Cash Register Market to Hit $8.5Bn Thanks to Rising Popularity of POS terminals
NEW YORK, Jan. 26, 2023 (GLOBE NEWSWIRE) — The following key points are highlighted in IndexBox’s recent report on the global cash register market.
Cash Register Market Forecast
The global cash register market is expected to increase from $7.6B in 2022 to $8.5B by 2030, driven by the increasing adoption of point-of-sale terminals and the growing demand for mobile POS terminals. At the same time, market growth will be hampered by the development of non-cash online payment technologies.
On the basis of the end-use industry, the report segments the market into retail, hospitality, healthcare, and others. Of these, retail is expected to be the largest end-use industry for cash registers. This is due to the rising number of retail outlets globally and the growing need for efficient checkouts.
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Geographically, North America is expected to be the largest market for cash registers due to factors such as the high penetration of POS terminals and favorable government regulations. However, Asia Pacific is expected to witness the fastest growth during the forecast period owing to rapid economic development and an increasing number of retail outlets in China and India.
E-commerce Impact
E-commerce has been one of the most disruptive forces in the retail industry over the past decade. The rise of online shopping has led to a decline in sales of traditional cash registers, as businesses have turned to more efficient and cost-effective solutions for processing transactions. There are a number of trends that have contributed to the growth of e-commerce, and these are likely to continue to shape the market in the years to come.
One of the most important trends that are having an impact on the cash register market is the rise of omnichannel retailing. This is where businesses offer a seamless experience across all channels, including online, in-store, and mobile.
The traditional cash register is being replaced by more technologically advanced options, such as point-of-sale (POS) systems. POS systems offer a number of advantages over conventional cash registers, including the ability to track inventory, manage customer data, and accept various types of payment. As e-commerce continues to grow, it is likely that POS systems will become even more prevalent in retail establishments. This trend is already beginning to take shape, as major retailers such as Walmart and Target have announced plans to replace their cash registers with POS systems.
In terms of product type, the report segments the market into traditional POS terminals, mobile POS terminals, and cloud-based POS terminals. Of these, traditional POS terminals are expected to account for the largest share of the market. This is attributed to their wide acceptability among small and medium businesses.
Another important trend is the increasing popularity of mobile shopping. More and more consumers are using their smartphones and tablets to make purchases, hampering cash register market growth. Mobile commerce is expected to account for more than 70% of all e-commerce sales in 2023.
About IndexBox
IndexBox is a market research firm developing an AI-driven market intelligence platform that helps business analysts find actionable insights and make data-driven decisions. The platform provides data on consumption, production, trade, and prices for more than 10K+ different products across 200 countries.
Companies Mentioned in the Report
Oracle Corporation (US), Clover Network (US), NCR Corporation (US), Toshiba TEC Corporation (Japan), Sharp Corporation (Japan), Sam4s (South Korea), Newland Payment Technology Co., Ltd. (China), Diebold Nixdorf AG & Co. KGaA (Germany), and Aures Technologies S.A.S. (France).
Sources
World – Cash Registers – Market Analysis, Forecast, Size, Trends and Insights
EU – Cash Registers – Market Analysis, Forecast, Size, Trends and Insights
Asia – Cash Registers – Market Analysis, Forecast, Size, Trends and Insights
U.S. – Cash Registers – Market Analysis, Forecast, Size, Trends and Insights
CONTACT: Contact Information Mekhrona Dzhuraeva Editor [email protected]
