LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global receipt printers market to grow to USD 2,957.32 million by 2021, at a CAGR of more than 12% over the forecast period, according to their latest report.
The research study by Technavio on the global receipt printers market for 2017-2021 provides a detailed industry analysis based on the end-users (retail and hospitality sectors), type (thermal, impact, and inkjet receipt printers), interface (USB, serial, parallel, BlueTooth, and Ethernet), and geography (North America, Europe, APAC, and ROW).
|A receipt printer is an integral part of a point of sale (POS) system used in industries such as retail and hospitality. They are used to print credit card slips and customer receipts. Apart from printing receipts, receipt printers are also used to maintain the customer database and market brands.|
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Technavio analysts highlight the following three factors that are contributing to the growth of the global receipt printers market:
- Improving retail landscape in APAC and Africa
- MSMEs significantly increasing market potential
- Use of POS receipts as marketing tools
Improving retail landscape in APAC and Africa
Strong economic and urban development have made APAC a constantly evolving retail market, with changing consumer tastes and preferences. The robust economic growth has prompted a significant trend of migration from rural to urban areas as people seek better opportunities, employment, and lifestyles.
“The convergence of e-commerce, m-commerce, and retail stores along with the increasing innovations in APAC and Africa will drive the demand for receipt printers,” says Chetan Mohan, a lead analyst at Technavio for computing devices research.
MSMEs significantly increasing market potential
Micro-, small-, and medium-sized enterprises (MSMEs) offer significant opportunities for receipt vendors to generate revenue since many MSMEs in developing regions perform most of the functions manually. The high fees and complexity of banking procedures are the major factors that hinder the adoption of point of sale (POS) systems among vendors, and receipt printers continue to be popular. Growing nations such as China and India have the largest number of MSMEs, presenting a significant opportunity to local and regional vendors to enter the market as global vendors have yet to expand their reach.
Use of POS receipts as marketing tools
“The greatest advantage of using receipt printers in the retail and hospitality sectors is their ability to be used as marketing tools. The printer can be used to offer a more personal and interactive experience to customers,” says Chetan.
Loyalty programs can be adopted by printing the reverse side of the bill with various discount vouchers. Based on the bill details, the retail or hospitality sector can undertake the selling or cross-selling of goods and services. Currently, several retailers and hospitality chains use this as high payback option for end-users. With advances in technology, receipt printers will be able to connect to mobile devices and will be compatible with iOS, Android, and Windows platforms.
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Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, resellers, and end-users.
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