Cash payments have been revolutionized in the past few years owing to the development of the technologies driving this industry. Market Research Future which focuses on market reports connected to Information and Communications Technology sector amongst others recently made available a report on this sector. The market is expected to grow with a CAGR of approximately 11 per cent during the forecast period.
With the advent of cloud technologies, payment options have evolved more significantly to become more seamless and hassle free. Popularity of e-commerce options have increased the demand that the market is experiencing. Increased buying power of customers has also been a key factor in the development of the market. Heightened acceptance of contactless payments has also been fuelling the electronic cash register market.
Feb 2018 Ingenico Group has created an app that will aid customers use their coupons, gift cards and loyalty rewards when using their mobile phones for payments. They have made Google Pay Smart Tap available on their point of sale systems across the U.K. This payment transfer can be achieved by holding a phone near Ingenico’s POS terminals which are NFC-enabled through which consumers can transfer reward and loyalty information stored in their Google Pay accounts, and can then subsequently apply it to transactions. Merchants of all sizes will be able to grow the use of loyalty programs and deliver a faster and unified customer experience through Google Pay Smart Tap.
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Major Key Players
Toshiba Corporation (Japan),
Foxconn Technologies (China),
Casio Computer Co., Ltd. (Japan),
Dell, Inc. (U.S.),
Olivetti S.p.A. (Italy),
Citaq Co. Ltd. (Germany),
Fujitsu Ltd. (Japan),
Forbes Technosys (India) and Posiflex Technology Pvt. Ltd. (Taiwan).
According to MRFR, The global Electronic Cash Register Market is expected to grow at a CAGR of approximately 11% during the forecast period 2017-2023.
The goods that are on offer presently vary greatly owing to the reason of the strong pace of technological discoveries. This has raised the opportunities for the approaching growth period. The companies in this industry space are connecting their resources to achieve their vision for achieving considerable portion of the business as early as possible. This consequence is productive for firms so that they may maintain fiscal liquidity to take the best conclusions in terms of strategy execution and planning. The profitable prospects available in this market are being utilized by contenders who are trying to spread their market
The industry for ECRs is categorized on the basis of product, type and application. On the basis of type, the segment includes portable and stationary ECRs. Standard electronic cash registers division is estimated to control the main portion of the industry due to the growing use of debit card and credit card payments. The product category of ECRs contains checkouts or POS systems, standard ECRs, mobile POS systems and personal ECRs. While, the end user category includes, the market is segmented into hospitality and retail.
North America, presently holds the largest share in the global market. This dominance is due to a thriving retail sector and rapid adoption of modern technology in the region. Quick service restaurants and small & medium businesses in North America are increasingly adopting electronic cash register systems, thus motivating market growth.
The Asia Pacific is expected to grow at a rapid rate due to the growing support for a cashless economy. The unrealized potential for this market in the APAC region has motivated market leaders to shift focus to the area. Emerging economies of this region are witnessing rising disposable incomes which have contributed to a thriving retail industry further compelling growth of the electronic cash register market.
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- Technology Investors
- Research/Consultancy firms
- Technology Solution Providers
- Government Bodies
- Hospitality Sector