POS software or point-of-sale software is a solution, which is capable of analyzing the inventories, sales reports, cash management and other parameters, and offering a graphical and pictorial representation to facilitate business insights. This helps the vendors simplify their business operations and increase employee productivity, operational efficiency, and customer satisfaction. Convenience stores at gas stations undergo a high volume of transactions every day, and running such transactions are complicated. Thus, the demand for point of sale terminals and software is rapidly increasing. Convenience stores at fuel stations using traditional and conventional point of sale methods face higher maintenance costs for upgrading the technology and yet not providing omnichannel support. As a result of which, the fuel retailers are preferring cloud-based payment systems that are compatible with EMV technologies owing to the increased penetration of contactless cards/payments in the market.
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Based on component, the market has been segmented into software and services. The services segment dominated the global market in 2019 and is estimated to remain the same during the review period. The services segment is further segmented into professional services and managed services. The managed services segment will remain dominant by 2026. The software segment has further been bifurcated into fixed/traditional/legacy POS, mobile POS, and cloud POS. The fixed/traditional/legacy POS segment accounted for about 57.6% market share in 2019, while the mobile POS segment is projected to register the highest CAGR of 29.4% by 2026.
Geographically, the fuel and convenience store POS market has been categorized as North America, Europe, Asia-Pacific, the Middle East & Africa, and South America. North America is anticipated to dominate the global fuel and convenience store point of sale (POS) market during the study period.
MRFR study identifies some of the prominent players in the fuel and convenience store POS market as LS Retail, VeriFone, Diebold, NCR, PDI, Orpak Systems Ltd, DCR, The Pinnacle Corporation, Petrosoft LLC, and Bridge POS, among others.
Most of the companies are now developing software and apps to provide ease in transactions to the customers. Most vendors, such as ShopKeep and ERPLY, aim to offer advanced solutions that are easily deployed on multiple hardware platforms. The POS system developed by ERPLY is compatible with tablets, iPads, smartphones, and PCs and offers combined solutions with customer relationship management (CRM) and enterprise resource planning (ERP). Customers mostly prefer and adopt non-cash transactions coupled with the rising adoption of in-store mobile payments, thereby augmenting the demand for cloud POS solutions across fuel stations’ convenience stores.
Global Fuel and Convenience Store POS Market is projected to expand at a 24.9% CAGR during the forecast period.
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