The global electronic cash register market perceives a rapid upsurge. Electronic Cash Register (ECR) refers to a system/device used for scanning packages to read and register the total calculated saleable price of the good. It can also scan and keep records of sales and inventories, serving as a long-term approach to deploy mobility. The emergence of the ECR system has brought about the convenience of systematic, congestion-free shopping experience while reducing the overall time.
Therefore, the market witnesses massive uptake and demand for ECR systems. According to Market Research Future (MRFR), the global electronic cash register market is poised to create a valuation of 8 BN by 2023, growing at 11% CAGR during the review period (2017-2023). Spurting growth in retail and hospitality industries creates substantial market demand. Also, increasing focus on developing commercial ECR devices and various services substantiate the development of the market.
Additionally, the increasing demand for mobile applications and the growing popularity of e-commerce drive market growth. Rising trend of online shopping increases sales in the global electronic cash register market. Furthermore, raising awareness for the benefits of ECRs, such as tracking customer transactions, recording sales, and calculating bills with sales tax, service tax, and VAT, boost market growth.
The growing use of NFC enabled mobile devices for contactless payments is another major factor boosting the market growth. Moreover, increasing technology development centers and infrastructure influence market growth, allowing faster implementation of advanced technologies.
Furthermore, the burgeoning banking sector pushes the growth of the market. High adoption of contactless payments is a key growth driver for market growth. Increasing use of credit card and debit card payments has been substantiating the demand for ECRs. Also, the rising technological enhancements and the increasing popularity of GPRS and server-cloud enabled electronic cash registers impact the market growth positively.
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Segmentation:
The report is segmented into four dynamics;
By Type : Stationary and Portable.
By Product : Standard ECRs, Checkout/POS Systems, Personal ECRs, Mobile POS Systems, and others.
By End-User : Retail, Hospitality, and others.
By Regions : Americas, Europe, APAC, and Rest-of-the-World.
Global ECR Market – Regional Analysis
North America leads the global electronic cash register market. The largest market share attributes to technological advancements, and increased adoption of mobile devices enabled with NFC services across various industry verticals. Besides, the wide uptake of ECR systems across the retail, banking, and hospitality in the region drives the growth of the market. The North American market is projected to retain its dominance throughout the estimated period.
Europe stands second in the global electronic cash register market. The market growth is driven by awareness about the benefits of ECR systems. Countries such as Germany, France, and the UK account for the significant growth contributors due to their rapidly growing retail, banking, and hospitality industries. The European ECR market is anticipated to grow at the fastest rate during the forecast period.
The Asia Pacific electronic cash register market is growing promisingly. The region witnesses a rapid expansion stage of ETCs due to the rapidly growing economy in the region. Factors such as the burgeoning banking sector and the increasing sales of electronic cash register systems boost the regional market growth. India, China, Japan, and Singapore are the prominent markets for ECRs in the region. The APAC ECR market is expected to grow at an impressive CAGR during the forecast period.
Global Electronic Cash Register Market – Competitive Landscape
Highly competitive, the global ECR market appears fragmented due to the presence of several well-established players. To gain a larger competitive share, mergers & acquisitions, collaboration, brand reinforcement, and innovation remain key industry players' key trends. Players make a substantial investment in research and development of innovative technologies and to upgrade their product portfolio.
Major Players:
Players leading the global ECR market include Foxconn Technologies (China), Toshiba Corporation (Japan), Casio Computer Co., Ltd. (Japan), Olivetti S.p.A. (Italy), Dell, Inc. (US), Citaq Co. Ltd. (Germany), Hewlett-Packard (US), Fujitsu Ltd. (Japan), Forbes Technosys (India), and Posiflex Technology Pvt. Ltd. (Taiwan), among others.
Industry/Innovation/Related News:
August 26, 2020-- The National Board of Revenue (NBR - Bangladesh) launched the Electronic fiscal devices (EFDs) to monitor sales in retail and wholesale stores to overcome the challenge of collecting the actual value-added value tax from tens of thousands of goods and services stores. EFDs are the much-talked-about e-cash registers promoted by the revenue authority as a tool to curb tax dodging.
VAT is the most significant revenue source, and the number of small & medium retail stores is rising continually due to the workforce shortage. The use of EFDs would bring about a revolutionary change in VAT collection. Most of the taxpayers are non-compliant, and various complaints are raised from this trade against revenue collectors.
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Electronic Cash Register Market: by Type (Stationary, Portable), Product (Standard ECRs, Checkout or POS Systems, Personal ECRs, Mobile POS Systems), End User (Retail, Hospitality) – Forecast till 2027
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