Fuel and Convenience Store POS Market

Market Overview

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). 

Point-of-sale software, sometimes known as POS software, is a tool that analyzes inventories, sales reports, cash management, and other factors while providing a graphical and visual depiction to help with business insights. As a result, the vendors' business processes become more straightforward, and employee productivity, operational efficiency, and customer happiness all rise. This report on the global fuel and convenience store point of sale (POS) market provides an in-depth analysis of market dynamics, market size, development potential, and industry trends. The global gasoline and convenience store POS market is segmented in this research report based on component, application, end-user, and region/country.

Highlights

• The services segment is the highest contributor to the market by component.
• The operations management segment is the highest contributor to the market by application.
• The fuel station segment is the highest contributor to the market by end-use.
• North America is the major contributor by region.

Market Dynamics

Global Fuel and Convenience Store POS Market Drivers

Rise in Requirements for POS for Effective Management Side by Side with Fuel Stations and Convenience Stores

Gas station convenience stores deal with many transactions daily, which is challenging. As a result, there is a tremendous rise in demand for point-of-sale terminals and software. Convenience retailers that use POS systems experience smooth payments. All the locations are synced, and it has features that save time and boost revenue. Fuel station retailers increasingly utilize portable mobile POS terminals to enhance the customer purchasing experience. Customers can use these systems/terminals to pay using EMV/chip cards, credit or debit cards, and mobile wallets, which speeds up the payment processing process. However, the development of cutting-edge technology, such as biometric fingerprint identification, enables users to conduct transactions in a safe and permitted manner.

Cloud point-of-sale terminal integration is becoming increasingly popular because of its low cost and adaptable functionalities, especially among retailers. Additionally, this program enables users to connect to the platform via the internet. Along with these features, the program allows users to manage inventories, track orders, and store enormous amounts of consumer data. Because they are more functional and user-friendly than traditional terminals, cloud-based terminals are an excellent choice for all types of enterprises.

Global Fuel and Convenience Store POS Market Restraint

Security of Data Questions

One of the main reasons why consumers avoid making e-commerce purchases is security, particularly web-based e-commerce apps that support payment methods, including electronic transactions, online banking, and credit card or debit card payment alternatives. Malware, such as Trojan Horses, which can threaten the user's private data, including passwords and credit card information, is the main threat to e-commerce. These malicious computer programs are frequently seen in e-commerce transactions that trick the user's authentication methods without the user's knowledge.

A denial-of-service attack (DoS), which often includes flooding a system or network with traffic to the point of system shutdown, renders computer resources inaccessible to the intended user, is another significant danger to the security of the e-payment system. Sites or services with online payment gateways housed on web servers are frequently the targets of DoS attacks. The majority of card-based security thefts take place during an online purchase. Hackers may utilize several weak points as entry points to obtain access to user data. An attacker can get a user's credit card details using malware and use them to make illicit payments.

Global Fuel and Convenience Store POS Market Opportunities

AI and Machine Learning are Used in the Development of Solutions for PoS

Organizations have a lot of potential to offer simple payment options because of rising digitalization and internet usage. Today's consumers have various payment choices, including digital wallets, APIs, and plastic money. Organizations are putting more of an emphasis on the creation of frictionless payment systems for the same reason. The vendors offer differentiated services, provide technology- and data-driven options to pay and receive payment, invest in infrastructure modernization, engage in collaborations and targeted mergers and acquisitions (M&A), and concentrate on workforce evolution to increase their capabilities and market positioning.

Implementing artificial intelligence (AI) and machine learning in POS systems has completely changed how organizations operate by enhancing customer experience, increasing revenue, and boosting the service proposition. Retailers can examine client purchase trends using machine learning and artificial intelligence to improve customer experience.

Regional Analysis

North America Dominates the Global Market

The global fuel and convenience store POS market is divided into four regions: North America, Europe, Asia-Pacific, and LAMEA. 

North America is the major contributor and is expected to grow at a CAGR of 23.40% during the forecast period. During the projection period, North America is anticipated to be one of the leading markets. Significant digitization, technological developments, and increased fuel and convenience businesses drive higher gasoline and convenience store POS solutions adoption. Gasoline and convenience shop POS software aids store managers in managing inventory, handling cash, and managing the fuel station and store operations effectively. The adoption of fuel and convenience store POS solutions in the area has been accelerated by the greater acceptance of technology and the presence of giant global corporations and local businesses. The United States, Canada, and Mexico are the individual nations that makeup North America.

Europe is expected to grow at a CAGR of 26.05% during the forecast period. In the market, Europe is anticipated to have a significant market share of 23.9%. The demand for gasoline and convenience store POS software has increased due to widespread digitization, rising road transportation, and expanded fuel and convenience stores. In the area, private and public establishments use fuel and convenience store POS systems more frequently. Large retail chains also heavily utilize cloud-based fuel and convenience store POS software to run effectively, including Total, BP, Esso, and ENI.

Asia-Pacific represented 18.2% of the global market in 2018. The key drivers of this market's expansion are the rising use of smartphones and advances in digital technology. The growing middle-class population's increased purchasing power is also anticipated to significantly contribute to the market's expansion. The governments of many nations are likewise encouraging cashless transactions. The market for cloud-based fuel and convenience store POS software is predicted to proliferate in APAC due to the region's high rate of cloud technology adoption.

In the Middle East and Africa, the market is anticipated to expand rapidly in the following years. Middle Eastern and African nations have a low internet penetration rate. The Middle East had 182.0 million internet users as of January 2019, or roughly 71% of the region's population. However, the area has seen a rapid increase in internet and smartphone users in recent years, making it an attractive market for fuel and convenience store POS software vendors in the years to come. Furthermore, Africa's small and medium-sized telecom and IT firms are embracing cloud computing technology.

Segmental Analysis

The global fuel and convenience store POS market is segmented by component, application, and end-use.

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. Fuel and convenience store suppliers receive help from managed service providers (MSPs) to keep their operations running smoothly. The MSPs help the vendors run more profitably, reduce operating expenses, keep customers loyal, and attract new ones. To show the vendors how to improve service and procedures across their company and obtain the highest ROI, these MSPs typically have enormous data signals and experience maintaining POS edge devices under contracted service. A digital service desk, network and security services, and digitally connected services are typically part of the managed services (DCS). The POS software can be upgraded and maintained with the help of professional services.

In the industrialized economies of Europe and North America, brick-and-mortar sellers of fuel and convenience stores are increasingly using POS software solutions to conduct sales. It could be software that controls the till, computer, or even an iPad where cashiers input the goods they've bought, add up the cost, and complete the transaction. Additionally, the POS software maintains and provides information on the inventory. Many gas station and convenience store retailers are switching from traditional point-of-sale systems to cloud-based point-of-sale solutions.

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. The vendors provide the tools a fuel merchant needs for effective service station administration. The forecourt controller, back-office solution, site operations management software, and central management solution make up most of the operations management POS. The system allows complete control of all forecourt equipment, including dispensers and ATGs. For the effective management of the gasoline station activity, such as fuel and other product sales at the aisle, attendants, and inventory, the back-office solution and site operation management software is in charge. Multiple stations can be managed from a single central location with the help of the central management solution.

The cashier is a crucial component of the POS. The fuel and C-store needs a device to process sales, whether a classic, computerized, or mobile POS. The vendors input data into a POS system using touch screens, programmable keyboards, scanners, or other portable devices. For a retailer, POS software handles the entire consumer transaction. This includes giving item descriptions and prices, performing other cash register tasks, and adding taxes. The software can also handle returns, coupons, price overrides, and reporting for retail accounting. For large-scale sales management, the gas station and convenience shop sellers use web software from businesses like Intuit, PayPal, and Square.

The fuel and convenience store industries rely on products. These companies employ a straightforward POS inventory system. Businesses may monitor their inventory with a POS and provide information on inventory levels. Thanks to a POS inventory management system, fuel and convenience store sellers can control their list at multiple locations without physically being there. They don't have to be concerned about price differences between sites or employee theft—furthermore, POS aid in maintaining consistent inventory prices from one location to the next.

The gasoline and convenience shop vendor can keep an eye on every part of the business operation at the fuel station and store thanks to the POS software. The suppliers get access to sales by an hour of the day, employee tasks, inventory movements, promotion profitability, and staff performance. This information is given in reports that provide insightful information for boosting sales and improving customer experiences. The program offers crosstab reports with multi-dimension analysis and creates custom templates and graphs. The dashboard's enormous amount of data may be easily analyzed with the help of visualizations made possible by POS analytics software. For an instant business health indicator, this is typically shown graphically.

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. The POS at a gas station provides fundamental features such gasoline pump controller connection to cash management to secure transactions and lets the gas station operators run their businesses effectively, even during peak hours. The POS offers safety controls, role-based access, interaction with other back-office solutions, content promotion management, analytics and reporting, and fuel pricing.

Recent Developments

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