New York, US, March 30, 2023 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Electronic Cash Register Market Research Report: By Type, Product, and End User- Forecast Till 2030, the market is anticipated to acquire a valuation of approximately USD 16.4 billion by the end of 2030. The reports further predict the market to flourish at a robust CAGR of over 13.50% during the assessment timeframe.
Electronic Cash Register Market Overview:
Electronic Cash Register (ECR) is 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 a systematic, congestion-free shopping experience while reducing the overall time.
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)
- Posiflex Technology Pvt. Ltd. (Taiwan)
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Electronic Cash Register Market Report Scope:
| Report Metric | Details |
| Revenue forecast in 2030 | USD 16.4 Billion |
| Growth Rate | CAGR of 13.50% from 2022 to 2030 |
| Base Year | 2021 |
| Study Period | 2022-2030 |
| Key Market Opportunities | Ecommerce markets will provide that demand for cash registers in food delivery chains as well |
| Key Market Drivers | Increasing demand for mobile applications, Growing popularity of e-commerce and online shopping |
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Governments and retail businesses are increasingly using electronic fiscal devices (EFDs) to monitor retail and wholesale store sales to overcome the challenge of collecting the actual value-added value tax from many 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 small & medium retail stores are continually rising. On the other hand, there is an acute shortage of skillful workforces. EFDs and electronic cash registers would bring about a revolutionary change in VAT collection. EFDs can also give data on non-compliant taxpayers, which can then be used to raise complaints against them by revenue collectors.
Industry Trends
The electronic cash register market witness’s massive uptake and demand. Spurting growth in retail and hospitality industries substantiates the development of the ECR market. Also, the increasing focus on developing commercial ECR devices and various services creates substantial market demand.
Additionally, the increasing demand for mobile applications and the growing popularity of e-commerce drive market growth. The growing trend of online shopping increases sales in the global electronic cash register market. Furthermore, increasing awareness of the benefits of ECRs, such as tracking customer transactions, recording sales, and calculating bills with sales tax, service tax, and VAT, boosts market revenues.
The growing use of NFC-enabled mobile devices for contactless payments is another major factor escalating the electronic cash register market value. Moreover, the increasing number of technology development centers and infrastructures worldwide influences electronic cash registers market revenues, allowing faster implementation of advanced technologies.
The burgeoning banking sector pushes the growth of the market. The high adoption of contactless payments is a key growth driver for market growth. The increasing use of credit and debit card payments has substantiated the market 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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Electronic Cash Register Market Segments
The electronic cash register market report is segmented into types, products, end-users, and regions. The type segment is sub-segmented into stationary and portable. The product segment is sub-segmented into standard ECRs, checkout/POS systems, personal ECRs, mobile POS systems, and others. The end-user segment is sub-segmented into retail, hospitality, and others. By region, the ECR market is segmented into the Americas, Europe, APAC, and Rest-of-the-World.
Regional Analysis
North America leads the global electronic cash register market. The largest market share is attributed 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 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 of the benefits of ECR systems. Germany, France, and the UK are significant contributors to growth due to their rapidly growing retail, banking, and hospitality industries. The European ECR market is anticipated to grow the fastest 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 regional market growth. India, China, Japan, and Singapore are the prominent markets for ECRs in the region. The APAC ECR market is likely to grow at an impressive CAGR throughout the forecast period.
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Electronic Cash Register Market Competitive Landscape
The highly competitive global ECR market appears fragmented, with many well-established players. To gain a larger competitive share, mergers & acquisitions, collaboration, brand reinforcement, and innovation remain key industry players' key trends. Players invest substantially in research and development of innovative technologies and upgrade their product portfolio.
For instance, on Dec. 17, 2022, Optima Systems Inc. (OSI), a global dealer & supplier of quality, cost-effective electronic cash registers and Point of Sale, announced that it is working on global business expansion. Since its inception, the company has remained on the industry's cutting edge. During the pandemic, Optima began assembling its line of Canada-made point-of-sale systems with its proprietary GoPOS software, the APOS series.
Recently, the company joined the World Trade Centre Winnipeg's Trade Accelerator Program (TAP) to obtain information to sell its new product globally. The TAP program enabled it to efficiently handle its operations in South America and safely export its business into other countries to expand. The company offers an incentive program to encourage dealers to sell its cash register products.
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