LONDON--(BUSINESS WIRE)--The electronic cash register (ECR) market size is expected to grow by USD 1.76 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.
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The market has been witnessing strong demand for ECRs from SMEs over the recent years. Factors such as low-cost and easy availability have increased the adoption of ECRs among end-users. SMEs in the retail and hospitality sectors are increasing the use of ECRs in terminals to ensure faster checkouts. The rise in the number of checkout terminals in the retail and hospitality industries will increase the demand for ECRs. Moreover, the large unorganized retail sector in developing countries such as China and India is providing significant growth opportunities for market vendors. Thus, the increasing adoption of ECRs by SMEs is one of the key factors driving the growth of the global electronic cash register market.
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As per Technavio, the evolution of global retail landscape will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Electronic Cash Register Market: Evolution of Global Retail Landscape
The global retail environment is undergoing a drastic change with an increase in the number of outlets, especially in developing countries. Most of the leading branded retailers have started focusing on these countries as they seek to capture untapped markets to strengthen their foothold in the industry. India and China are witnessing an increase in retail establishments by major retail companies such as Walmart and Inter IKEA Systems B.V. The number of retail establishments is also rising significantly in the MEA as major retailers increase their investments in this region to win a piece of the rising disposable income in these developing markets. These factors will influence the demand for ECRs in retail establishments as they are essential for facilitating faster checkouts, which is expected to be one of the key contributors to the growth of the market.
“Other factors such as the shift toward cloud-based solutions, and growing use of big data will have a significant impact on the growth of the electronic cash register market value during the forecast period,” says a senior analyst at Technavio.
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Electronic Cash Register Market: Segmentation Analysis
This market research report segments the electronic cash register market by end-user (retail and hospitality) and geography (APAC, Europe, North America, South America, and MEA).
The APAC region led the electronic cash register market share in 2019, followed by Europe, North America, South America, and MEA respectively. During the forecast period, the APAC region is expected to register the highest incremental growth due to the rapid growth of the retail sector.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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