Global Receipt Printers Market 2017-2021
About Receipt Printers
A receipt printer is an integral part of a 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. The primary function of a receipt printer is to print and encode receipts in retail stores, hotels, and restaurant chains. Receipt printers simplify the billing process, help in maintaining an order log, and provide customers with receipts. These devices can also be used for promotional offers by printing discounts and other offers on the reverse side of receipts. This promotes customer loyalty and increases customer satisfaction.
Technavio’s analysts forecast the global receipt printers market to grow at a CAGR of 12.08% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global receipt printers market for 2017-2021. To calculate the market size, the report considers the shipments and the value of the market. The estimates do not include installations and after-sales services.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Receipt Printers Market 2017-2021
Technavio recognizes the following companies as the key players in the global receipt printers market: Citizen Systems, Epson, and Star Micronics.
Other Prominent Vendors in the market are: Bixolon, BOCA Systems, Cognitive TPG, CUSTOM, M/s Pulsar Technologies (I), NCR, Pertech Industries, POS-X, WOOSIM SYSTEMS, Xiamen Rongta Technology, and ZIH.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is advent of NFC technology. The payment structure is continuously improving and evolving. Tap-and-go digital payments such as Samsung Pay and Apple Pay involve the use of NFC technology. This technology allows data exchange over short distances and has gained popularity with Android 4.0. The technology has been rebranded as Android Beam, allowing users to share contacts, links, maps, and more with a simple tap.”
According to the report, one of the major drivers for this market is improving retail landscape in APAC and Africa. Strong economic and urban development has made APAC one of the fastest-growing retail landscapes globally. The retail market is constantly evolving, with changing consumer tastes and preferences. APAC is driven by high-growth countries such China and India (with a GDP of more than 7%). The robust economic growth has prompted a significant trend of migration from rural to urban areas as people seek better opportunities, employment, and lifestyles. Populous countries such as China and India in the region will achieve 60% urbanization in the coming decade. These two nations will also boast of the majority of the middle class during this period, with a daily spending capacity of $25-$250 by the end of the coming decade.
Further, the report states that one of the major factors hindering the growth of this market is highly competitive market. Vendors in the global receipt printers market are witnessing a decline in their profit margins because of the rising price of raw materials and increasing vendor competition. Few major vendors in the market enjoy a substantial market leverage due to a strong brand image. However, the market is continuing to grow, and this growth is resulting in the entry of few regional vendors in the market. The new vendors focus on end-user requirements and are developing receipt printers based on the latest technological developments in the market.
Citizen Systems, Epson, Star Micronics, Bixolon, BOCA Systems, Cognitive TPG, CUSTOM, M/s Pulsar Technologies (I), NCR, Pertech Industries, POS-X, WOOSIM SYSTEMS, Xiamen Rongta Technology, and ZIH.
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