Pune, June 01, 2021 (GLOBE NEWSWIRE) -- Market Analysis
Besides, consumer demand for increased services and options in c-store shopping makes it crucial for service stations and network owners to stay at the forefront of the market. In such a rapid growth phase, technology-driven trends, such as POS, enable them to make the most of their retail opportunities. Therefore, gas station and c-store operators adopt POS solutions to gain business insights and to manage inventories, sales reports, cash, and other parameters.
Subsequently, the fuel convenience store POS market witnesses significant demand and traction on the global front. Market Research Future (MRFR), in its fuel convenience store POS market analysis, asserts that the market valuation is expected to expand at a 24.9% CAGR during the review period (2020-2026).
POS solutions help gas stations and convenience retailers to establish and maintain a profitable and efficient business management system. Advantages that POS solutions offer in managing distribution and billing routines and automate financial transactions increase the fuel convenience store POS market size.
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COVID-19 Impact on the Global Fuel and Convenience Store POS Market
The c-store POS market landscape largely depends on the gas station and convenience retail industry. Covid-19 significantly disrupted the fuel and convenience retail industry, causing huge revenue loss. The pandemic disruption changed consumer patterns shifting them from in-store to online/virtual purchases. The demand for fuel had already been on the decline due to improved fuel efficiency, the advent of electric vehicles, and increased ride-sharing.
Moreover, the coronavirus-driven lockdown mandates decrease the fuel demand substantially. The onset of COVID-19 driving a substantial increase in oil supply has triggered a significant drop in oil prices. The entry of new competitors is squeezing margins and store consolidation. All these factors cumulatively affected the fuel convenience store POS market share, which further encouraged POS software vendors to take on innovative steps to stay afloat in the market.
They focus on four key areas to address critical c-store needs and prepare to thrive in the future. These focus points are offer POS solutions that can foster a contact-free purchase and payment process. Incorporate advanced technologies, such as AI, ML, Cloud, and IoT. Smart retail management solutions that use advanced technologies such as artificial intelligence and machine learning can improve supply chain visibility, predict demand, and forecast retail trends to keep one step ahead of the competition.
Market Segmentation
The fuel and convenience store POS market forecast is segmented into component, application, end-use, and regions. The component segment is sub-segmented into software, hardware, and services. Among these, the services segment dominated the global market in 2019 and is estimated to remain dominant throughout the review period.
The services segment is further bifurcated into professional and managed services. Of these, the managed services segment holds the largest market share. The software segment has further bifurcated into fixed/traditional/legacy POS, mobile POS, and cloud POS. Among these, the fixed/traditional/legacy POS segment accounts for the largest market share.
In 2019, the segment held about 57.6% share of the overall solution segment market share. The mobile POS segment is estimated to grow at a 29.4% CAGR during the assessment period. The application segment is sub-segmented into inventory management, cash management, operations management, reporting and analytics, and others. The end-user segment is sub-segmented into fuel stations and convenience stores.
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Regional Analysis
The regional segment is bifurcated into the Asia Pacific (China, Japan, India, South Korea, and Rest-of-the-APAC), the Americas (Canada, Mexico, US, Rest-of-North America), and South America, Europe (the UK, Germany, France, Italy, and Rest-of-Europe), and Rest-of-the-World.
It is observed that North America has been consistently dominating the global fuel and convenience store POS market and is estimated to maintain its market position in the coming years as well. Factors such as vast digitalization, technological advancements, and the growing number of fuel and convenience stores drive the market growth, leading to higher adoption of fuel and convenience store POS solutions.
The large presence of key POS solution providers and the higher penetration of technology across the region propel the market growth, fostering the early adoption of the POS software. Moreover, substantial investments for leveraging the latest technologies such as artificial intelligence (AI), big data, and machine learning can spur market opportunities. The US leads the regional market, whereas Canada is projected to witness a high growth rate in the coming future.
Europe holds the second-best position globally in terms of the fuel and convenience store POS market revenue. The increasing digitalization and automation in gas stations and c-stores across the region influence the market growth. Additionally, the increasing uptake of SaaS platforms creates substantial market demand. Also, increasing uses of cloud-based technologies induce market expansion of the fuel and convenience store POS market growth.
The Asia Pacific region witnessed a spurring rise in the fuel and convenience store POS market value. Proliferation of digital payments and increasing adoption of POS solutions across the gas station and c-store industry are major fuel and convenience store POS market trends. Moreover, improved Internet connectivity with high reliability in this region boosts the fuel and convenience store POS market size.
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Competitive Landscape
The fuel and convenience store pos market would witness significant strategic approaches, such as expansion, collaboration, mergers & acquisitions, and advanced technologies integration. Leading industry players are making strategic investments in driving research and development activities and fostering their expansion plans.
For instance, recently, on Nov. 17, 2020, Petrosoft, LLC and Bulloch Technologies announced a convenience store software partnership to provide a back-office software solution for a global oil company's Canadian convenience stores. The partnership provides Petrosoft with an incredible opportunity to expand into the Canadian market, including approximately 12,000 convenience stores with fuel.
Petrosoft can potentially introduce its back-office solution to around 6,500 Canadian convenience store-gas (c-gas) stations already using Bulloch's POS, enabling them to streamline their operations, reduce costs, and improve profitability. Petrosoft, LLC is a global leader in cloud-based, back-office software solutions for retail convenience store (c-store), petroleum, and foodservice industries.
Notable Players Operating In The Fuel and Convenience Store POS Market Include:
- LS Retail (Iceland)
- Fujitsu (Japan)
- VeriFone(US)
- NCR (US)
- Diebold (US)
- PDI, DCR (US)
- Orpak Systems Ltd (Israel)
- The Pinnacle Corporation (US)
- Bridge POS (US)
- Petrosoft LLC (US)
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Industry Trends
Fuel and convenience store POS solutions offer efficient solutions for the growing gas station, and c-store business needs to tackle new challenges arising in their way to digitization. With technological upgrades and growing digitization, there is a need to have POS solutions incorporated into every gas station and C-store business. Therefore, fuel and convenience store POS markets worldwide are garnering significant traction.
The increasing focus of convenience store operators on improving their operational and business process efficiency boosts the fuel and convenience store POS market size. Cloud computing, cloud-based applications, and software as a service (SaaS) or on-demand are key market trends that positively impact the fuel and convenience store POS market revenues.
Cloud computing enables c-store businesses to store and access data via the Internet with scalability, agility, reliability, and flexibility. Simultaneously, cloud computing service models, such as SaaS or software on-demand, reduce the dependency on IT infrastructure. These advantages are estimated to fuel demand for cloud and mobile apps in the years to come.
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