An electronic cash register (ECR) is a framework designed to facilitate products to be sold at a retail store. Electronic cash registers assist large retail outlets collect inventory data, minimize register errors, track sales, and much more. An electronic cash register generally processes goods by scanning the information provided on a product label (usually by the means of a scanner). Scrutinizing the price catalogue for the price matching the label information. Adding that price to the cumulative total of all goods being procured by the customer. Electronic cash register systems have transformed over the years in an endeavor to make recording the purchase payments as efficient an experience as possible. They extend the ability to effectively preserve a database of customers, fast billing, and inventory management. Market Research Future has conducted an all-inclusive study on the global electronic cash register system market.
The report published through the research indicated that the electronic cash register market has been expanding under the influence of several factors. The report has revealed that the global electronic cash register system market is estimated to develop at 11% CAGR throughout the forecast period ranging from 2017-2023. The demand for effective billing systems has proved to be a fundamental facilitator of growth for the global electronic cash register system market. This is further accompanied by the continuing technological shifts in the market. Near-field communication (NFC) technology is rapidly getting adopted as it enables the users to integrate contactless payment systems with ease. Mobile type Point-of-Sale (POS) frameworks are projected to propel rapid market growth over the assessment period owing to the worldwide penetration of smartphones. Affordability of electronic cash register systems is projected to accelerate the application of such systems in small & medium sized enterprises. Growing concerns related to data security are estimated to push market players to innovate security solutions to address the concern. Additionally, the ever-increasing progressions in technology has made the expectations of easy payment systems a standard. Businesses are swiftly trying to meet these expectations by embracing the contemporary electronic cash register systems thus propelling development for this market.
The electronic cash register market share has been segmented to offer an improved understanding of the different elements that form the market. The worldwide electronic cash register market has been classified based on product, type, region, and end user. Based on type, the market has been segmented into application and product. Based on product, the market has been segregated into checkouts, POS systems, standard ECRs, mobile POS systems, and personal ECRs. Based on end users, the market has been bifurcated into hospitality and retail. Based on region, the market has been segmented into Europe, Asia Pacific, North America, and the Rest of the World.
North America, at present, holds the primary share in the worldwide market. This dominance is owing to a booming retail sector and swift adoption of modern technology in the region. Small & medium businesses and quick service restaurants in North America are adopting electronic cash register systems at a spurring rate, thus encouraging market growth. The Asia Pacific market is estimated to expand at an impressive rate owing to the growing support for a cashless country. The unrealized probability for this market within the APAC region has inspired the market leaders to move focus to the area. Developing economies of this region are experiencing growing disposable incomes which have contributed to a flourishing retail industry further fueling growth of the electronic cash register market.
Notable players ruling the global electronic cash register system market include Hewlett-Packard, Posiflex Technology Pvt. Ltd., Toshiba Corporation, Forbes Technosys, Casio Computer Co. Ltd., Foxconn Technologies, Olivetti S.p.A, Dell Inc., Fujitsu Ltd, and Citaq Co. Ltd.