Market Dynamics
Market Research Future (MRFR) believes that the electronic cash register market 2020 can possibly make a rapid headway at an approximate rate of 11% between 2017 and 2023 (assessment period). We will provide covid-19 impact analysis with the report. The COVID-19 impact on the market has been carefully studied, following which the report outlines the key developments post the coronavirus disease outbreak.
COVID-19 Analysis
Most of the electronic cash register (ECR) manufacturers are dependent on China; however, the imports can get severely disrupted with the manufacturing activities coming to a halt following the COVID-19 outbreak. The novel coronavirus has managed to dismantle the entire manufacturing sector after the imposition of the lockdown, and the finance sector can also be note disrupted growth, given the shortage of electronic cash registers at retail outlets and others.
Many of the market companies are mostly concerned about one thing, the stability of the supply chain across the globe. While companies are safe with their inventories proving to be sufficient as of now, but they might have to start ordering traditional electronic cash registers from countries where SARS-CoV-2 is not that pronounced. Even as the pandemic is leading to massive destruction of various electronic cash register market size in the semiconductor industry, electronic cash registers can observe sustained growth owing to the rising need for essential items post lockdown imposition and the escalating surge in the retail industry.
Top Drivers and Key Challenges
In June 2020, VizyPay, a well-known vendor in the payment processing industry, launched a Cash Discount app that can be used for Clover POS systems. The innovative app offers a creative way to the merchants to given discounts to the customers who make cash payments, while saving close to 100 percent of the customer’s monthly processing fees. Product innovations and their launch have become even more necessary post the SARS-CoV-2 outbreak, in view of which the key companies are adopting effective marketing hacks such as collaborations, agreements, product launches, to name a few.
The SMEs that are increasingly using ECRs have significantly grown in number, compelling ECR suppliers to boost their production level to cater to the augmenting demand. ECR’s easy access and low cost have successfully driven their penetration rate across various end-user verticals in recent years. Also, the expanding application scope of electronic cash registers in the hospitality and retail sectors for faster checkouts can mean incredible business growth in the following years.
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Market Segmentation
The electronic cash register industry can be considered for type, product as well as end user.
The types of ECRs include stationary and portable.
The product segment comprises checkouts or POS systems, standard ECRs, mobile POS systems and personal ECRs. The major growth in the global market can be witnessed by the standard electronic cash register segment, in the wake of the surge in debit card and credit card payments. The escalation in contactless and cashless payments has been a significant factor boosting the growth of the electronic cash register market. Standard electronic cash registers could retain their leading position throughout the review period.
The primary end-users discussed in the study are hospitality and retail. The worldwide retail industry is dynamic and is expanding at a fast rate, in light of continuous adoption of the latest technologies and equipment. E-commerce has emerged as the biggest contributor in the retail industry, which has led to higher uptake of advanced systems such as electronic cash registers.
Regional Overview
APAC/Asia Pacific, Europe, North America, and RoW/Rest of the World are the key markets for electronic cash registers across the globe. MRFR presumes that North America can take control of the global market in the years to follow, while Europe can expand at the fastest pace.
The ECR market in North America is complemented by the frequent technological innovations and surging consumption of mobile phones with NFC services across multiple industries. A number of leading players in the region are concentrating on providing cloud-based services to merchants and retailers to boost their operations with better functionality including reporting and inventory features.
APAC can be a highly lucrative market for electronic cash registers, owing to the expanding consumer base, rising number of SMEs in hospitality sector and retail stores, rising preference for contactless payment and the need for quicker checkout in point-of-sale.
Renowned Competitors
MRFR recognizes renowned competitors in the market as Citaq Co. Ltd. (Germany), Posiflex Technology Pvt. Ltd. (Taiwan), Toshiba Corporation (Japan), Forbes Technosys (India), Casio Computer Co., Ltd. (Japan), Dell Inc. (U.S.), Foxconn Technologies (China), Fujitsu Ltd. (Japan), Hewlett-Packard (U.S.), Olivetti S.p.A. (Italy), to list a few.
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About Market Research Future:
Market Research Future (MRFR) is a global market research firm that takes great pleasure in its services, providing a detailed and reliable study of diverse industries and consumers worldwide. MRFR's methodology integrates proprietary information with different data sources to provide the client with a comprehensive understanding of the current key trends, upcoming events, and the steps to be taken based on those aspects.
Our rapidly expanding market research company is assisted by a competent team of research analysts who provide useful analytics and data on technological and economic developments. Our deemed analysts make industrial visits and collect valuable information from influential market players. Our main goal is to keep our clients informed of new opportunities and challenges in various markets. We offer step-by-step assistance to our valued clients through strategic and consulting services to reach managerial and actionable decisions.
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