehf. (Iceland)
• Diebold Nixdorf, Incorporated. (U.S.)
• Orpak Systems Ltd (Israel)
• The Pinnacle Corporation (U.S.)
• Petrosoft. (U.S.)
• Block, Inc. (U.S.)
• Fujitsu (Japan)
• Oracle (U.S.)
• VeriFone Inc. (US)
• NCR Corporation (U.S.)
• Clover Network, LLC (U.S.)
• Gilbarco Veeder-Root Company (U.S.)
• H&L POS (Australia)
• Shift4 (U.S.)
• Loyverse (Cyprus)