Global Electronic Cash Register Market 2019-2023
About this market
The number of SMEs that are currently using ECRs is increasing at a rapid pace, which will help the ECR vendors to expand their customer base during the forecast period. Factors such as low cost and easy access have increased the penetration of ECRs in the end-user segments. Moreover, the growth of SMEs in the retail and hospitality sectors will increase the number of checkout terminals required to ease faster checkouts. The increase in the number of checkout terminals in the retail and hospitality environments will result in high demand for ECRs. Also, some of the SMEs in the unorganized retail and hospitality sectors do not have clearances from local governments to run their businesses. Such SMEs avoid using ECRs terminals, which affects the target sales of market vendors. Thus, the increase in adoption of ECRs by SMEs is driving the market. Technavio’s analysts have predicted that the electronic cash register market will register a CAGR of almost 8% by 2023.
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. Moreover, rising disposable incomes in these developing markets are compelling major retailers to increase their investments. These factors will influence the demand for ECRs in retail establishments for enabling faster checkouts, which is expected to be one of the key contributors to the growth of the market.
Growing e-commerce market
The growth in global e-commerce sales will be among the key challenges for the adoption of ECRs to support remote payments and bills. The vendors in the global cash register market cannot target the e-commerce retail sector. The global e-commerce market is witnessing a high growth in developing countries, which will affect the adoption of cash registers. This factor will continue to have a negative impact on the electronic cash register market, especially in developing countries.
For the detailed list of factors that will drive and challenge the growth of the electronic cash register market during the 2019-2023, view our report.
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