Global Fuel and Convenience Store POS Market is Grows Tremendously at a CAGR of 26.10%

Introduction

A technology that analyzes inventories, sales reports, cash management, and other elements while offering a graphical and visual picture to aid in business insights is point-of-sale software, also referred to as POS software. As a result, the vendors' business procedures are simplified, and customer satisfaction, operational effectiveness, and employee productivity all increase. In great detail, this study examines the dynamics, size, potential for growth, and market trends of the global fuel and convenience store point of sale (PoS) market. This research report segments the global fuel and convenience store PoS market by component, application, end-use, and region/country.

Market Dynamics

Rise in Requirements of PoS for Effective Management Side by Side With Fuel Stations and Convenience Stores Drives the Global Market

Daily transactions at convenience stores in gas stations are numerous, and controlling them is difficult. As a result, demand for point-of-sale terminals and software has significantly increased. Payments are easy for convenience stores that employ POS systems. It contains features that reduce time and increase money; all locations are synchronized. Fuel station retailers increasingly operate portable mobile POS terminals to improve the client purchasing experience. These systems/terminals enable customers to pay using EMV/chip cards, credit or debit cards, and mobile wallets, hastening the transactional process. However, cutting-edge technology has made it possible for consumers to make transactions legally and securely, thanks to innovations like biometric fingerprint authentication.

Integration of cloud point-of-sale terminals is growing in popularity, particularly among retailers, because of its low cost and customizable functionality. Furthermore, this service enables users to use the platform online. Users of the program can manage inventories, keep track of orders, and save a vast quantity of consumer data in addition to these features. Cloud-based terminals are an excellent option for all businesses because they are more functional and user-friendly than traditional terminals.

Use of AI and Machine Learning in the Development of Solutions for PoS Creates Tremendous Opportunities

As digitization and internet usage increase, businesses have a lot of opportunities to provide straightforward payment methods. Consumers today have various payment options, including plastic money, APIs, and digital wallets. For the same reason, businesses emphasize developing frictionless payment solutions. To improve their capabilities and market positioning, the vendors provide differentiated services, offer technology- and data-driven options for receiving and paying for payments, invest in infrastructure modernization, collaborate and engage in targeted mergers and acquisitions (M&A), and focus on workforce evolution.

By improving customer experience, generating revenue, and strengthening the service proposition, integrating artificial intelligence (AI) and machine learning in POS systems has fundamentally altered how businesses function. Retailers can use machine learning and artificial intelligence to analyze customer purchasing patterns, which enhances the customer experience.

Regional Analysis 

North America is the most significant contributor and is anticipated to exhibit a CAGR of 23.40% over the projection period. North America will rank among the top POS markets for gas stations and convenience stores over the forecast period. Significant digitization, technological advancements, and growth in the fuel and convenience business sectors drive higher use of the gas station and convenience store POS solutions. Fuel station and convenience store POS software help managers manage inventory, handle cash and run their businesses. The increased acceptance of technology, the presence of substantial international enterprises and neighborhood businesses, and other factors have hastened the adoption of fuel and convenience store POS solutions in the region.

Europe is anticipated to exhibit a CAGR of 26.05% during the forecast period. Europe is projected to hold a 23.9% fuel and convenience store POS market share. Due to growing digitization, rising road mobility, and an expansion in gas stations and convenience stores, there is a higher demand for gasoline and convenience store POS software. Private and public businesses in the area frequently employ POS systems for gas stations and convenience stores. Large retail companies, including Total, BP, Esso, and ENI rely heavily on cloud-based fuel and convenience store POS software to operate profitably.

Key Highlights

• The global fuel and convenience store POS market was valued at USD 550.50 million in 2022. It is projected to reach USD 4,438.06 million by 2031, growing at a CAGR of 26.10% during the forecast period (2023-2031).
• Based on components, the global fuel and convenience store POS market is bifurcated into services and solutions. The services segment is the highest contributor to the market and is estimated to grow at a CAGR of 26.20% during the forecast period.
• Based on application, the global fuel and convenience store POS market is bifurcated into operations management, cash management, inventory management, reporting and analytics, and others. The operations management segment is the highest contributor to the market and is estimated to grow at a CAGR of 25.40% during the forecast period.
• Based on end-use, the global fuel and convenience store POS market is bifurcated into fuel stations and convenience stores. The fuel station segment is the highest contributor to the market and is estimated to grow at a CAGR of 25.50% during the forecast period.
• North America is the major contributor and is expected to grow at a CAGR of 23.40% during the forecast period.

Competitive Players

Competitive Players

The global fuel and convenience store POS market's major key players are Fujitsu Ltd., 5 Retail, VeriFone, Diebold Nixdorf, Incorporated, NCR Corporation, Professional Datasolutions, Inc., Orpak Systems Ltd, and DCR.

Recent Developments

Market News

• In March 2023, Dover Fueling Solutions launched DX PowerTM to incorporate EV Chargers into the Prizma Ecosystem.
• In October 2022, Posiflex exhibited best-in-class POS hardware and self-service technologies at GITEX GLOBAL 2022, enabling a smarter world of transactions.

Segmentation

Global Fuel and Convenience Store POS Market: Segmentation

By Component

• Solutions
• Services

By Applications

• Operations Management
• Cash Management
• Inventory Management
• Reporting and Analytics
• Others

By End-User

• Fuel Station
• Convenience Stores

By Regions

• North America
• Europe
• Asia-Pacific
• LAMEA