COVID-19 to make a significant Impact on the Convenience Store Software and expect to have tremendous growth in next two quarters of FY 2020

Introduction

The global convenience store software market is an emerging market and is presumed to grow during the forecast period. The market was valued at USD 1501 million in 2019 and is expected to reach USD 1917 million by 2029, growing at a CAGR of 6.91%. The growth is attributed to the increase in the adoption of software related to convenience stores. Furthermore, the growing integration of automation services among industry verticals across the globe is also one of the factors accelerating market growth.

Key Highlights

• By deployment, the on-premise segment holds the higher CAGR during the forecast period on account of high-security services comparable to the cloud segment and various other services that include; support service and others.
• By organization size, small enterprise holds higher CAGR during the forecast period. The growth is attributed to the presence of a large number of SMEs facing multiple challenges with growing competition from the e-commerce industry.
• COVID-19 outbreak has slightly declined the growth of convenience store software market on account of temporarily shutdown in services that include support services, consulting, and implementation services. However, the growth of convenience store software market post-COVID-19 outbreak is presumed to grow on account of a broad range of traits of convenience store software.
• By region, North America holds the dominant market on account of early technology adoption and also the presence of a large number of SMEs.
• Asia-Pacific holds the fastest-growing region in convenience store software on account of surge in adoption of digitization in emerging economies such as India and China.

Competitive Players

1. AccuPOS
2. SSCS
3. PDI
4. POS Nation
5. ADD Systems
6. DataMax
7. SHENZHEN KEMAI
8. CStorePro Inc.
9. Verifone
10. NCR Corporation
11. Gilbarco Veeder-Root
12. Petrosoft
13. CStore Essentials
14. Petrosoft LLC
15. CStore Office

Recent Developments

• March 2024-PAR Technology Corp. purchased Stuzo Holdings LLC, a convenience-store digital engagement platform provider, for over USD 190 million in cash and shares. PAR has also reached a deal to buy Australia-based food service transaction platform TASK Group for cash and PAR common stock worth about USD 206 million. This acquisition reinforces PAR's business plan to extend its market by addressing the growing convenience food service industry.

Segmentation

1. By Deployment type
   
   1. On-premise
   2. Cloud-based
2. By Software type
   
   1. Point-of-sale systems
   2. Inventory management
   3. Employee management
   4. Reporting & analytics
   5. Loyalty programs
   6. Others
3. By End-User
   1. Single store
   2. Multi-store chains
   3. Franchise operations